Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am a 23-year old college grad, moving from the south to Manhattan. I have not signed my offer yet, but plan to. I tried negotiating relocation allowance and higher salary to no avail. I will be making $55,000, clearing about $3200 each month after taxes.
I am looking for a studio for a max rent of $1600. Am I crazy or is this doable? I have family up there, and mapped out expenses as follows:
Get a roommate and find an apartment in Hoboken. I'm about to move there in a few months to start my job, as I'm about to finish school as well; however, my gf and I's combined income is over $200,000. Even with that, we're not going to start off trying to live in Manhattan, especially due to the fact that you can avoid the NYC tax there, and it's essentially (distance-wise) like another borough of the City. Do yourself a favor and don't strap yourself right off the bat.
Hi jchass. For the most part it is doable but your estimate on your net paycheck is a little bit high. At $55k you should clear just slightly over $3k. My best guess would be about $3,050. Don't forget to factor in NYC tax on top of state and federal when calculating your take home. As someone who lived on an almost identical salary for a while I can tell you it is doable but you will be very tight. I saved almost nothing when I was making that and my rent was just under $1300. I think you will be surprised how quickly your budget starts expanding outward from your initial estimate. For example, $200/mo on a bar may seem like a good budget (and it is fine if you don't drink much) but think about that night you go out for a friend's big birthday bash at a nice place, think about when you have a hot date, think about when you need to buy a new pair of shoes for work. All I'm saying, as someone who has been right where you are, is that your money will not go as far as you think. Time Warner cable/internet package is ~$120, metrocard is $76, plenty of wiggle room in a lot of those not-so-constant expenses like entertainment.
All in all, it is doable but you will be paycheck to paycheck unless you follow a very strict budget. Also be sure to keep in mind that most landlords require your annual income be roughly equal to 40x your monthly rent or they may require a guarantor to sign for you.
Oh, P.S:
Didn't see the part about moving to Manhattan. Unless you are planning on having a roommate $1400 is not doable in the parts of Manhattan you would most likely want to live in. Many parts of BK are not even doable on $1400. Look at the boroughs, look at Hoboken, and consider a roommate.
$100 in CABS???? I don't spend that much on cabs in a YEAR!
Find a roommate. Take public transportation. Put the difference into your savings or 401K, because, by the time you retire, Social Security will be history (as will traditional pension plans). Bars $200?? YIKES...that's a LOT of drinking. What about health insurance??? You're going to really need it if you drink that much.
Get a roommate and find an apartment in Hoboken. I'm about to move there in a few months to start my job, as I'm about to finish school as well; however, my gf and I's combined income is over $200,000. Even with that, we're not going to start off trying to live in Manhattan, especially due to the fact that you can avoid the NYC tax there, and it's essentially (distance-wise) like another borough of the City. Do yourself a favor and don't strap yourself right off the bat.
$200,000 a year is comfortable for couple without kids in Manhahattan. Why do you want to wait and live in Hoboken before moving to Manhattan?
I have to disagree with Viralmd here. You could easily spend $100 in cabs in a month. I know because I probably did it myself. If you end up living with a roommate anywhere uptown, you'll most likely be going out to bars and clubs downtown. You *may* take the subway down there but you will not take the subway home drunk at 4:00am. Cabs, for instance, from the UES to Bowery or Meatpacking District are about $20 one way. If you're going out a lot on weekends, after work...you can do the math. As for drinking..yes, drinks are very expensive. You could *easily* spend $80 and up on a night out...with cabs, drinking, the late night dinner/pizza stop
I lived in Manhattan, with a roommate and was making less than $55,000. As long as you realize that you will be broke each month and will be dying for your next paycheck..you should be ok. NYC is one of those cities where you're always going to want more.
Also, your breakdown did not seem to include any costs for clothes, shoes, make-up (if you're a girl!). You may want to factor that in. The shopping in NYC is awesome and your bound to shop.
You will need to make compromises and budget yourself wisely. Consider living somewhere in Brooklyn or Queens rather than in Manhattan. Rents are cheaper, food is cheaper and the quality of living is a bit better. If you simply MUST live in Manhattan, you're going to need a roommate or 3.
If you mind your money, spend wisely and learn to do without, you should be fine. You don't need to live in Manhattan to have a great time living in NYC.
According to the salary paycheck calculator on this website, with one exemption you'd be looking at $3127 a month if you live within NYC, about $3275 if you live outside city limits in Hoboken. That is probably a high estimate since there are often pretax deductions for medical and such. So Jeffcon might be about right, making your budget even tighter.
Also keep in mind that this is just entering in "monthly." If you get paid every two weeks, 10 months out of the year you will take home less and have to cope, and then the other two months you'll get an extra check (e.g. Jan 3., 17, and 31). You'll have to manage both to stay afloat while waiting for that 3rd check to come, and to avoid blowing the 3rd check when it comes and you feel flush. In my current job I get paid twice a month (24 checks) but when I got paid every 2 weeks (26 checks) I used to tell myself that I had to live on 2 checks a month, since most months I did, and I'd put those extra checks toward a vacation and retirement.
Without roommates your rent range will be tough in Manhattan. Studios often run $2000 or more. It may be tough in Manhattan with roommates. With roommates you can get a nice place in Hoboken or Brooklyn and have a great time. Jeffcon is right that you'll be surprised at how things add up and you will have to manage your funds closely until you get a raise, or you'll end up broke or in credit card hell like many people who aren't careful.
Where is your job located? The commute will also affect where you want to live.
Last edited by holden125; 01-23-2008 at 05:15 PM..
hi there, on a side note, you'll be extremely limited if you are not looking to share. Most apartments in the city require a salary of 40-50 times rent a year. At 55,000, this would put you at 1375 for 40 times the rent. At they are pretty solid on this most of the time.
$200,000 a year is comfortable for couple without kids in Manhahattan. Why do you want to wait and live in Hoboken before moving to Manhattan?
1. The NYC tax will cost us about $700/month in after-tax dollars. That's a decent chunk of change.
2. I don't really want to pay a 15% broker's fee to somebody so that they can hand me the keys to an apartment. I'm from Texas, and that is the most absurd bunch of b.s. I've ever heard.
3. I would really LIKE to live in Manhattan. In fact, if you just told me to pick, of course that's what I'd choose for my first experience of New York. But my gf and I are going to be getting engaged soon. I should say that our income is that much because we're both lawyers. I'm 26, she's 28. We'd really like to start stashing money away for a down-payment on a house, which we'd ideally like to be in a position to buy in the next 3-4 years. We have a combined student loan payment that will run us about $2,000 a month, so that's an issue. Our Year 1 income will be about $210,000 not counting any bonuses we may get, and it seems we COULD do it. But I'd ideally like for us to put about $1000 a month (combined) away for the house downpayment. So tell me, am I overworried, i.e., could we live in a decent 1 bedroom in Manhattan and still do all this? We do have a 65 lb. black lab, by the way.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
