What's your experience living in NYC, making under $40k (best neighborhoods, lease)
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 think it's doable. Back in 2006 I did it and i was making almost 40k. I moved to border line Brooklyn/Queens paying $850 a month plus utilities plus monthly tuition. I still had money left over to play with. Granted the economy is a bit different now but I think its possible.
i have a family of 4 myself included and my groceries are $300 a month, but i shop at costco.
and 300 for phone/cable/internet? that # is pretty high i have the time warner package and i pay about $170. also i have another verizon landline that runs me about $70. but if you just have the 3 way package, you're about $100 off....
lol, thats was definitely a typo, most all 3 combos start at about 100, inflate to about 150 after into price wears off.
all i can say is d'oh
but i was also including cell in this bill, wherin i have no internet, but if u do can be around 100
No, I think you're confused. Health/dental and 401K come out of your paycheck IN ADDITION to the taxes. So it's FAR less than the $2500/month that was estimated would be in the paycheck. And if you've got a Roth 401K, then that's an AFTER tax expense, also taken out of your paycheck so the paycheck would still be less than the estimate.
The 32,500 was AFTER taxes but didn't include the health/dental/40K, etc., which would be MORE money taken from that 32,500. So it'd be far less than 32,500 that would be available for spending.
the number i came up with after taxes was minusing 20% off gross, that 20% includes social security,taxes, and in most cases health insurace. while this figure ignores 401k, i assume if ur making 40k, ur not retiring soon and so that is not a priority at moment.
Quote:
Originally Posted by tech2enable
Some people living in rent control/rent stabilized apts, cooops , public housing, townhouse style, they shop at costco/bj's - they live a very well middle class lifestyle.
Now 40k is a bit low, but 50-60k, new york housing policy tends to favor the people already here for the most part. Don't forget medicare/medicaid and subsidies.
The question is what is your circumstance, speaking of 2-3 family dwellings its not uncommon for a person's family member to live in one of the units at reduce rent, the cost of living in nyc is often exaggerated in certain respects.
There are articles on what will happen, but don't be fooled long term residents in queens, brooklyn, parts of the bronx , are doing quite fine, usually most of here for 15-20 years or more.
the problem is rent stabilized housing usually has a hefty fee(if after rent stabilization rent is btween 800 n up those are easier to find no broker) for it by realtor, sure you might know or super or a feind etc but we have to assume you dont have connections and then ull have to pay broker fee. medicare and other programs dont qulify for some1 making 40k.the govt will not help you at that point. addtionally public housing also is limited to low income applicants. nyc is a catch 22, u can live in ny if youre poor somewhat streefree, govt wll pay large portion of rent,health insurance, and even give you money for food, but as middle class u are excluded from most.
the number i came up with after taxes was minusing 20% off gross, that 20% includes social security,taxes, and in most cases health insurace. while this figure ignores 401k, i assume if ur making 40k, ur not retiring soon and so that is not a priority at moment.
.
If you look at the paycheck calculator online for NYC, you'll see that the $32,500 is the take-home after taxes. NO health/dental, etc. included.
And if saving for retirement isn't a priority, maybe it should be. Just ask anyone who's in his/her sixties and can't retire because not enough money was saved earlier!
I was in the same situation (40k, single) about 6 yrs ago. I drove an old used car, lived a nice area, large one bedroom apt. My rent was 850 per month. I bascially lived paycheck to paycheck. I made just enough to support myself in a modest lifestyle. I had cable TV and I was not starving but I was not living large either.
I was on a budget. I was able to go out 2x a month,buy affordable but nice cloths here and there, etc... It was just enough to live, but you will have very little to fall back on, unless you have a substantial amount of money in your savings account.
For me making less then 40k as a new yorker is alright. I work as a fulltime doorman in Midtown Manhattan in a non 32bj building. For the most part im just chillin enjoying my money and I try to enjoy most of my lesure time. But I also budget myself and watch how much I spend and what I can afford for myself. For the most part I paid for part of my college tuition at John Jay and govt finicial aid paid the rest. I still live with my mom and I do help her pay the rent, Single guy with no kids no girlfriend, so basically im just enjoying my life carefree. Didnt take out no college loans or nothing or any loans whats so ever and I dont own any outstanding credit. Making less then 40k is only good if your a single person with no kids and no debt like me. Im not really suffering finiancially like many new yorkers who make about or less then 40K and have many factors which drive up thier spending. IF anyone is making less then 40k on here please dont live in Manhattan or anywhere close to manhattan like Mott Haven, Port Morris, High Bridge, Astoria, Long Island City, Williamsburg, Dumbo or Clinton hill, try to live on the outskirts of the city which is much more cheaper!
Last edited by Bronxguyanese; 08-03-2009 at 07:04 AM..
If you look at the paycheck calculator online for NYC, you'll see that the $32,500 is the take-home after taxes. NO health/dental, etc. included.
And if saving for retirement isn't a priority, maybe it should be. Just ask anyone who's in his/her sixties and can't retire because not enough money was saved earlier!
Yes, and the older you get, the fewer job offerings and the more medical complications in working.
It is really the most important that you save when younger, because if invested wisely, or even in the bank, those dollars are collecting interest for all those years to retirement.
I think savings is an absolute must and I would make that a priority. It is a gift to yourself for the years in which you'll most need it.
If you cannot afford to save I would consider living elsewhere. I worked with a woman who did not and when she retired(laid off and no one would hire her) she ended up in the sticks of Ohio with no public transport and no car.
When I come back from college I am pretty sure I will make around 40k. Which to me doesn't seem as that much so I will suck my pride and live with my parents for a year or two. That way I would be able to buy a car, and save enough to be comfortable in a 1200 apartment (with roommates). Seems like everyone I know who graduated college still live with their parents till mid 20s in the NYC metro area.
This is what i did and b/c of it I was able to buy property. It's a great outlet to save money and is so common these days. I moved out @ 26.
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.
Just enough
