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I agree that a lot of mid-senior and senior management positions pay well here, (+$100K), but the semi- and low-skill jobs do not. Also, professional services people like lawyers and accountants do well because of the very high hourly fees they can command. And of course, Wall Streeters, though fewer in number and generally reviled, get paid handsomely - and that's not just the bigwigs. Everyone earns bonuses. Civil servants with several years of seniority earn a decent salary too.
As for the question of how "normal" people pay their bills, keep in mind that many native NYers and others who have lived here many years have much lower housing costs due to either a rent controlled apartment or by buying their residence many years ago when costs were dramatically lower. A person making $50K per year can live well if he bought his co-op apartment years ago for $50K or got into a rent-controlled apartment and is only paying $500/mo in rent.
And sadly, this makes it even MORE expensive for the rest of us who are not old enough to have bought 3 decades ago (when for a brief while housing was relatively cheap because we had Detroit-style population losses) or lucky enough to be on rent control.
I don't have it on hand, but somewhere I saw an article that ranked cities by salaries vs. costs. NY was very high on the salaries end, but the relative costs put it near the bottom when you combined the 2. Keep in mind that if you are a super-high paid (i.e. six figures) professional you are probably under a lot of pressure to work a 60-80 hour week, while there is that kind of culture to some degree in many hi-end professional positions elsewhere, it is more profound here in metro NY, especially in Manhattan.
One way people get by is by commuting from ridiculously far places, like the Poughkeepsie area or northeast PA or near New Haven, CT. The only other place I know of that is really like that is the big cities in California and maybe to a lesser extent in Chicago.
Salaries are certainly higher in NYC than in other areas of the country for the same type of work because the market dictates it. If living costs are higher, the minimum acceptable salary for which people are willing to work will be higher on average and so companies have to pay it.
100k is pretty common in New York, many high level exec assistants clear 100k. Stage hands on Broadway make up to 125k. 250k is the new 100k in New York.
These posts always seem a little silly to me. I agree that the COL in NYC is high (maybe too high) but you can get by on most mid level salaries. I'm a sys admin and I make ~60K a year. I have an apartment in the W.Village, I can afford to out relatively frequently (although I generally don't), eat out most days and pay my rent. I have 0 debt (aside from a car I still have to sell).
Now granted I'm single, so that skews the equation a little, but my point remains. I make so-so money, and I get by just fine without going into the red, and having generous savings to fall back on if my world fell apart.
Salaries are certainly higher in NYC than in other areas of the country for the same type of work because the market dictates it. If living costs are higher, the minimum acceptable salary for which people are willing to work will be higher on average and so companies have to pay it.
100k is pretty common in New York, many high level exec assistants clear 100k. Stage hands on Broadway make up to 125k. 250k is the new 100k in New York.
I wouldn't say common. Do-able yes. Common makes it seem a lot easier to obtain than it really is. For every six figure salary there are many more people making low 5-figure salaries.
These posts always seem a little silly to me. I agree that the COL in NYC is high (maybe too high) but you can get by on most mid level salaries. I'm a sys admin and I make ~60K a year. I have an apartment in the W.Village, I can afford to out relatively frequently (although I generally don't), eat out most days and pay my rent. I have 0 debt (aside from a car I still have to sell).
Now granted I'm single, so that skews the equation a little, but my point remains. I make so-so money, and I get by just fine without going into the red, and having generous savings to fall back on if my world fell apart.
I was a sys admin and had a similar salary. Yes, when single it is easily doable, especially if you live in the outer boroughs or a town where you don't have to worry about schools but can otherwise live pretty safe (like maybe Yonkers) but once you have kids you need a lot more to "make it" here (and before you say "well both spouses get you over the top" remember that day care for your kids will equal your mortgage in costs and even once they're in school after-school care costs dearly). We got by because where I live housing is cheap because after elementary school schooling becomes a problem and I don't know what my answer will be (probably will leave the area, but it's not like my kids are approaching middle school yet).
Quote:
Originally Posted by NooYowkur81
I wouldn't say common. Do-able yes. Common makes it seem a lot easier to obtain than it really is. For every six figure salary there are many more people making low 5-figure salaries.
Yes, I agree with you here fully. I would say more people in jobs that don't pull six figures elsewhere do so here, but it's certainly not "common".
These posts always seem a little silly to me. I agree that the COL in NYC is high (maybe too high) but you can get by on most mid level salaries. I'm a sys admin and I make ~60K a year. I have an apartment in the W.Village, I can afford to out relatively frequently (although I generally don't), eat out most days and pay my rent. I have 0 debt (aside from a car I still have to sell).
Now granted I'm single, so that skews the equation a little, but my point remains. I make so-so money, and I get by just fine without going into the red, and having generous savings to fall back on if my world fell apart.
im curious how much was ur rent and do u have roomates, cause wvillage w/o roomates would takes a huge chunk of ur check
there's a big difference between being single and making $50K and having a children and making $50k.
there's also a huge difference between making $50K with and without student debt.
Private student debt and credit card debt are the real killers. Government loans are pretty manageable for the most part, and they actually help your credit too.
Last edited by NooYowkur81; 08-10-2009 at 09:07 AM..
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