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Need salary info
As someone who is considering a move to NYC from Virginia, I have a salary question. As a southerner, I think we tend to think we need to earn a little more than we need to in order to survive in NYC, but maybe not. My job would most likely be in Manhattan and I don't want a huge commute (living there would be ideal). What salary would I need to maintain a modest 1 bedroom, have fun weekend say every other weekend. I don't have to be wealthy but I don't want to constantly worry about my finances. I heard I was screwed if I didn't earn 100k. Is this right?
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gladiator...i can confirm that. rent for a standard one bedroom is between $1900-$2500 approximately. the format most people use for new york is you need to make 40 times the rent.
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Gladiator -- it sounds like you may actually be somewhat reasnable about your finances. If you can resist the urge to go out and drink every night, and if you actually cook dinner in your own kitchen, you should be able to get away for much less tha $80-100K. I know a lot of people who keep studios in nice neighborhoods on half of that salary, so I don't think you need a six-figure salary to "survive." :) Good luck!
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First of all the average 1-bedroom rental in Manhatan is $2400. By this it means that 1-bedroom, depending on location, size, amenities, etc. can rent for much more than $2400. I've seen ad-signs on real estate agency windows here in Manhattan where, between the middle and affluent neighborhoods, 1-bedoom at about 750 sq ft, rents for about $3500 and above.
Now if Gladiator wishes to live here, only to spend most of his income on housing and curb down on his present lifestyle, he can probably do so. But then, the question is why ? |
First of all, consider the median not the average. You can live in a perfectly nice one-bedroom apartment for less than $2,500. I pinky-swear promise. It won't be a gleaming doorman building in SOHO, but it will be FINE.
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bill boy,
Where do you live? It sounds like you choose to live "here" too. And the question is "why?" |
I understand difference between mean (average) and median. However, according to citi-habitats and douglas elliman websites, the average 1-bedroom rental of about $2400 is also the median. Here check this out:
http://citi-habitats.com/media/black...php?MID=379938 Therefore, you can assume that there is a normal distribution of the rental prices with the sam amount of skewness to the left (lower prices) or the right (higher prices) of the mean (or median. |
suerich,
the question that I posed is why would somebody move here and lower his/her lifestyle standards over his.her current one. I don't need to validate my personal choices, but since you asked - I have lived and schooled here for the last 20 years. Also currently maintains a home in San Francisco, California which used to be my base for about 7 years. Then my job required me to spend 75% of my time here in NYC. Oh, and BTW, I also own a 1-bedroom here. As expensive as it is living San Francisco, my company realized that they will have to substantially increase my compensation to convince me to move back here. All in all, if I was giving off some of the conveniences and lifestyle that I am accustomed to in SF, I won't move here. Plain and simple. |
It sounds like gladiator is flexible about location. Even if he/she paid the mean ($2,400) for an apartment, it would probably be in his/her budget. That aside, I think it's more instructive to provide real-life examples about how people afford to live here on $100K or less.
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Billboy, since you haven't been in the midst of the rental market in quite some time, can you agree that maybe others might have some valid advice to provide? Statistics gleaned from the citihabitats website and realtor windows are helpful, but so is real life experience.
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For me $250,000
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lizzie,
...and the question that I posed on whether Gladiator is willing to give up on some of his present lifestly is not a realistic one? It is a simple life-changing question, as far as I am concerned. I have witnessed people being lured here with largeer salaries and by the NYC glitz and they come from 4-bedroom 3 bath houses with large gardens from elsewhere, only to land in a rental apartment in Queens or New Jersey. At this point they haven't realized that they won't have the benefit of their SUV to help lug those heavy groceries home with them. I don't know what realistic means to you, but, I've witnessed what "real life" is. |
All that I'm saying is that $100K would be enough money to have a modest 1 bedroom in a nice neighborhood. Nothing more, nothing less. I think that's what the OP is asking.
Gladiator - curbed.com is a blog devoted entirely to NYC real estate. You might find additional information there about the apartment-hunting process. If you give us an idea about your age group and what you consider a modest apartment, we can probably give you more specific advice on budget and also neighborhoods you should try. Good luck! |
Only you can run the numbers - and decide what you're willing to give up.
If you want a pleasant one-bedroom apartment (not deluxe, not doorman, not on Fifth Avenue - but in a reasonable neighborhood not too far from midtown) - you do need to figure about $2500. But - you will not have a car - so you will save on car payments/insurance. (If you want to keep a car in NYC you will need to make $100 - when you include payments, insurance and garage of at least $400 per month). Commuting is inexpensive. Food is what you make it (there are many good inexpensive neighborhood restaurants (and you can even cook at home) but if you want to do dinner and drinks in a trendy place 3 nights a week it will cost you a small fortune. Also - you need to figure in both state and city income taxes - which you may not have at the moment. I would think anything under $75 - $80 is pushing it. If the salaries you're looking at are significantly less than that you will need to either live in a studio, or in an area that's gentifying (perhaps up to 35-40 minutes on the subway depending on where you work), take in roommates or look outside Manhattan. |
As I have replied on Gladiator's other thread, homefair.com is a good source for relocation and salary calculation.
I realized that Gladiator only wanted to have fun "every other weekend" but, before looking into his preferred neighborhood, did he ever consider the factor of, for example, having to pay City and State taxes? Gladiator is in for a surprise that even at that above average income bracket ($100k), there is more than just your regualar Federal and State taxes - something that is uncommon elsewhere. He'd be surprised at how much everything else, from phone bills to shoe repair is much more expensive here in Manhatan thtn the rest of the country. I am not dissuading Gladiator. But, just giving advice to do more homework than start looking around for his preferred neighborhood. |
NY Traveler is right. $75K is about the floor for most people I know to consider living in their own studio. With that salary, you could get by without going into debt, but you would probably not be saving any money either.
If you will be working in lower Manhattan, your commute from certain parts of Brooklyn or Jersey can be shorter than living in parts of Manhattan. Food for thought:-) |
Sorry - that may sound like a lot of money. but for perspective the lox man at Zabar's - it's expensive fish but still it's cutting fish - makes about $80.
In my business a junior salary (not starter - but a good hard worker with 2 years experience) is $65 to $75. After 4/5 years if you're going to make it you'll be over $100. So - it depends on the industry, what they pay and - at least in part - how talented/bright you are and how hard you're willing to work - and typically that means putting in long hours. |
We lived in NYC for a few months the year before we moved to Europe. We were able to sublet a 1 bed apartment in a very good UWS building with 24 hr doormen, full services (including its own fitness center and large pool), a Starbucks and grocery store in the building complex and a subway stop on the corner. Because of some of the conditions involved, we paid a true bargain basement rate for that 1 bedroom of $1400/month. We lucked out on that only because we got the NYT very early and called at 6 am (the owner knew she'd get earlybird calls), made an appointment and had signed the paperwork and forked over the dough by 8 am the same day the ad appeared. By 5 pm that afternoon, the apt. owner had received over 40 phone calls of people KEENLY interested in the apartment. Out of curiousity, we looked at some other sublets in the $1600 range and they were, frankly, dumps.
When we started looking for "real" (not subletting and babysitting someone's bizarro cats, etc.) it was difficult to find anything decent under $2000. And now, anything comparable to what we were looking at would cost at least $2500. The rule of thumb we gave ourselves is that you need $100k of salary per "good" bedroom--which means a decent size bedroom and living space, usable kitchen (meaning bigger and better equipped than what you'd find in a used RV), decent bathroom, a couple of closets and a well kept building with elevator (w/o doorman). I found out recently that my old college boyfriend manages one of the top rental full service buildings down in Battery Park City (which we like) and one bedrooms there start at over $3500. It is true you can find a 1-bedroom for less than $2500. But if you come from beyond "the city" and are used to something more spacious and of fairly good quality, you have to balance your ability to give up all those amenities with the cultural benefits and excitement of Manhattan. Some can do it, some can't. We opted to commute from Rittenhouse Square, Phila, where we found a gorgeous and spacious 3-bedroom greystone apt. in a beautiful neigbhorhood for $1600 per month. My husband's commute cost several hundred per month, but he didn't mind Amtraking (many people do this) and we really enjoyed life in Philly. Anyway, I wouldn't say you'd be "screwed" but you'd be a lot more comfortable if your salary hit the $100k mark. |
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