NYC expense
 

Can anyone offer advice about how much it really costs to live in NYC (Manhattan)? I would be renting (studio or one bedroom - nothing glamorous) and going out as much as any single 28 year old professional with no children would. I know rent varies greatly between neighborhoods. I would be open to anything not too dangerous. Thanks!

Plan on spending a minimum of $1000 for rent. The rest depends on how much you eat out, drink, play. While I am no longer 28, I wouldn't think of moving to NYC unless I could make $80,000 (and could dump my student loans). With the student loans, I would need to make over $100,000 to be happy.

Although it is difficult to give such a general answer, if you want to live on your own in Manhattan I would say you need to make at least $50k.

Other people might have different thoughts though ...

I'm a little high maintenance, so $50,000 sounds reasonable, but don't expect to live a terribly fabulous life. It means a lot of cheap take-out and probably roommates.

The single, going-out life in Manhattan on $50K means roommates and leaving paycheck-to-paycheck for sure. Plenty of people do it, but be prepared to find creative ways to stretch that last $36 in the week before pay day. Life gets significantly better at around $80K, but you still won't be living the high life, or saving much money. (And yes, I am fully aware how snobbish this sounds, and how many people raise entire families on much less, even in NY. But it's the reality for a certain segment of young, social New Yorkers.)

Younger son and his wife have lived for years in lower Manhattan in a 1000 ft2 loft for $2300. a month: they recently began looking for a 2 BR APT in Manhattan - the feedback is that anything under $1.M is uninhabitable.
Further, they feel and have stated that it's impossible to live there if your gross taxable income is >$50.K and <$500K.
I can live like royalty here in SMdA for a tiny fraction of that, lol.
M

Indeed - $50k would get you a tiny unrefurbished studio in a pre-war walk-up and you would have minimal opportnuity to save.

Lots of people do it every day though!

Typical starter jobs in Manhattan are $35-$40 - and for that you will share with 2/3 others a small apartment and carefully watch every penny. To have your own one bedroom apartment (even small and not in the best area) - plus some money for clothes and going out you need to be in the $75-80,000 range. (A pleasant one bedroom in a non-marginal neighborhood is at least $2000 per month.)

(For some perspective - I just had to hire a new admin - an older professional admin - not a new grad on the way up - and no one would interview for less than $55. My juniors - with 2 years experience get in the $60-70 range. Mid level staff get from about $80 to $110 (this is maybe 5/6 years experience) and senior staff get in the $120-$140 range).

But these are serious jobs - 70 hours per week, pkus probably one weekends per month - and at the senior level if you make the client unhappy you're out the door the next day. And it's not time in grade - few ever make it beyond the mid level.

So - it's expesnvie to live - but there is money to be made - if you're educated, bright, energetic and willing to work you butt off. If you want a job that is much less demanding it can certaily be done - but by living in the subrubs and with a long commute - sort of negating the purpose of living in NYC.

(FYI the average salary per person in NYC is about $75,000 - but a lot of this is paid to people who are raising families in the innder or outer suburbs. The NY Times had an article that to live well in Manhattan a family of 4 needed an income of about $400,000.)

You may want to consider a short subway or transit commute. Many of the assistants in my company live in Brooklyn (it's the new hot area) or in Hoboken, NJ. Very quick train rides and you may be able to find a studio apartment to rent for $1,500 - $2,000/mo.

Well, I relocated to NYC last year, and I can tell you that:

a. Finding an apartment IS the nightmare that everyone talks about. Try to get a decent broker through referrals.

b. Many landlord do this for figuring out if you can afford to live there: They take your annual salary, they divide it by 40, and if the result is larger than the monthly rent, then you're OK. So, at $50K/Yr, you could afford to pay up to $1,250.

c. $1,250 can get you: a roomate in a decent one bedroom, or a tiny studio in a not-so-glamorous building (i.e. don't expect doormen, laundry rooms, gyms, gardens, terraces, lots of light, refurbished digs, new appliances or a live-in super).

d. EVERYTHING is more expensive in NY. The upside is that every single place in the world (except London and Tokio) will seem cheap.

e. The experience of living in NY, IMHO, is worth every single penny. There is an amazing sense of being in the middle of everything, where everything is available, day or night.

Just keep in mind that there are always, always ways to keep costs down and live on a budget. It just depends on your style, and what you're willing to sacrifice (take this from a young professional living in the NYC area, who is NOT making a lot of money!) If your tastes are expensive, you'll have trouble, but the average person can get by.

For example, cooking at least some of your meals, taking lunch to work once in a while, etc. are ways to keep your restaurant costs down. Also, look into Fresh Direct- it is a grocery delivery service (you order online) that has great prices.

Also, remember that your transportation costs will likely decrease- no need for car payments, car insurance, or gas (and considering gas prices these days, that is a blessing). Of course, you have to take subways instead of a cab for the most part to save money.

Many of the areas outside of Manhattan are truly fantastic, and definitely worth considering. Brooklyn has a variety of great neighborhoods, each with a different character. Many people commute from New Jersey, including areas like Hoboken and Weehawken. Hoboken in particular has a young and vibrant feel, with lots of nightlife. Also, you can consider apartments "higher up in the numbers"- i.e. the area around Columbia University, which is still a bit cheaper than below 96th Street on the UWS.

And as far as entertainment goes, there are tons of free options- it can be overwhelming at times! Broadway shows frequently offer discounts, or have standing room options (or you can just sit farther back). There are lots of free or inexpensive concerts, films, and theatre options. And of course, there is so much to explore in the city that you can be entertained just by picking a neighborhood and walking around for the day.

Bottom line is, I agree with the above poster- living in New York is worth it if that's where you want to be. If it's important to you to live an affluent lifestyle (and I'm not knocking that), then it might not be the best choice. But if you want to live here, you find ways to get by and work within your situation, whatever that might be.