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?

Having had many friends and family recently flee NYC due to the cost, I wouldn't say you're screwed, but I think it's safe to assume 100 is a good start. It's such an amazing place to be, and I love to visit whenever I can, but it's no fun to live there on a strict budget. Seems like everyone but you is having fun, I'm told, and who wants to live like that?!

I'm sorry to have to give this information to you, but 100k and a 1-bedroom in a decent Manhattan neigborhood is not going to fly.

homefair.com or some other relocation help website should give you an accurate salary calculator that would match the lifestyle that you currently have.

I think you have to earn a greater differential than "a little more".

And huge commutes are a way of life in NY to avoid paying unbelievable amounts for housing. (That is why I live in Boston - not exactly a housing bargain, but a 1 1/2 hour - 2 hour commute for something I could afford was not something I could tolerate)

Okay...so I'm going to break a bit from the crowd and try to break down this question for you. I have friends that live in Manhattan for that salary (and less!), in 1-bedrooms or studios, and manage to have fun EVERY weekend (and sometimes during the week too!).

Obviously any answer to this question is highly subjective and relative to the lifestyle that you feel you need. I'm going to give this answer as a 20-something with no kids and relatively few financial obligations other than basic living expenses and long-term retirement planning.

So let's break this down into cold hard numbers. You are making $100K, so after taxes (federal, state, and city), 401K contributions, healthcare, and social security, that paycheck looks a bit more like $65K.

I'm going to assume that your company will not cover relocation. You'll have to cover moving costs out of your own pocket.

Apartments - you probably shouldn't rule out living in studios in addition to 1-bedrooms. This is high rental season right now, but a starter studio in a decent (safe but boring) neighborhood in Manhattan will be about $1600. This will be an older apartment in a walk-up brownstone. Studios can cost up to $3K, but a good mid-point is probably about $2K. 1 br are generally more than this. So let's put your rent range from $2,000-$2,500 per month.
The kicker about NYC apartments is that 1) landlords generally require your pre-tax income to be 40x the rent 2) You'll most likely be paying a broker for the apartment, which will be about 1/12-15% of the annual lease. Ouch.
In sum, with an income of $100K, you can legitamtely rent an apartment that costs up to $2,500 month without having to have someone co-sign your lease.

Transportation - The great thing about NYC is "goodbye car, gas, car payments, and insurance". Your monthly subway pass will cost you $76, and you can plan on spending another $40 on cabs to supplement.

Utilities - that big apartment you were renting in hot VA probably costs a fortune to cool in the summer. Your shoebox in NYC will be much cheaper. Plan on an electricity bill of around $130 per month for an average 1-br apt. Cable and internet can range from $75-$150 depending on what level of service you want.

So, after rent, utilities, and transportation costs, your monthly income would look like this:
$63K/12 - $5,250K per month
Rent - $2,500
Utilities - $200
Transportation - $125
Total left after basic expenses - $2,175

With that remaining $2,175, you probably want to save some of it, but I'll leave that up to you.

Other things you need to cover (this is what it costs me per month)
Laundry - $60
Gym - $80
Cell phone - $50
Groceries - $200


So now you have an idea of one person's monthly expenditures in NYC. Hopefully other people will jump in to give you a better idea, but yes, I think you could live in NYC for $100K and have a comfortable life.

I would encourage you to look at Craigslist to see what rentals look like in various neighborhoods. Write back with questions!

I have friends who live in NYC and make $100K and less. You can do it. Figure if you get a roommate rent will run you about $1500 each for a decent place, you could rent a studio for less than $2000. My friend rents a pretty decent studio on W. 14th St. for $1400. You won't have a car so some of those expenses will be cut down. NYC is expensive but I think worth the financial sacrifice for the experience.

I had a friend who made this same decision. She left a mortgage of $1100 (3 bedroom house) to a 1 bedroom/ 800 sq ft apt at $1500. She was shocked at how big of a chunck taxes took out of her paycheck - had not experienced city taxes before. When I was considering a relocation, her advice was not to touch the offer if it was less than 100K. All of this was 10 years ago.

Your biggest factor will he what you will be happy with regarding housing. Your biggest savings will be car related expenses - unless you bring your car and that's $400/month to park it.

Good luck with your decision.

Also consider your long-term goals. If you want to own something, eventually, it's not a good move. If you want to do it for a while for fun - do it.

It really depends on the lifestyle you would like to maintain while you are living here. There are lots of ways that you can cut out expenses in your life to make this affordable (skipping Starbucks, cooking at home, bringing lunch to work). If you are willing to live within your means then you should be fine. I know this sounds like common sense...

I would also suggest you don't rule out the boroughs. Depending on where you're working, your commute may actually be shorter from a borough to work than from a far away neighborhood in Manhattan (i.e. crosstown). There are plenty of young, vibrant, fun neighborhoods surrounding Manhattan where you can find 1-bedrooms for either a) more space, or b) less money (and sometimes both). Paying a bit less for what you want might free up a little bit of your "fun" money.

Astoria, Queens is a great neighborhood, and a quick 20-minute hop to midtown. Brooklyn also has plenty of great areas, depending on the atmosphere you're looking for.

In addition to rent, another budget factor you need to consideris food- sure, restaurants are expensive, but so are groceries. So just be prepared to pay a little bit more for every gallon of milk and loaf of bread. This goes double for drinks during those nights out!

I agree with considering to live in places like Astoria. Not only are the rents lower, but everything costs less. There are great, inexpensive, ethnic restaurants and food shops in many queens neighborhoods, and Astoria just happens to be one of the best.

Places like Astoria, jackson Hts and long island city have very short commutes to midtown manhattan. Brooklyn hts, and it's other neighboring brooklyn areas are a very short commute to lower Manhattan.

How much to buy a decent studio/1BR condo in Manhattan?

That's an impossible question - anywhere from $350K for a studio through sky's the limit for a one-bedroom. Depends a lot on whether it's a co-op or condo (most are co-ops), neighborhood, square footage, schools, etc., etc.

Property taxes are incredibly low in Manhattan, but closing costs are much, much higher than in other parts of the country.

The majority (at least 85%) or apartment buildings are co-ops. They can limit how much of the purchase you can finance. Buyers also must pass an interview with the co-op board. Even if you make an offer and it's accepted, you are not necessarily approved for the building.

This is a whole other topic...

Thanks...I was just thinking that perhaps the OP shd consider buying something so it is not really a different topic....

I don't mean it's not relevant, it's just a whole other tangent.

I just have to comment that I thought it was funny that $130 was a bargain for electric in a one bedroom. I live in Raleigh, NC and I have never paid more than $55 for electricity- winter or summer. I have a one bedroom, 900 sq. ft apt. I don't have any gas bill, so all of my heating, cooling, and cooking (and I cook a lot) is coming into play there.

I'm guessing this person from VA is probably paying what I am, so I don't think he should start counting that as part of his/her savings.

Good luck to you though! I have toyed with the idea of moving to NY many times, but I think I've passed the time in my life where I could do it. Chicago seems like a better option everyday with its lower rent and "big city" feel.

"...it's just a whole other tangent."

I'm not sure if this is "a whole other tangent."
I still have yet to hear from gladiator if he may have a property to sell in Virginia and then purchase a 1-bedroom in NYC. If so, then, the equation would change.

BTW, I agree that Astoria and LIC are good outer borough places to live in.

gladiator, Why do you want to move away from Virginia to the most expensive place on the face of the earth? 100k will land you in a one bedroom NYC dump.

Come to Minnesota and get three bedrooms, 2 car garage, front and back yard, consumer items for half the price, and no traffic problems. All for about 100K. I live on about 100 acres of beautiful rolling hills for just a little over what that NYC apartment dump in a "building" would cost you.

Fine, I give up.