lizzie...I get where you are coming from....

Pirces vary even in Manhattan. Washington Heights is still in Manhattan but would be much cheaper than central Park west in the 70s. Because of the ridiculous prices, people are now moving to areas of the Bronx that would have been unheard of 10 years ago.

Ummm, Jorr,

Are you the one who starts "Freaky Friday" every Friday morning at 12:01 a.m.?

Now that's a travel poster for MN!

Hey guys, thanks for all of the feeback, it has been extremely helpful. Lizzie you are extremely helpful...so don't give up. My thinking is similar to yours. Your budget analysis was cool! To answer a few more questions, no I don't have a property to sell now, so purchasing a place is not an option. The reason for me to even consider NYC is the boost it will give my career (Wall Street type). I have seen it too many times to count, the value that other parts of the country places on that experience, (whether it is really any better or not). Everyone I know who has done it for say two years or so comes back and makes twice as much as me. Keep in mind, I am not trying to live there forever (unless I really hit it big). As far as my age, I am 32 so I need to do it now, if I am going to do it. Looking at rental rates, it seems like the burroughs or NJ is becoming more a reality. My friend just made the move several months ago, and he went to park slope brooklyn. Seems like most of my potential employers are in Midtown, but some are downtown. I actually have noticed some "good" apartment deals in Astoria. A little more about me: I don't mind cooking, I do it now. I don't drink coffee, so that $5 a morning habit is not there. Yes I have a vehicle (paid for)I would like to bring and park somewhere but rarely drive unless going out of town, but not for $400 a month. I have no problem parking it someowhere far away for a cheaper price. Jersey? Someone mentioned chicago, yes that's an option as well that I have been looking at, but again, it goes back to the NYC thing. Thanks again for the input.

Gladiator,
There's a lot of building along the "Gold Coast", in Edgewater, NJ. Ferry service is 5 min to midtown; and about 15 to downtown. You can get a 1 bedroom rental there for around 2-2,500 & garage your car under the building. Ferry is around 200-250 a month.

Thank you for your clarifications - I thought these are useful in providing you the more accutrate information.
I also agree that lizzie did provide a lot of helpful information.

BTW, Park Slope in Brooklyn is another excellent place with very good restaurants and lot's of activities to indulge at a lower cost than Manhattan.

GREAT thread, folks. I'm sending the link to my adult children who entertain the idea of moving to NYC. Thanks!

While housing is obviously your major expense, I find daily living expenses to be higher in metro NYC as well. Agree with lizzie that you can cut costs, and summers in NYC have some free entertainment options.

But the kind of things I am talking about is more lifestyle of New Yorkers than anything else. Harder to find big discount supermarkets - lifestyle of many is to shop more often in more expensive little stores. Meeting friends for a drink in a bar is likely to cost 10-25% more per drink than many other geographies. Even expectation of clothing style is higher. A movie costs almost twice what it does in my little local theatre near Boston.

Sure it is possible to buck these expectations - you have to decide if you can or want to.

NY Waterway Ferry Service is excellent. The commute from Brooklyn to Manhattan is getting worse every day. It’s such a pleasant ride by ferry – no delays even in bad weather. I’d look at Jersey or the boroughs before Washington Heights (we call that “Upstate Manhattan”!).

I moved to New York about 2 years ago from Virginia. I live in Park Slope and have a 30-minute commute to midtown. I make under 50K. I rent a three-bed room apartment with 2 friends for $2500 (total). I'm not a real estate expert, but a friend of mine rents a studio apartment in the East Village for $1500.

While I can see your situation is pretty different from mine--- I would echo other posters when it comes to looking in Brooklyn. It would be very convenient if you're going to be working in lower Manhattan. Other neighborhoods to look in: Brooklyn Heights, Cobble Hill, Carroll Gardens, and Boerum Hill. Buying in these neighborhoods is expensive though. If you don't have a ton of cash and don't plan on staying in the city long, renting is not a bad option, just an expensive one.

I had a car for a year in Park Slope. You can park it for free on the street, but moving it for street cleaning can be annoying. I would consider selling it. Garages are expensive---$250-300 a month.

I love Virginia, but I have never regretted moving here...especially for just a few years.

Good luck!

Thanks for the validation everyone - I was late for work writing my "budget breakdown" this morning

You really might like Hoboken as well. There are ton of younger people living there, and the town is actually fun in its own right (lots of bars and restaurants).

If you can, ditch the car at your parent's house, especially if you'll rarely drive it. If not, as other posters have noted, you can park it on the street if you live outside Manhattan. You will have to move it at least twice a week for street cleaning. Parking it on the street will also take a toll on your car.

I work in a financial services company, and it is an undeniable boost to your resume to have experience on Wall Street. You can also inflate your salary and then move somewhere with a lower cost of living in a few years.

I adore Park Slope- beautiful brownstones, nice shops & restaurants, and lots of baby strollers and dogs. You're looking at about a 35-40 minute commute to midtown.

You might also consider my neighborhood, Forest Hills- it's lovely, safe, and "up and coming" (so prices are still okay). An express subway takes you to midtown in about 30 minutes. There are several subway lines, which makes getting to most parts of Manhattan convenient. It's not a "young and hip" neighborhood (more babies and dogs), but there are things to do and some nice restaurants and shops. We're in our mid-20s and have noticed a lot of people our age in the area.

My husband and I also debated living in NJ (particularly Hoboken) and ultimately decided that somewhere NYC was preferable for us and our needs. I wanted to be able to hop on the subway at any hour and not adhere to a schedule. The ferry system is great, as is the Path (especially for commuting)- but they will just be somewhat more limiting than the NYC subway system. Plus, the Path/ferry take you INTO the city but don't go all over Manhattan, so you'll likely still need to take subways to get to your ultimate destination and your costs will be a bit higher. Just something to keep in mind.

We have a car, and it's both a blessing and a curse. Gas is very expensive here- about $3.35 a gallon. And insurance is through the roof. However, especially in the boroughs, street parking can be found and is free. It's wonderful to be able to get out of the city sometimes, and there's so much to explore in the greater Tri-State area. It's also great to have the option of going to Costco and loading up, which is a money-saver for us. But, keep in mind that you can always rent cars, and if you're really going to drive infrequently, it might not be worth it to park and insure a vehicle.

Regarding buying an apartment, as someone who just went through the process, I can assure you it is a pain with the co-op system! And be prepared to put 20% down- many co-ops require this. If you're not planning to stay awhile, the cost might not be worth it. But if you do want to buy, I would again recommend you consider Forest Hills- very nice 1-bedrooms are still possible for under $300,000.

Perhaps this is a naive observation, but it seems to me that if the OP is 32 and has been working in the financial sector, wouldn't any Wall Street type firm be paying him over $100,000--especially after bonuses? I thought new college grads (22 yr. olds) were starting out at upwards of 75K.

It depends heavily on what type of finance job the OP has. A junior trader or investment banker would be starting around there (or higher), but there are so many other types of finance jobs.

One of my good friends lives in NYC. She makes a little less than 100k. She seems to have fun (she is late 20's and work in the financial sector), but she has lived there for about 3 years and is ready to move on to somewhere cheaper and warmer, probably in the South.

The reason: she is sick of throwing money away on rent. She pays about $2200/month on rent. That is like throwing that money out the window. She really enjoys the going out aspect of NYC, as well as the variety of things to do.

However, she just can't stomach the money aspect of it. Everytime I go to NYC as an adult, I say to myself that it would be the best city to live in the country IF you had a good amount of money (I'm thinking at least $200k/year). That way you can go to the restaurants, shows, etc., that are great, but also have an investment. Regardless of how much money you have in NYC, the city is expensive.

If you wish to live in NYC, then godspeed, you'll find a way to make it work financially. The poster above that had a summary of the budget was very informative, but in my experience a little off, NYC taxes are back breaking.

We've lived here for 7 years and are going back to the C'ville-Richmond area. Pretty much the same salaries, certainly less taxes and better QOL. There are things we'll miss about NYC, but there are a lot of things we won't (blue state doesn't necessarily mean tolerant, my wife has been an active junior leaguer for 3 years and has seen the most bigoted, intolerant people in her lifetime).

If your interest is in finance and business, NYC is a great move, just be mindful of the sacrifices you'll have to make.

QOL is measured differently. We don;t care that we don't have a 6-bedroom house on 2 acres in a gated suburb and membership in the most exclusive country club. We would rather have access to the Met, the theater, the ballet, the restaurants, walking and biking in Central Park, and the excitement of the city.

As well as all our friends and family here, and just enjoying the enormous diversity - to us - the City isn;t a sacrifice - it's exactly what we want.

If it isn;t what you want - and really feel you're making a sacrifice - they why stay?

based on what others have told me, $100K will allow you a somewhat comfortable life in NYC. ouch.

i live in LA and have lamented how expenses it is, but then several people who know better have reminded me how pricey NYC is.

good luck!

No Suerich68, I don't start the thread at 12:01 AM. The world does not run on eastern time. Hope I don't burst your bubble but their are 24 time zones. MN is in CENTRAL time for a reason and you are one hour off.

BTW Suerich68, FFR&R gets about five thousand posts per year. Twenty thousand since it started.