New York salary
#1
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New York salary
If you were moving to new York with a young family what minimum salary would you suggest?
I know this is entirely subjective, but would appreciate your comments nonetheless. I'm in Canada at the moment, and common feddback is that $100k is the minimum to live a comfortable lifestyle. I didn't agree at first, but I do now.
I know rents are expensive,. I've been looking at some average salary comparisons, and the salary being discussed is in the region of $135k. This would appear to be quite high based on the salary comparisons I've found, but I'm never sure how accurate those things are.
Thanks for your input...
I know this is entirely subjective, but would appreciate your comments nonetheless. I'm in Canada at the moment, and common feddback is that $100k is the minimum to live a comfortable lifestyle. I didn't agree at first, but I do now.
I know rents are expensive,. I've been looking at some average salary comparisons, and the salary being discussed is in the region of $135k. This would appear to be quite high based on the salary comparisons I've found, but I'm never sure how accurate those things are.
Thanks for your input...
#2
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Re: New York salary
When you say "New York" do you mean the city or the state?
If "the state", then where in the state?
If "the city", then where in the city (and, in particular, Manhattan or not Manhattan)?
If "the state", then where in the state?
If "the city", then where in the city (and, in particular, Manhattan or not Manhattan)?
#3
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Joined: Dec 2012
Posts: 83
Re: New York salary
If you mean Manhattan then you would find life quite difficult on that salary with a family to support as well.
#4
Re: New York salary
If you were moving to new York with a young family what minimum salary would you suggest?
I know this is entirely subjective, but would appreciate your comments nonetheless. I'm in Canada at the moment, and common feddback is that $100k is the minimum to live a comfortable lifestyle. I didn't agree at first, but I do now.
I know rents are expensive,. I've been looking at some average salary comparisons, and the salary being discussed is in the region of $135k. This would appear to be quite high based on the salary comparisons I've found, but I'm never sure how accurate those things are.
Thanks for your input...
I know this is entirely subjective, but would appreciate your comments nonetheless. I'm in Canada at the moment, and common feddback is that $100k is the minimum to live a comfortable lifestyle. I didn't agree at first, but I do now.
I know rents are expensive,. I've been looking at some average salary comparisons, and the salary being discussed is in the region of $135k. This would appear to be quite high based on the salary comparisons I've found, but I'm never sure how accurate those things are.
Thanks for your input...
I realised that I was going to be working/ commuting 14hrs+/day, and that my weekends were going to be taken resting and recovering from the week, unless/ until there was a dramatic change in my salary. My outlook was "work myself to death until retirement, when all I would have accumulated was the freehold value of my home". Mrs P and I talked over my alternatives and we said "**** that!", I quit my job and we left New York.
I have not entirely ruled out returning to NYC, but it would have to be for substantially more money, like $400k total remuneration to persuade me to think about it (a junior manger in my dept was offered that sort of money to relocate to NYC). Given the passage of time I suspect that $130,000 would be broadly equivalent to what I was being paid back in 2001-2002, and there is NO WAY I would go there for that money given what I am able to do with my salary where I live today.
I hope that helps.
Last edited by Pulaski; Jul 6th 2015 at 2:51 am.
#5
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Re: New York salary
I was referring to NYC.
Thanks for the feedback. Certainly food for thought.
Although I have a question. I would imagine most NYC residents are earning significantly less than $135k. How do they live?
Thanks for the feedback. Certainly food for thought.
Although I have a question. I would imagine most NYC residents are earning significantly less than $135k. How do they live?
#6
Re: New York salary
In small apartments, and/or with housing subsidies, a second income (Mrs P wasn't able to secure work in the short term and we envisaged her being a stay at home mom within a year or two), living with relatives/ shared housing, or inherited housing (no mortgage), with family assistance, insanely long commutes (a colleague of mine commuted from Pennsylvania! ) ......The permutations are numerous, but none applied to us, or were most unattractive (small apartment, insane commute).
#7
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Location: Westchester NY
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Re: New York salary
Our second relocation to NY in 2007 (OH working in NYC) with 2 kids and renting a 3 bedroom house in the burbs we managed fine on a similar salary however rents in the burbs have risen significantly since then.
#8
Re: New York salary
Have you seen this?
Price tag for the American dream: $130K a year
All of it is "median" price/expenses. We have 3 kids, live in Austin Tx and life wouldn't be quite so pleasant on $135k. I don't know where they got the medical expenses from because ours must be double that what with insurance payments then the co-pays etc. OUr utility bills are higher than that, and you try going back to visit the folks in Blighty and see how much change you get out of $10k for a family of 5.
Price tag for the American dream: $130K a year
All of it is "median" price/expenses. We have 3 kids, live in Austin Tx and life wouldn't be quite so pleasant on $135k. I don't know where they got the medical expenses from because ours must be double that what with insurance payments then the co-pays etc. OUr utility bills are higher than that, and you try going back to visit the folks in Blighty and see how much change you get out of $10k for a family of 5.
#9
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Joined: Mar 2012
Location: Washington State
Posts: 120
Re: New York salary
I'd say a good way to work it out is to check the ratio of housing + commute costs to net salary:
25% - you're laughing
30% - you'll be fine
40% - you're in trouble
That's pretty much my rule of thumb as high property costs usually equate to high everything else too. So check out what the net on $135k is (c. $7.3k a month?) and do the math based on the rent / mortgage you will pay.
25% - you're laughing
30% - you'll be fine
40% - you're in trouble
That's pretty much my rule of thumb as high property costs usually equate to high everything else too. So check out what the net on $135k is (c. $7.3k a month?) and do the math based on the rent / mortgage you will pay.
#10
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Joined: Oct 2003
Location: Tallahassee, Florida
Posts: 807
Re: New York salary
Have you seen this?
Price tag for the American dream: $130K a year
All of it is "median" price/expenses. We have 3 kids, live in Austin Tx and life wouldn't be quite so pleasant on $135k. I don't know where they got the medical expenses from because ours must be double that what with insurance payments then the co-pays etc. OUr utility bills are higher than that, and you try going back to visit the folks in Blighty and see how much change you get out of $10k for a family of 5.
Price tag for the American dream: $130K a year
All of it is "median" price/expenses. We have 3 kids, live in Austin Tx and life wouldn't be quite so pleasant on $135k. I don't know where they got the medical expenses from because ours must be double that what with insurance payments then the co-pays etc. OUr utility bills are higher than that, and you try going back to visit the folks in Blighty and see how much change you get out of $10k for a family of 5.
We're somewhere over that figure but with one child.
I think there figures are fascicle
#11
Re: New York salary
The medical cost figures are way over what we're paying, with one child. Even though she does have a "medical need", our annual medical costs are much less that. ..... I you're paying so much you seriously need to explore high deductible insurance.
#12
Re: New York salary
I dunno, our combined net income is around $160K and our housing/commuting costs come to around 40% of that and we feel pretty comfortable in the Westchester 'burbs.
We did luck out with a seriously under-priced house but we had to get a 203K renovation mortgage to make it livable and we're now at about 20% equity on a refinance valuation that came in at about 140% of what we paid for it a couple of years earlier.
We're just a couple with no kids, but we're not at all frugal and I've had to do quite a lot of shuttling back and forth to the UK on my own dime recently for family reasons.
So IMHO you don't need to be earning c. $400K to be comfortable in or around NYC, but I would say that for a family with kids $100K is definitely going to be a struggle.
We did luck out with a seriously under-priced house but we had to get a 203K renovation mortgage to make it livable and we're now at about 20% equity on a refinance valuation that came in at about 140% of what we paid for it a couple of years earlier.
We're just a couple with no kids, but we're not at all frugal and I've had to do quite a lot of shuttling back and forth to the UK on my own dime recently for family reasons.
So IMHO you don't need to be earning c. $400K to be comfortable in or around NYC, but I would say that for a family with kids $100K is definitely going to be a struggle.
#13
Re: New York salary
I didn't say you would, that was just my "pie in the sky" figure that I would need to entice me back. But I would consider $130k with childen to be a bit marginal - not much room for unexpected expenses, or trips to the UK.
#14
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Joined: May 2009
Location: New York
Posts: 61
Re: New York salary
But if you just have the one child then you may be able to squeeze into a smaller space.
If you really want to be in NY or if it's a good career move in the long term, then you can make it work. Otherwise, I'm not sure that salary in NY is worth relocating for.
#15
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Joined: Mar 2010
Posts: 2,854
Re: New York salary
If you were moving to new York with a young family what minimum salary would you suggest?
I know this is entirely subjective, but would appreciate your comments nonetheless. I'm in Canada at the moment, and common feddback is that $100k is the minimum to live a comfortable lifestyle. I didn't agree at first, but I do now.
I know rents are expensive,. I've been looking at some average salary comparisons, and the salary being discussed is in the region of $135k. This would appear to be quite high based on the salary comparisons I've found, but I'm never sure how accurate those things are.
Thanks for your input...
I know this is entirely subjective, but would appreciate your comments nonetheless. I'm in Canada at the moment, and common feddback is that $100k is the minimum to live a comfortable lifestyle. I didn't agree at first, but I do now.
I know rents are expensive,. I've been looking at some average salary comparisons, and the salary being discussed is in the region of $135k. This would appear to be quite high based on the salary comparisons I've found, but I'm never sure how accurate those things are.
Thanks for your input...
A lot of people do earn a lot less, but live further out, or have much lower costs, e.g. from being in rent controlled housing.