What is the lowest salary you would accept to live in NYC

I just started my job here last year (I'm a few years older than you, but went to grad school, etc.) and this first year only making a very modest 55k (+ 10k bonus and good benefits) the first year. I live a pretty decent life (good shared apt, eat out most days, go on dates, to clubs). Cost of living here is high, but if you're not worried about saving money now (as in, the likelihood you'll be mid-6 figures in a few years is high), you can live a pretty decent life on 45-50k, though it may involve commuting from Queens or Brooklyn.

new finance guy wrote:you can live a pretty decent life on 45-50k, though it may involve commuting from Queens or Brooklyn.

Most people don't consider that "blocks" from Central Park.

duder of machine wrote:

new finance guy wrote:you can live a pretty decent life on 45-50k, though it may involve commuting from Queens or Brooklyn.

Most people don't consider that "blocks" from Central Park.

I realize that, but was trying to help the OP in expanding options on a potentially tight budget. And I was assuming the OP was referring to the Midtown area, since it's actually not specified you can actually find pretty decent rooms literally a block away from Central Park (UES/UWS) in the $700 range. Central Park extends literally for miles, from the south end of Harlem to Midtown Manhattan.

thanks man

You can live in Manhattan on any salary 35K and up, it depends on what is important to you.

You mentioned proximity to Central Park...ouch, but ok, how about personal space? Some dudes have a great time living 4 in a 2-3BR on the UES a few blocks from the park which you can do for $1000 mo. I personally don't think living close to CP is a good trade off for you since jogging to the park for your workout is not a big deal or you change at work or YMCA or something and run over if you live in the boroughs. Prospect Park and Van CortlandtPar are also decent places to run. Go to Fairway once a week and buy groceries instead of eating take out and restaurants and you will be fine.

However, it will get old quick if your salary is not going to increase fast. That is the reason to suck it up in the early years. I think a good rule of thumb is that you need to make your rent neutral in 2-3 years, in otherwords, if you pay 1,000/mo., you need to grow your income $12,000 after tax in 2-3 yrs. By the time the lease is due you will want to move to a better place, go down to 1 roomate, etc.

I'd loathe living in a place like New York, so 5,000,000 is the lowest I'd accept to live there.

For me, $65K, absolute minimum past the age of 30, and I don't make that.

I live in NYC, "comfortably" as a single household (no children), and in all likelihood it will remain single at my level of income.

Live comfortably but wouldn't call it a "fairly decent" American life-- not when a starter home in this part of the country is something like $350K.

My fixed monthly expenses:

$1200, rent.

$104, 30-day metro card

anywhere between $50-150, electricity and gas.

$80, phone w/ wifi

$50, internet

Grad student. Live < 5 blocks from Central Park. Make < 25k. Thoroughly enjoy my life there.

nature runner wrote:

I'd loathe living in a place like New York, so 5,000,000 is the lowest I'd accept to live there.

Funny, because when I saw the title of the thread, I thought pretty much the exact same thing. I'd be curious to know where the OP is from originally. Hopefully he's at least been to NYC to experience what it is like there and be comfortable with his decision to move there. It's not for everyone. I think $5 mil might be enough to help me cope with the feeling of being shoehorned into a tiny space with 8 million other people.

I think other posters stating rental amounts need to put conditions around the $ figures. How many other people do you live with, what is the square footage and how many BRs are there? I stayed at a friend's apt in NY a few years ago, and it was a 2BR. I don't know what the square footage was, but I'd estimate 600-700. It was tiny, and to get to the bigger BR, you had to walk through the tiny BR, which was about the size of the "living room". Honestly, I don't remember what the rent was, but I remember thinking how ridiculously high it was for that little hole (on the 3rd fl.) This was a ~5 min. jog to Central Park. After visiting for a few days, I was happy to get back home.

A few blocks from Central Park can mean several different things. Most 1 bedroom apartments on 5th avenue between 60th and 80th are at least 1.5 million. They are also co-op buildings which means you can't really rent. Central Park South is absurdly expensive. Your best bet is the upper west side or Harlem. My guess is if you do craigslist, streeteasy, or have a lot of friends in the city you could find a 3br place in Harlem that would come out to about 1000/month. Similar place on the UWS would be about 1300 or so, UES would be 2k a piece. My other suggestion would be to look at the the far Upper East Side along York. It is not close to Central Park, but you are right next to the bikepath. Traffic isn't as bad up there and you could run about a mile directly west to the park. Bottom line, if you want to live in Manhattan and have your own bedroom, you really can't do less than 45k a year. Most places in New York require that your gross salary be 45x your rent. That works out to being almost 35-40% of your after tax income. If you have student loan payments, want to travel, or have other major expenses, your rent should really be lower than that.

Hoboken is also a good place to look, it would be better for your running, cheaper, a ton of young people, and the commute is not nearly as bad as people make it out to be.

Grad student on 25m a year, 5 blocks from the park? HA! must be still living off mommy and daddy or living out of a car.

seriously, if you don't make 80m a year this place is not for you. Taxes are ridiculous, it's polluted, you pay for EVERYTHING.

I have lived in NY for 10 years, I made 110m last year (150m combined with wifey), live in Park Slope Brooklyn brown stone, and every day is a fight to survive. Comfortable would be 250m +. That would mean you can afford a place for the summer (it's dreadful in the city in the summer on the weekends) and can get away in the winter. Oh, that would also pay for a place to park your car.

Unless you have a getaway plan to just have an experience in NYC don't come.

I am counting the days to get out of here.

^^ That's ridiculous. You're exaggerating.

When I first moved here in 2006, I was making about 40k. It's definitely hard at first, but it it for everyone. And it's part of growing up.

I'd say now in 2010, you could survive on 45k living near Central Park, but you would have to live above 90th street or 100th street and probably have a couple of roommates. Not the worst scenario to be in; most NYC transplants start in similar situations.

Good luck!

btw, have you thought about Prospect Park in Brooklyn? It's a lot calmer than Central Park and lots of surrounding areas are more affordable than Manhattan. It's really calm and nice to run in when you want to get away from the hustle and bustle.

I just graduated college in june, and I'm now living in nyc. The UES is relatively affordable if you live far enough east and don't mind sharing. My 2 roomies and I are all doing fellowships that pay under 40k, and we're having a good time. I'm about a mile from cp, but I don't mind that at all. Run there, one loop, run home = good morning 8-miler! For the record, I'm making 34k.that isn't to say I'm not making sacrifices and being cautious about my budget, but I'm not destitute by any means.

Actually, have gotten nothing from my parents since I started undergrad. The fact of the matter is, what makes things so hard in this city, for a lot, is a feeling they are entitled to so many different expensive things. I don't eat out all the time. I mostly walk. I go to museums that are free for some entertainment. I split a small apartment. But who cares? I like my life. Yes, I'm "poor" by American standards, but quite rich compared to the rest of the world, even living in NYC.

trustafarian wrote:

Grad student on 25m a year, 5 blocks from the park? HA! must be still living off mommy and daddy or living out of a car.

How is the source of the $25K relevant to his ability to live off of said amount of money? $25K from your parents spends the same as $25K from any other source.

You can live on anything upwards of 20,000 if you are resourceful.

My rent is a little over 700/month, total expenses (including rent, utilities, cable, internet, food, metrocard) about 1100/month. I usually eat out at least once a week, go out for drinks once or twice a week and take advantage of much of what the city has to offer.

How do I do it? I have a small room in a 4 bedroom. I do get almost half my meals free at the restaurant I work at. I love it right now and wouldn't want to live anywhere else. Graduateness is right, people feel entitled to many expensive things. There are so many great reasonably priced restaurants and bars, no need to go pay $10 for a beer somewhere

I'm in a very similar situation as this guy. I'm a graduate student, live in the mid 60's on York Ave and my place of work is 5 minutes from my apt, and central park is a 5-6 minute jog from my door. My girlfriend and I share a one bedroom for $1400/month (highly subsidized by my program), and we only make a combined $40k/year.

We are what I would describe as 'poor' but it's buy all your groceries at Whole Foods (but almost never go out to eat) and only infrequently go out for drinks poor.

I think the baseline for living comfortably in this area (I think the mid-80's between 2nd and Lex is where I would live if I were the OP, or perhaps Morningside Heights) would be $35k/year, unless you don't cook your own food, then probably closer to 40k, with good benefits.

Right out of college got a job 40k a year. Got up to 45k 2 years later. I didnt live right in the center of manhattan, but a 20 minute commute to work isnt really a big deal for me. The city has awesome area all over. I could have lived closer to Central Park, but I took a lower rent option and now have 20k saved up in the bank and I still to go out to eat, bars each weekend, travel (Europe, Colorado ect) and spend money just as much as if I lived in say, Cleveland, Seattle, Houston, or St Louis)