Simple question for new yorkers

[SField]

Originally Posted by chronoaug

since we're here talking about new york (and new jersey to an extent), what would 55k after taxes be? Not necessarily looking, but just curious since i only know about florida

Roomie in Astoria, East Village, LES, maybe even some of the grittier areas of Hell's Kitchen and parts of UWE (above 90s). Not necessarily bad at all.

 

[SField]

Originally Posted by thekunk07

55k, single, no deductions.

well, um, maybe $775/week take home. roughly.

What if he works from home...

 

[MetroStyles]

Originally Posted by gdl203

The rent vs. buy decision is far more complex than a simplistic "money towards nothing" vs "building equity". It is based upon critical assumptions about property appreciation, alternative investment opportunities for cash, expected length of stay in said property and differential/arbitrage between rental trends and property price trends. Many far far smarter financially than me are making a very conscious decision to rent rather than buy and invest their cash elsewhere.

I ran models and sensitivities for months to try to convince myself that buying was a sound proposition - I could never make that case without key property appreciation assumption of 5%+ a year over the next 5 years (and we know where this kind of assumptions got us in the last few years). We still made the decision to buy but it was much more emotional then a sound risk-adjusted financial decision IMO.

Seconded. Me and a buddy of mine made a bunch of models and scenarios, and it just does not make sense to buy in most situations if you are "on the edge" of being able to afford a place. Even as an investment. Or rather, especially as an investment.

 

[thekunk07]

i just mean after taxes

Originally Posted by SField

What if he works from home...

 

[Tardek]

Originally Posted by thekunk07

socal is my boy, but for the most part i want to kill those with inherited wealth. i have fantasies of ruining everything for them, their whole lives. immature and yes it's jealousy, but still...
+1. I just discovered that a deadbeat who was at university with me, who has no motivation or ambition beyond lifting her skirt for anything that moves (not that that is in itself a problem), is in gay Paris living on daddy's goodwill. Her job? Why, nothing, of course!

 

[Cavalier]

Wow, people in this thread are super out of touch with the real world. Granted I didn't pull myself up my boot straps either, but at least I am not that disconnected.

People have to survive on how much money they can make, and it can be done in Manhattan for $60 grand.

Packing lunches, free art/cultural activities, a hobby that does not cost a lot of money (like photography), a rare meal out at one of the cities lower budget ethnic restaurants, etc. etc.

 

[chronoaug]

Then again, it wasn't really a question of "surviving", but living comfortably. The original poster wanted to go out to dinner/bars, possibly something like clothing every once in awhile, also assuming that comfortably means putting some money into savings. When i think "living comfortably", i think of not necessarily being wasteful or buying stuff all the time, but not having to worry too much about making ends meet (and putting a little away into savings)

 

[thekunk07]

hard to say; one man's comfort is another's subsistence.

 

[kwilkinson]

Originally Posted by thekunk07

hard to say; one man's comfort is another's subsistence.

+1. What Sfield was listing as living comfortably is what most people in the country probably aspire to.

 

[Tarmac]

the key difference is if you have roommates or not.

If you don't want roommates and want to live in Manhattan, I agree you need 75k. You won't be living lavishly.

Around 60k you need to use roommates or live in queens. Otherwise you will go into debt.

the song goes "if you can make it here, you can make it anywhere". it's true.

 

[Dakota rube]

Originally Posted by Tardek

+1. I just discovered that a deadbeat who was at university with me, who has no motivation or ambition beyond lifting her skirt for anything that moves (not that that is in itself a problem), is in gay Paris living on daddy's goodwill. Her job? Why, nothing, of course!
'Spose she needs a boyfriend?

And better yet, has she just a wee bit of a heart condition?

 

[SField]

Originally Posted by kwilkinson

+1. What Sfield was listing as living comfortably is what most people in the country probably aspire to.

Not really. If you want to have a life in New York city comparable to what you'd have in the suburbs, you'd most likely need money that is 'something to aspire to'.

 

[kwilkinson]

Originally Posted by SField

Not really. If you want to have a life in New York city comparable to what you'd have in the suburbs, you'd most likely need money that is 'something to aspire to'.

That's not what I meant. You mentioned sending your kids to private school, going out more nights than staying in, going on vacations, and paying for your kid's education are part of living comfortably. I was just saying that that's not what most people consider comfortable, it's what they wish they had the ability to do.

 

[GQgeek]

Originally Posted by gdl203

The rent vs. buy decision is far more complex than a simplistic "money towards nothing" vs "building equity". It is based upon critical assumptions about property appreciation, alternative investment opportunities for cash, expected length of stay in said property and differential/arbitrage between rental trends and property price trends. Many far far smarter financially than me are making a very conscious decision to rent rather than buy and invest their cash elsewhere.

I ran models and sensitivities for months to try to convince myself that buying was a sound proposition - I could never make that case without key property appreciation assumption of 5%+ a year over the next 5 years (and we know where this kind of assumptions got us in the last few years). We still made the decision to buy but it was much more emotional then a sound risk-adjusted financial decision IMO.

You should post the spreadsheets you made. Would be good for people thinking about buying.

 

[turboman808]

I moved from NYC to Hackensack NJ across the street from my office 1.5 years ago. My apartment in Hackensack in a modern building with 2 indoor parking spots is 1000 a month. That would be 3000 in the city or more.