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I need some advice. I'm a 23 year old (soon to be 24, scary) recent college grad currently working for a small suburban city in Texas, making $23,000/yr (I've been here six months). I have $50,000 worth of student loans, which come out to around $560/month. As you can imagine, this financial picture makes me cringe, but never living outside of Texas instills a greater fear in me than relative poverty.
So, advise me. How much would I have to be making to survive in one of the burroughs? I like Queens, especially Astoria, though I could live in Brooklyn just fine. Keep in mind that whatever I'm making annually, I have to subtract at least $6720 in loan payments. I have no qualms about sharing apartments, I know how to cook, I'm not much of a drinker, and I'm a bargain hunter when it comes to clothes or other material necessities. I wouldn't have a car, I much prefer public transportation, and I'm an excellent walker : )
I'm not looking to move to New York to have a glamorous lifestyle, I just want to have an adventure before I settle down and start saving to buy my bungalow in Austin. Am I just dreaming?
Geography, with some Environmental Studies work. Right now I'm the admin/one-person-department for the city's Stormwater program. I keep records, write our annual report, liaison with our action committee and with the larger annual clean up event we participate in, and create GIS maps as needed for both Stormwater and the (small) Public Works department. In a small organization like this one I'm forced to wear many hats. Nothing I do translates into big money, including the four years of set-building and scene painting experience I have.
I'm not looking to move to New York to have a glamorous lifestyle, I just want to have an adventure before I settle down and start saving to buy my bungalow in Austin. Am I just dreaming?
Thanks for your help!
Keep in mind that temporary "adventure seeking" residents (urban adventure seekers) are often frowned upon by the natives.
I'm not looking to move to New York to have a glamorous lifestyle, I just want to have an adventure before I settle down and start saving to buy my bungalow in Austin. Am I just dreaming?
Grew up in TX, 4 years in NYC, now back in TX. Here's my take:
NYC is a WONDERFUL opportunity career-wise IF your industry is important there. Do you work in fashion, advertising, public relations, finance, or the performing or visual arts? If so...NYC experience is one of the BEST you can have on your resume. I am in one of those fields and my salary has nearly tripled since moving back to TX because of the experience I had in NYC. Employers WILL pay for it IF you're in the right field.
That being said, you would need a MINIMUM NET income of:
$1,000 studio rent in Astoria or another safe/interesting part of Queens/ BK/ BX.....nowhere fancy, just safe and relatively near transit.
$200 monthly apt bills- electric & cable/internet
$100 monthly unlimited subway card
$30 monthly bare minimum cabs (in case you're coming home late at night 1-2x per month or have too many shopping bags to carry from Bed Bath & Beyond or something similar)
$50 monthly entertainment- because WHY are you moving to NYC if you don't see an off-bway play or go out to eat or to the museum or something at least 1X per month???
$560 monthly loan payment
$50 monthly laundry & minimal dry cleaning - apts at that price point don't have W/D's in NYC.
$200-250 monthly groceries assuming you will eat EVERY meal at home
$100 misc expenses- dr visits, haircuts, drugstore, etc
$100 monthly your first several months of NYC wardrobe- you'll need snow boots, winter coat, sweathers, etc- things you just don't own in TX.
That's a total of $2,440 per month or $29,280 per year. To yield that net - with no retirement savings or health insurance pre-tax deductions figured in- you'd need a job that pays about $50,000 per year. Only you can answer if you think that is likely or not. And remember, a $50k job will get you a bare-bones lifestyle. There is really not much you can cut out of the budget I made.....it doesn't account for ANY trips home to TX or buying Christmas or bday or wedding presents for family and friends...no vacations.....no fun dinners out w/ new friends or happy hour drinks or shopping sprees Carrie Bradshaw-style....no new furniture....no moving expenses.....you get the picture. You need to be able to make around $65-75k in NYC before you can really afford to add "SOME" fun to your lifestyle with your loan burden.
Lastly- if your bottom-line goal in life is to end up back in Austin and save for a bungalow, realize you will make ZERO progress towards that goal while living in NYC. You will have no savings and won't be able to add any savings until you move back home. Now, perhaps your salary would be increased when you return to Austin, but that is highly dependent on your industry and connections. Basically, if you move to NYC for 2 years, you are 2 years further away from beginning to save for your dream. Make sense?
If you want a "fun life experience", travel. There are many places in the world (South America, Asia, Africa, Eastern Europe) that are relatively cheap travel destinations. I took a 6 day trip to Eastern Europe & the Middle East (2 cities) for about $2k last year. It was worth every penny, didn't break the bank, and opened my eyes to a new culture I'd never seen in person before.
One more thought- moving expenses- if you could get a good paying job in NYC, remember you need the following:
$1-3k to move to NYC....depends on if you will ship your stuff & fly or rent a Penske/Uhaul
$2k up-front for that $1k apartment (security deposit & 1st month's rent)
$1.8k possible 15% broker's fee
$1-3k to move back to TX
Thanks to Mayor Bloomberg's New Housing Marketplace Plan, there's a housing renewal /community preservation industry since 2003 but all those jobs are likely taken and held onto with tight grips. There's no more room on that bandwagon. IMO your best chances of making a dent in that student debt is to stay in Texas. Remember, whereever you go, there you are.
Grew up in TX, 4 years in NYC, now back in TX. Here's my take:
NYC is a WONDERFUL opportunity career-wise IF your industry is important there. Do you work in fashion, advertising, public relations, finance, or the performing or visual arts? If so...NYC experience is one of the BEST you can have on your resume. I am in one of those fields and my salary has nearly tripled since moving back to TX because of the experience I had in NYC. Employers WILL pay for it IF you're in the right field.
That being said, you would need a MINIMUM NET income of:
$1,000 studio rent in Astoria or another safe/interesting part of Queens/ BK/ BX.....nowhere fancy, just safe and relatively near transit.
$200 monthly apt bills- electric & cable/internet
$100 monthly unlimited subway card
$30 monthly bare minimum cabs (in case you're coming home late at night 1-2x per month or have too many shopping bags to carry from Bed Bath & Beyond or something similar)
$50 monthly entertainment- because WHY are you moving to NYC if you don't see an off-bway play or go out to eat or to the museum or something at least 1X per month???
$560 monthly loan payment
$50 monthly laundry & minimal dry cleaning - apts at that price point don't have W/D's in NYC.
$200-250 monthly groceries assuming you will eat EVERY meal at home
$100 misc expenses- dr visits, haircuts, drugstore, etc
$100 monthly your first several months of NYC wardrobe- you'll need snow boots, winter coat, sweathers, etc- things you just don't own in TX.
That's a total of $2,440 per month or $29,280 per year. To yield that net - with no retirement savings or health insurance pre-tax deductions figured in- you'd need a job that pays about $50,000 per year. Only you can answer if you think that is likely or not. And remember, a $50k job will get you a bare-bones lifestyle. There is really not much you can cut out of the budget I made.....it doesn't account for ANY trips home to TX or buying Christmas or bday or wedding presents for family and friends...no vacations.....no fun dinners out w/ new friends or happy hour drinks or shopping sprees Carrie Bradshaw-style....no new furniture....no moving expenses.....you get the picture. You need to be able to make around $65-75k in NYC before you can really afford to add "SOME" fun to your lifestyle with your loan burden.
Lastly- if your bottom-line goal in life is to end up back in Austin and save for a bungalow, realize you will make ZERO progress towards that goal while living in NYC. You will have no savings and won't be able to add any savings until you move back home. Now, perhaps your salary would be increased when you return to Austin, but that is highly dependent on your industry and connections. Basically, if you move to NYC for 2 years, you are 2 years further away from beginning to save for your dream. Make sense?
If you want a "fun life experience", travel. There are many places in the world (South America, Asia, Africa, Eastern Europe) that are relatively cheap travel destinations. I took a 6 day trip to Eastern Europe & the Middle East (2 cities) for about $2k last year. It was worth every penny, didn't break the bank, and opened my eyes to a new culture I'd never seen in person before.
agreed.. stay in texas..
Though onl first glance I was jelous of your student loan!.. I moved to NYC w/ 116K in student loans =)
Turtle has valid points. If you want adventure, come and visit, but don't plan on living here.
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