Manhattan living with family of four. Housing capped at $1000, no car, kids in public school. How much more is needed? (Florida: apartment)

[shamrockfisher]

Family of four moving back to Manhattan. No cars. Apartment is already owned so maintenance/taxes of $1000 per month is required and the kids will be in public elementary school. One is starting kindergarten now, the other will advance to pre k next year so no private school tuition this year but perhaps some type of mommy and me classes, etc...

How much income is needed to provide for the other basics and live normally as a young family?

It seems that by having housing and school expenses covered and by giving up car payments, gas, and car insurance ($1400 per month) we are actually cutting our fixed expenses moving from Boca Raton, FL to NYC as our housing cost is an extra $1200 in Florida as well.

What am I missing?

[Henna]

This question is impossible to answer because the answers would be completely subjective. I suggest you do a search on the forum for the word "budget" and make a budget for yourselves that includes utilities, transportation, groceries, eating out, vacations, medical care, laundry, clothing, children's expenses, etc. Only you know what words like "basics" and "normally" mean to you.

[Adhom]

Yes you need a budget. NYC provides an infinite number of opportunities to spend your money.

[shamrockfisher]

Thank you both for your responses.

I agree, my question is somewhat vague as there are so many variables and the definitions of life to each person is completely different. I have done a good amount of research and reading of threads and posts and I have, of course, lived in both places so I do have a fair understanding of what is involved.

However, it seems that it always comes back to housing and education. Everyone's lifestyle is different, I know. I am just surprised by the amount that we (my family) spend on cars and housing in Florida and find that in my particular situation, living in Manhattan could be more cost effective than living in Florida.

I just keep looking for the missing piece but again, I believe it may come down to housing and education costs as the rest of the items cancel each other out and are not tremendously different in these two areas.

We are also willing to move from over 2500 sq ft to 1000 sq ft which others may not be willing to do with two children.

[rgr555]

36k

[shamrockfisher]

That would be tremendous. I was thinking higher but we'll see.