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With the extraordinary amounts of wealth crawling throughout the city, people moving in with $175,000 who think they'll be living the good life are usually humbled in a New York minute once they observe their surroundings.
But the good news is you will be fine with $175,000. More than fine, really. You can afford to live well on that salary.
You're bringing down really good money. You can really enjoy the city if you "live beneath your means." why bother with the Upper West Side when you can get better food/times in the East Village. If you two scrimp for five years, and save every penny, you'll be amazed what you can buy...
If you just have to stay in Manhattan, keep in mind that Inwood, Washington Heights, and Harlem offer reasonably priced possibilities, for sale AND rent.
If you just have to stay in Manhattan, keep in mind that Inwood, Washington Heights, and Harlem offer reasonably priced possibilities, for sale AND rent.
I would point two young professional relocatees towards Brooklyn or Hoboken long before recommending Upper Manhattan. With the exception of a few pockets and streets, the areas you suggested are NOT safe for someone who is learning the city, will be leading a somewhat "flashy" lifestyle for those neighborhoods, and who has an eye toward family & good schools in the near future.
You can live a pretty comfortable life, but you'll still need to budget. Simple solution, live in Manhattan while you have no kids and when you do have kids, you can move to either a closer-in Brooklyn or Queens neighborhood to purchase(or rent) a larger place for the kids. When the children become school-aged, then move again to Westchester, Long Island, or NJ close to a commuter rail. You should be fine ESPECIALLY if you will eventually make $250K. I know moving sucks but that's what a lot of people tend to do here.
With $300K, AND two kids you can live wherever you want. Manhattan, London, Palm Beach, Greenwich, Beverly Hills, Paris, Zurich even MONACO
I know people in Manhattan with kids who live comfortably off of $250K+, you will live but not glamorously. You don't have to move to the suburbs when you have kids with that salary. You can rent, save, for 5-10 years and by the time you have two kids, you can afford to purchase in Manhattan even at the $1.3M(?) + median with 300K salary.
Not all public schools are bad either. I know a wealthy friend in the West Village who's kids go to a great public school in the area.
With $300K, AND two kids you can live wherever you want. Manhattan, London, Palm Beach, Greenwich, Beverly Hills, Paris, Zurich even MONACO
Not all public schools are bad either. I know a wealthy friend in the West Village who's kids go to a great public school in the area.
Not true- average home price in Greenwich and Beverly Hills ( December 2009) was about $1.5M. With a 20% down payment- and assuming you'd qualify for the strict jumbo loans today- monthly PITI is $9,500. You need a minimum of $375,000 annual income to afford that.
It takes an incredible amount of income to live comfortably (ie, afford to take a family vacation or two each year, pay for junior's math tutor and and club ice hockey team and daughter's dance and tennis lessons, have a social life, etc) in the wealthiest enclaves in the US & world.
Yes, you can afford to rent an apartment in Beverly Hills (or the Upper East Side) and pack in your kids and dog into a 2BR, but it's not the comfortable (and I don't mean taking your private jet to Switzerland to ski for the weekend....I just mean paying all the bills, saving/ investing, and providing opportunities for your kids kind of comfortable).
Well, let's break it down. You'd have $8,700 net each month after a 6% 401(k) contribution.
Your salary qualifies you to rent an apartment for just over $4,000/mo, but you'd have a lot more wiggle room if you can find a 1br closer to $3,000/mo. This should be no problem if you look along the Upper East Side along Lex and 3rd Aves where there are a lot of post war high-rises.
For dinner out 2x/ week, figure $200. This is your neighborhood Italian or New American place, not Per Se or a steak dinner.
And you can have the same at countless ethnic restaurants (Ethiopian, Malaysian, Vietnamese, Indian, etc.) for $80 or less.
if it's not enough for you, can give it to me.
i'm sure i'll manage
lol, i can make that work
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