Scrambling to get by on $400K/Yr in NYC

Well, as a long-time New Yorker, I have to say they made choices they can't support.

There are areas in Brooklyn where they could have gotten a lot more housing for their money - and some good public elementary schools, too.

I make about 10% of their gross, own my own apartment, and am ok. (To be fair, no kids to support, either.)

ta,
mews
 
You don't have to pay the monthly fee, if you own the spot.

For that, you may need a mortgage!

From a Web site:

If you live in one of the condos at 246 West 17th Street, New York NY and you need a parking space in the basement best would be to have $225,000.00 at your disposal and to get your name on the waiting list as the world's most expensive parking spaces are sold out.

However, if you are really desperate you may want to up the anti and buy out one of the parking spot owners who doesn't live there, but just bought the spot as an investment.​
 
I'm laughing at the Fou article and have absolutely no sympathy for them. I lived on Long Island for many years near NYC. I learned that almost everyone in NYC has some kind of angle that makes things easy for them there.

The Fou's just haven't figured it out. If everyone in Manhattan were like the Fou's, the City would have long ago collapsed. The fact that it hasn't suggests that the reporter really gave these folks a delightful sucker punch. Since reporters usually make much less annual income than a dentist and a PhD from MIT, I'm sure there was a little bit of tension when doing this article. The reporter had some fun with these hapless city dwellers.
 
I think that New York is a new model for the new concentration camp, where the camp has been built by the inmates themselves, and the inmates ARE the guards, and they have this pride in this thing they built, they built their own

...

"Now I'm 36 and all I think about is money"

We have been to NY twice, and stayed in the Crowne Plaza in Times Square to be in the middle of it. That experience is enough; we do not see ourselves wanting to live there, even if we were rich and could afford a condo overlooking the Central Park.

I am 52, and all I think about is FIRE!

Well, not all the time as I do take time off to think of and plan some travel. :)
 
They choose to live there....they must need the kick it gives them.
On a side note....haha.....I kind of consider myself a person who has got around a lot. Brought up in WA....13+ year in the UK....10 years Germany...5 years Okinawa.........but there are some of you out there who just aren't "normal"....how the hell would somebody living in Seattle know which line in NY goes where? Some of you are like "Jason Bourne"...just kind of like icebergs.....some of you have done so much that it is a bit scary. The only time I was in NY....I would have killed little old ladies (and possibly a few small children) to get the hell out of there......some people actually think it is heaven....

It was a joke. AS far as I know, there is no O-line.
 
I'm laughing at the Fou article and have absolutely no sympathy for them. I lived on Long Island for many years near NYC. I learned that almost everyone in NYC has some kind of angle that makes things easy for them there.

The Fou's just haven't figured it out. If everyone in Manhattan were like the Fou's, the City would have long ago collapsed. The fact that it hasn't suggests that the reporter really gave these folks a delightful sucker punch. Since reporters usually make much less annual income than a dentist and a PhD from MIT, I'm sure there was a little bit of tension when doing this article. The reporter had some fun with these hapless city dwellers.
+1 I love NY but everyone I have known who lives there has something going - a great rent controlled place, a good deal across the bridge in Brooklyn, something - that let's them survive on a lot less than the Fo[-]o[/-]uls. But I understand the desire to live in the city. DW and I plan to stay on Capitol Hill in DC. It cost us a lot to live here the last 25 years but it won't be bad in retirement. The house is paid for, we get a homesteader break on real property tax, and our income taxes are way lower now. And, like in NY, the house is a valuable asset in an area that never seems to get hit like other areas of the country. We don't see the house as an investment but the kids do :)
 
It was a joke. AS far as I know, there is no O-line.

Oh, heck. I think everybody go that. We all know you just take the 320 bus to Secaucus. Leaves from the Port Authority terminal, and stops right at the WalMart. Runs every 15 minutes or so.
 
Hard to get by in New York on $400,000....

I lived in Manhattan for a couple of years in the late '70s as a grad student. I enjoyed it then as it was so different for a small town girl from western PA. I was blown away by all the cultural things to do...plays, museums, foreign films, ballet(the universities have cheap or free tickets for students). I don't think I would have wanted to raise a family in Manhattan due to living space issues, COL, needing to choreograph everything related to the kids, etc. I would never keep a car in Manhattan either. It is difficult to get in and out of the city, and even if you could afford a week-end place on Long Island or in Connecticut or NJ, traffic is a nightmare. They don't call the Long Island Expressway the longest parking lot in the world for nothing. This couple has options and they must like this lifestyle otherwise they could easily move an hour out of the city. Real estate in Manhattan even now has not fallen as much as in the rest of the country so they could likely sell an apartment easily. People in NYC don't have the Wal-mart shopping mentality by the way. They shop more like Europeans...you pick up a few apples at a fruit stand, you go to Gristede's and buy a little of this and a little of that, a baguette at the bakery. No room to store masses of things in tiny apartments anyway.
 
DW and I plan to stay on Capitol Hill in DC. It cost us a lot to live here the last 25 years but it won't be bad in retirement.
DC is often overlooked when people think of really expensive places, but man the whole area from Georgetown to Dupont Circle to Eastern Market can be insanely expensive. It's hard to find middle ground in DC you're either paying a fortune or living in an area fearing for your life.
 
NYC has got its own charm for New Yorkers

I was born & raised in India, and have lived in Pittsburgh, Buffalo NY, Miami & presently am an established suburbanite near Orlando, Fl. I have & continue to visit NY city every 3 months for a complicated knee reconstruction for Dr follow ups.On these visits, after my medical stuff is taken care of, I usually keep a day or so for going around & essentially loafing around the city, visiting with some long term friends. I enjoy every bit of it !!!!!, I do find & understand the city is pretty expensive even for anyone with some means.

I think the opportunities NY city provides to a educated professional for further education & training are limit less. It is a place where you can rub shoulders with the best & worst of / in people. It turned out the best for my complicated knee replacements at least after being operated at many hospitals in the central Florida area.This is the place where you find many Maddoffs, the bankers who lost our billions, charlatons & also the place where a lot of philantrophy to the tunes of millions & billions is seen

There are many places in the city who will take a chance on an immigrant, because the culture of taking risks, banking on something new, to a different way of doing things, looking for a different idea is very much ingrained in the psyche of New Yorkers much more than in many other cities.The competition is intense, the survival of the fittest is very much the rule, your hunger for achievement (whatever the goal maybe) & the work you put into it, will decide the final result more than any pedigree, color of the skin or an uncle X. These are much more pronounced than in other places.

Many successful people in other places have at some stage in their lives been at the doorstep of, got what they came for & left the City for the comfortable less costly places around the country. When People all over the world think about & take the risk of putting their comfortable lives on line for a chance at success in USA, many times they do not think of other cities but NY in the country.

Then after they get(achieve) what they once came for, they miss the place of most collective brains & the competition(More is learned from one another) in other cities & suburbs & some return to the City(as some of my friends did). They do not want to loose their professional skills which made them what they are today & try to gravitate to places where they can find more of the same of & more often than not the road leads back to the city(for the self imposed rejects from the suburbs)

When I saw the Video, of a MIT (A very competitive school) schooled Oriental Man & a dentist wife with 2 kids, I think some of the above reasons may apply to their lives.

I do not think they are ignorant of the fact, that they CAN AFFORD on 400K a very comfortable lifestyle, with less crime, a house with much more room, afford the best of area schools, a couple of nannies, a garage full of cars in hundreds of places around the country. I think their brains are wired differently, they will miss the above aspects of the NYC. They must be thinking about the insipid life of cutting the lawn(Gee what is this green stuff :confused:), going to the homeowner's meetings, not finding any aspirations left in their neighbor who is scared about loosing his comfortable present, no museums, not enough of diversity or their Ethnic stuff they are used to in city, no scientific/technical library close by or more so nobody to discuss their stuff with at their level ... etc....They are scared about the suburban decay setting in.

This is by no means stating that NY city life is better than a life in suburbia, it is JUST AN OPINION of what people like these may look for in a place. I am a confirmed suburbanite like many of us on the forum, but do have long term friends in these situations whom we visit with on occasions like when I visit NY city, & like in many situations we think they are/and they think we ARE CRAZZZZZYYYYYYYYY .

To each their own, I guess

Warm regards
 
Ironic, given the trend of people in the US traveling to India for knee/hip surgeries.
 
To each their own, I guess

Warm regards

Very nice post. I think on a retirement board we tend to find what by other standards is extreme risk aversion. (Except in one area that is a puzzle to me- riding motorcycles!)

Ha
 
rkser, I don't believe what you wrote applies to the Fou's. They come from Houston and Dallas which are essentially large tracts of suburbia right up to the front steps of the skyscrapers in those cities. They are totally different cities than NYC in this respect.

And about that Wal-Mart bus: There is a bus to Wal-Mart in Beijing. It goes from near the Olympic site out to the 'burbs where the Wal-Mart is located.
 
Oh, heck. I think everybody go that. We all know you just take the 320 bus to Secaucus. Leaves from the Port Authority terminal, and stops right at the WalMart. Runs every 15 minutes or so.
I thought it would take a couple of transfers but I’m sure you are right as NYC has everything. I live in a smaller city and find the closest Wal-Mart in a relatively safe area is in the Tech land to the south! Let’s see, take the express train to the second stop, then I’m in trouble, I’ll check the transit website: I forgot, before the train, it’s walk one block to bus stop, ride bus directly! to train station (Trip planner was wrong!, they would have me walk two blocks to bus and then transfer to another bus, hey). Get off at Palo Alto instead of Mt. View, catch lite rail and then walk four minutes to Wal-Mart. It’s a cinch at only four and a third hours of ride time; I would pad it up to six hours to include all those wait times. Fare totals $15.50 and being out so long, I would need to buy lunch, maybe at one of the transfer points instead of Wal-Mart cafe.
 
rkser, such a nice tribute to NYC. I feel you on the vibe of the place, not my cup of tea but I get what your saying. I am a confirmed city person and would never consider the burbs. Like you said to each his own. However the choice is not just city/burb. There are less expensive neighborhoods and addresses in NYC.

When you get down to it QOL trumps everything IMO. I'll be dammed if I would live the way that family is living on that kind of pay. I have been in ghetto apartment that looked better than that one.
I cracked up when he spoke of a cleaning lady. Where? When? What could she possible clean? The place is a mess. This must be some sort of April Fools prank.
 
DC is often overlooked when people think of really expensive places, but man the whole area from Georgetown to Dupont Circle to Eastern Market can be insanely expensive. It's hard to find middle ground in DC you're either paying a fortune or living in an area fearing for your life.
I'm a block from Eastern Market and it is pricey. I love living in the city but this isn't even in the ball park of Manhattan. I remember when my nephew came to visit us from NY on a nice spring weekend. He walked around here and was amazed at all the trees and greenery -- thought he was in a garden :) Interestingly, a lot of DC areas I would never have dreamed of living in 10 years ago have become pretty safe now. Not quite full-on gentrification but fairly diverse and comfortable to walk around in.
 
I think they are loonie-toons - - what a miserable life they have, despite their education and qualifications. But perhaps there is something else that they like about living there.

It's the H&H bagels and Original Ray's pizza:cool:.
 
I'm a block from Eastern Market and it is pricey. I love living in the city but this isn't even in the ball park of Manhattan. I remember when my nephew came to visit us from NY on a nice spring weekend. He walked around here and was amazed at all the trees and greenery -- thought he was in a garden :) Interestingly, a lot of DC areas I would never have dreamed of living in 10 years ago have become pretty safe now. Not quite full-on gentrification but fairly diverse and comfortable to walk around in.

To me the wonderful aspect of DC is all the high quality free museums. My ex's parents live in Maryland suburbs, and whenever she goes there she gluts on museums. It's all I ever did there too.

Even the New York museums, while not free are relatively cheap.

Ha
 
I'm a block from Eastern Market and it is pricey. I love living in the city but this isn't even in the ball park of Manhattan. I remember when my nephew came to visit us from NY on a nice spring weekend. He walked around here and was amazed at all the trees and greenery -- thought he was in a garden :) Interestingly, a lot of DC areas I would never have dreamed of living in 10 years ago have become pretty safe now. Not quite full-on gentrification but fairly diverse and comfortable to walk around in.
That's really nice to hear, I was there (10th and C) almost 20 years ago and sure wasn't the case with safety. DC is a great city and I'd love to move back someday, truly an often overlooked cosmopolitan town.
 
So, how do they spend their $400K yearly income? Here's what I got from the article

Gross = $400K
Taxes = $200K
Housing = $100K+
Child care = $40K+
Preschool = $15k

This leaves them with $45K for all other expenses -- medical, food, transportation, etc... -- which, even an ignoramus like myself knows, does not get them far in NYC.


Interesting article, thanks for posting that. I live in NYC, and while I make more than they do I live on quite a bit less. I bought a similarly-priced apartment (~1M) but the monthly cost for me was <$5k (I've since paid it off).

I think their big problem is housing. They are probably in a building with a huge common charge - so its like paying rent on top of your mortgage. There are plenty of nice areas in Manhattan and the gentrified parts of Brooklyn where they could get a nice 2 bedroom place at a much lower carrying cost.

Of course the preschool expense can be avoided, there are some well regarded public schools if you live in the right place. But some people in the city have a real aversion to the idea of public schools - really its more about status than education. Even so, they could probably absorb that if they were a bit smarter about their housing choice.
 
I would not be surprised to find out the reporter lived in NYC and this article was written to make all other New York City dwellers feel smarter about their financial decisions. No one wants to be on the bottom of the totem pole and articles like this help appease the low income masses and show that at least on one sort of totem pole, they are not at the bottom. "At least we are 'a bit smarter about' our money than these chumps!"

-- written tongue-in-cheek with apologies to Maurice and the other New Yorkers reading this.
 
Life is full of choices.

They chose to live in a state with high taxes...
They chose to live on one of the most exclusive avenues in one of the expensive cities in the world...
They chose to have kids and send them to private schools...

Personally I think this is way beyond their pay grade.

But what can I say? We all have to live with our choices.

This pretty well sums it up. Mr. Fou said "we couldn't see ourselves living in the suburbs". Apparantly, he can't accept living anywhere off Fifth Avenue, either.

I guess that this story is a nice illustration of the fact that it takes a lot more than $400k to buy "everything you want".
 
I don't live in NYC, but had to wonder about $200k taxes on $400k of income. I'd estimate these numbers:
$80k - FIT
$16k - FICA (assuming the $400k is wages)
$28k - State Income tax
$14k - NY City Income tax
-----
$138k Total
 
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