According to the Corcoran Group, the real estate brokerage, the median price of all apartments in Manhattan is now $916,000 . The median price of a one-bedroom apartment in Manhattan is $710,000 .
The high cost of living in NYC starts with its crazy housing market. According to a March 2019 report from Apartment List, the median rent for a two bedroom apartment is $2,499 in New York city. Each of these rents are far more expensive than not only the U.S. median, but most of the world’s large cities.
To live a comfortable and satisfying lifestyle in New York, even when you have roommates splitting the cost, a yearly income of $50,000 or more is ideal.
As a rule, how much rent you can afford equals 30 percent of your income. Another way to look at it: Your annual income should be 40 times your monthly rent . But in places like NYC or the Bay Area, finding an apartment that costs less than 50 percent of your income might be laughable.
Your annual salary of $200,000 would end up being about $96.15 per hour. You’d live pretty good in NYC in fact you’d be able to live in almost every neighborhood in NYC . Rent average from 1,500 a month if you are lucky to 4,000 and higher but you could most likely buy an apartment with that kind of salary .
New York State Has One of the Tightest Markets Right now, unusually low mortgage interest rates make buying the better option. If rates go up over 7%, then renting becomes cheaper than buying .
However, NYC *is* worth living in to many people. If you make over a certain amount, NYC is a playground. You can live in beautiful spaces and it has everything you could possibly want – any kind of food, entertainment, sports, parks, and access.
However, New York is still famously more dirty than other cities. This is due to two reasons. One is a simple design flaw, in which there are very few alleys (despite movies always showing them), so that trash is piled on the street for pickup, instead of hidden out of the way. Seeing trash then encourages more litter.
The rent is so expensive because there are so many people, and there is limited space. The landlords make the prices go higher , so they can earn more money. Since there are so many people that want it, they rent the apartment.
“I definitely think you can live comfortably on a salary of $50,000, even in New York City ,” says Haskins. “It’s an expensive city, but I think if you know where your money is going and you recognize what your priorities are, it’s totally doable.”
Yes you can , you won’t live the life of luxury and you won’t be living on the island, but you can work and live in the five boroughs of NYC on that salary. My first job wasn’t much more than 40k and it was hourly non salary pay without benefits.
$80k is enough technically but it would be a far more comfortable situation to split a place 2 or 3 ways if hell bent on living in Manhattan. Wouldn’t leave you with a lot left over after paying a $2,000 rent bill plus all utilities on your own.
120k will not go far in Manhattan. The taxes are very high at that salary level. If you max out your 401k (which everyone should be doing unless you get a pension or have family money/trust fund), then your take-home pay will be around $5026 per month.
Here are the 10 most risky NYC neighborhoods Brooklyn Heights, Boerum Hill, Dumbo. Chelsea and Hell’s Kitchen. Bedford-Stuyvesant. Downtown. Fort Green and Clinton Hill. Flatiron and Gramercy. Brownsville . Hunts Point.
According to U.S. Census Bureau’s 2013-2017 American Community Survey 5-Year Estimates, the median individual income in New York City is $50,825 . Inflation would bring this number a little higher, but not that much higher. So yes, 150k is a good salary in NYC even before bonus.