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What is a "good" salary for a single person in New York?
#salary #financial-planning #college #college-admissions #money
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6 answers
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Clarice’s Answer
I think it depends where in NY you want to live. NY housing can be very pricey, so I would research the area you want to live in order to ensure affordability. My sister in law lives in Manhattan and pays $16,000/month for rent.
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Rita’s Answer
You don't need to make a 6-figure salary to live in NYC. NYC is as expensive as you want it to be. You can find inexpensive housing if you put the work in. You can also save on car payments & car insurance if you stick to the public transportation readily available. If you setup a budget (and stick to it), watch what you spend (food, housing, utilities) you could envision making $50k and still live a comfortable (fairly luxury free) life in NYC.
Search for less expensive studio apartments maybe just outside of NYC
Make sure you are living inside your means by developing a realistic budget each month
Don't forget you need to treat yourself a little every once in a while (so build in a 'treat-yourself' cushion in your budget)
Don't forget to save a little too ($25 a month can add up over time)
Have a credit card for emergency purposes ONLY (live within your means)
Rita recommends the following next steps:
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Kerry’s Answer
Hi Maria E,
I would agree with all of the above answers, rent is by far the biggest expense you'll have living in NYC. As far as how much you'll need to make to live in NYC, you won't need a six-figure salary if you make some trade offs such as opting to live just outside of the city or living with a room mate or two. There are a number of commutable areas around NYC such as LIC, Weehawken and Jersey City that offer lower rents and COL, and if you are willing to rely on public transportation, your costs will be considerably lower. Good luck!
I would agree with all of the above answers, rent is by far the biggest expense you'll have living in NYC. As far as how much you'll need to make to live in NYC, you won't need a six-figure salary if you make some trade offs such as opting to live just outside of the city or living with a room mate or two. There are a number of commutable areas around NYC such as LIC, Weehawken and Jersey City that offer lower rents and COL, and if you are willing to rely on public transportation, your costs will be considerably lower. Good luck!
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Syed’s Answer
Hi Marie,
Assuming you mean New York City. in NYC, you pay city, state and federal income taxes. This makes living in the city expensive off the bat (something like 25%-33% of each dollar you make going straight to taxes before 401k or medical insurance). Then there's the high cost of rent in most neighborhoods that are close enough to the city without having an extremely long commute. A MetroCard will run you around $120 a month last I checked, and the LIRR is more expensive.
If you want to live in most neighborhoods in Manhattan without roommates, you're looking at anywhere between $3000-$4000 for a studio/1BR. Brooklyn has gotten similarly expensive. In Queens, you can still find a decent 1BR apartment or studio near the city (LIC, Sunnyside, Woodside, Astoria) for around $2000, but you might be in a very old building. This is before any utilities and other fees. If you get a roommate, you can chop these costs in half.
All that said, you've got to be making at least $90k+ pre-tax to just get by paying rent and commuting in NYC as a single person. Then you have to factor in any other expenses like student loans, food, entertainment, any money you're sending back home to family, etc. All of that adds up quick.
As a single person, you pretty much need to be working in consulting, finance, law or software engineering to get by. Take it from someone raised in NY.
Assuming you mean New York City. in NYC, you pay city, state and federal income taxes. This makes living in the city expensive off the bat (something like 25%-33% of each dollar you make going straight to taxes before 401k or medical insurance). Then there's the high cost of rent in most neighborhoods that are close enough to the city without having an extremely long commute. A MetroCard will run you around $120 a month last I checked, and the LIRR is more expensive.
If you want to live in most neighborhoods in Manhattan without roommates, you're looking at anywhere between $3000-$4000 for a studio/1BR. Brooklyn has gotten similarly expensive. In Queens, you can still find a decent 1BR apartment or studio near the city (LIC, Sunnyside, Woodside, Astoria) for around $2000, but you might be in a very old building. This is before any utilities and other fees. If you get a roommate, you can chop these costs in half.
All that said, you've got to be making at least $90k+ pre-tax to just get by paying rent and commuting in NYC as a single person. Then you have to factor in any other expenses like student loans, food, entertainment, any money you're sending back home to family, etc. All of that adds up quick.
As a single person, you pretty much need to be working in consulting, finance, law or software engineering to get by. Take it from someone raised in NY.
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Paul’s Answer
The answer will depend upon which career you're in. Every career pays a salary range based upon the location of where it's located. For example, I work in Finance and work in NY. The salary I earn in NY is a lot higher than the salary I would earn if the job was located in NC because the cost of living is higher in NY. So a "good" salary in NC may be a "bad" salary in NY if it isn't adjusted for cost of living. So a "good" salary to one person my be a "bad" salary to someone else.
Another example: Let's say you're in education and you want to become a teacher. Your starting salary may be $35,000. That may be a "good" salary for a teacher starting out but for an engineer that may be too low since they would demand a lot more given the type of work they do.
There's also the issue of being single and living alone. Every person I've ever worked with who was single and lived in NY had a roommate to share expenses. So in that situation, a "bad" salary becomes a "good" salary because you can split living expenses among multiple people.
Determine which field you want to go into
Lookup cost of living calculators for NY
Go to a website like salary.com to see a range for your job in NY
Another example: Let's say you're in education and you want to become a teacher. Your starting salary may be $35,000. That may be a "good" salary for a teacher starting out but for an engineer that may be too low since they would demand a lot more given the type of work they do.
There's also the issue of being single and living alone. Every person I've ever worked with who was single and lived in NY had a roommate to share expenses. So in that situation, a "bad" salary becomes a "good" salary because you can split living expenses among multiple people.
Paul recommends the following next steps:
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Tek Fai’s Answer
Hi,
This question is little too vague. The salary expectation would depend on the job that you are looking for. However to get a rough estimation on the salary expectation, do visit websites like indeed.com. Enter the details for the job you are looking for. It will present to you all the relevant jobs and the salary market is currently offering based on your experience. It should give you an idea.
Hope that answers your question. Thank you. Good luck.
This question is little too vague. The salary expectation would depend on the job that you are looking for. However to get a rough estimation on the salary expectation, do visit websites like indeed.com. Enter the details for the job you are looking for. It will present to you all the relevant jobs and the salary market is currently offering based on your experience. It should give you an idea.
Hope that answers your question. Thank you. Good luck.