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Just put my 2 weeks in 😃
Additional Posts in New York City
How much does a nanny in NYC cost per month?
Bullish or bearish for job postings early 2023?
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Rising Star
You list only your comp, then ask randos something that’s impossible to answer because no one knows your lifestyle costs, or even what your comp consists of (how much is liquid, is it all stocks, etc) ….
Is this the new weekly flex post? lol
It is.
What do you think?
Rising Star
If you have trouble with that, you need to check your other expenses
Kinda stingy if you ask me! 10x that
Chief
It’s more than I’d choose to do but it’s not like you can’t afford it if you want to. Do the math
Pro
Are you single? If so, I would recommend not spending more than $5 a month. 500k after taxes and deductions is only like $250k if you're single. No need to spend 40% of your income on housing. Save up and buy.
Sorry...you did buy. In this case, it's not too bad. But think about what you need and how you want to live in retirement. If you can reduce your monthly payment by 3k, you could easily invest that and retire a few years earlier to possibly a decade or more depending on your current age.
Chief
this is about a purchase
Pro
Only 500k? You belong with the Poors.
Depends how smooth / reliable your income is
Thanks for giving us all hope that we can make that income one day
What are your other monthly expenses? We don't know if 500k is all cash or tied up in RSU's, etc. Need more context.
Pro
Thanks everyone. Maybe I'm overthinking. It just feels wrong to me to be on the hook for that amount of money each month just for housing, but I also might not have fully adjusted to the reality of NY real estate yet. What are you guys spending each month?
7.5k a month on housing (we own). HHI about 800
Depends on your other expenses. Do you have a family, kids in private school? If so, yea that’s probably too much. Maybe not quite with todays interest rates, but 8.3/ month should get you a place around $2.5m - for a single person that’s quite a nice pad, even in NYC. But its possible that in even this is a stretch in Manhattan where property and HoA costs almost as much as the mortgage. Especially in newer buildings. Pre-war buildings typically have lower fees. Brooklyn also - lower taxes and fees
Is TC including benefits? I would say what is your base comp plus realistic bonuses, minus your taxes vs going in large/not considering your actual take home. You may be able to afford it but what the impact to your lifestyle and savings?
If you're asking what you can afford, you should be considering all of your expenses, not just those
If you're talking about the asking price of one interesting property vs another and whether the properties are comparable, that's a different question