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For a family of 4 I’d say $250k would be the bottom range of not having to worry.
Leave NYC. Just do it.
If you gotta be in NY, move upstate. You’re not gonna get where you need to be in order to live comfortably in NYC for a long time on any Big 4 salary if you’re just now a senior.
$200k minimum for manhattan
... consider living in jersey city or hoboken, maybe bayonne.. not too far from the city but is not as crazy
Depends on your definition of comfort.
Able to take vacations, save, kids in activities, eat out once a week
$2.5M 🥃
I was thinking $400k for a family of 4 cuz after tax, retirement savings, child care, and household expenses there would be about $100k for everything else to live comfortably. $200k doesn’t sound like enough to live comfortably in Des Moines, let alone Manhattan but maybe that’s me. I consider comfortably to mean living in a nice home, maxing out all retirement and college savings accounts, driving a decent car, going on at least one really nice vacation per year, and eating out at least 3x per week.
Holly shit y’all. I am supporting a family of 4 on 75k in Houston and we live like royalty!! I have student loans, debt, and a house. Not trying to hate here just surprised at the cost of living in NY.
I have lived in both Manhattan, the outer boroughs and the suburbs. There are certain pluses for living in the city but I am not overly impressed. I would take my backyard, leafy streets and easy access to the beach over Manhattan most days of the week. Of course I am older, and married with kids so things were different in my younger days. At the end of the day you get what you pay for and the convenience of living in Manhattan certainly has its price. I am happy my kids grew up in the surburbs.
Manhattan or one of the other boroughs?
Manhattan
I agree with the $400k comment. Forget about buying something under $1m. So rent for 3 room apartment can easily be $5,000 and up a month. You probably want to send your kids to private school which has college tuition rates. After that everything is so expensive and then you need to save for college and retirement.
Private school is a complete waste of money. It is true that students at private schools perform better. However, studies have confirmed that when you control for the education level and income of the parents, the difference completely evaporates. It is all about who is raising the kid, not the school.
If you take a kid in private school with parents that make $500K per year and each have law degrees, and move him to public school, that kid is still going to demolish the SAT, ACT, or whatever test you put in front of them. Why? Because the parents are likely very strict about making their kid study, prepare, etc.
I live inside the loop in Houston and for a new build, I paid over a million. Granted, I have 4500 square feet. However, I would think in Manhattan, a million will get you nothing.
Depends on how much debt (student loan/auto) you have. If you have 0 debt, 160k should be sufficient for living a good life in Queens / Brooklyn. Not sure about Manhattan and LIC.
I've been overpaying - putting $2500 monthly on mine alone since June... Only 1.5 more years of that!
If we are talking post tax... 200k is great. Pre tax is a different story...
500K