Is $115k enough to live by yourself in NYC? I’ve been thinking and planning a lot to move out to live by myself but wanted to get some advise/affirmation

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Yeah OP! You can do it!

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I lived by myself in NYC making significantly less. I’d say go for it.

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Close to half of that. This was several years ago. Definitely overspent on rent but I made it work.

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People live there in a lot less

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Yes, especially post-covid with rental collapse. Can get a nice studio for $2000-2500, and everything is closed so you won’t waste your money on clubs and Bars.

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Lived in NYC for two years. Not worth it no matter what salary you make. We now own two homes for the same price as our rent in the city. Why move there when you can live in a state with super low taxes and visit the city any time you want

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Where did you move?

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I mean, yeah, obviously. The average household income in NYC is $58k. It just depends on where in the city you want to live and what size apartment you want. The general rule is to not spend more than 30% of your income on housing costs (rent + utilities). So the top end of your budget should be $2,750, which would get you a nice 1-3 bedroom outside of Manhattan or above 100th St in Manhattan, or a nice studio or decent 1 bedroom below 100th St in Manhattan. Rents have also dropped significantly since the pandemic started, so you could probably find a pretty good deal right now.

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Actually, I've lived in Upper West Side, in a nice sized studio for $2,300. So, I get it, its not cheap. But A2, to your point of $40k on entertainment, no, but you do want to be saving, traveling, and, more specifically, enjoying the city you're paying so much to be in.

If you do 30% on rent, 30% taxes (ty NYC), and then 30% all else... that all else isn't that much.

I lived by myself on 70K in NYC, so def doable and should still have a healthy budget if you budget smart.

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You can probably find a descent studio, or a 1 bed convertible 2 (but with COVID... ummm might want to consider the studio lol). And still be able go out fir a drink once a week, afford bills and save a small bit. Depending on your other lifestyle requirements.

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Let’s not forget the NYS, NYC taxes plus regular income tax, maybe 401K contribution would be nice too? What’s left after that? How much do you want to save?

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Super easy

What lifestyle are you imagining or want?

Big house, five cars, rent charge

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