EnderMB

Is $220k enough for a family in NYC?

https://lemmy.world/post/22278383

Is $220k enough for a family in NYC? - Lemmy.World

I’ve been offered a transfer from London to NYC, and have been offered a salary of $220k. My wife is going to take a year out of work to care for our infant daughter, so this money will be our full income as a family. The American system confuses me hugely. Following most calculators, it sounds like we will have roughly $11k a month. If we assume $4k a month on rent somewhere roughly 45-60 mins from Broadway, is $6-7k enough for a family to live on, including stuff like healthcare for the entire family through work? This might be a silly question, but will we have a comfortable/good time in NYC or NJ on this salary? Will my wife be able to afford to take my daughter out for stuff like swimming lessons and baby classes, and will we have enough to afford stuff like flights home to see family in the UK? I’ve spoke to a few people at work, and we’ve had ranges from “wtf half a mil is lots!” to “wtf you’ll be limited to NJ and won’t be able to take vacations”, so it would be good to get more perspectives.

Nov 21, 2024 at 1:03pmWeb
Show threadNegativeLookBehindNov 21, 2024
We’re on the verge of a fascist takeover. You probably shouldn’t come here.
Show threadEnderMBNov 21, 2024
While I fully empathize, how is this helpful to the question I asked? It’s arguably the same rhetoric that you’d see from those on the right that probably don’t want a foreigner taking a domestic job…
Show threadNegativeLookBehindNov 21, 2024
That’s not at all what I’m saying. You don’t seem to understand this situation and I’m trying to save you some grief.
Show threadEnderMBNov 21, 2024
Okay, let me rephrase. How does the orange baby affect whether I can afford to live in NY?
Show threadNegativeLookBehindNov 21, 2024
Hopefully someone with experience can help. Apologies for asking you to consider the bigger picture.
Show threadsimplymathNov 21, 2024
At your income level, Trump’s policies are likely to benefit you overall. $220k it’s more than twice the median income in Manhattan.
Show threadvoracitudeNov 21, 2024

Uh-huh. Are you aware then that this fascist is planning on economic changes that will spike prices by 40-50%? Would it still seem like a good idea to move here for a salary of only US$150k (rough maths, it’s early, but the point is that it’s a big chunk of your prospective salary)?

How about your kid - do you care about having their bodily autonomy respected? Do you know your kid’s orientation? Because if they’re anything other than cishet, this place is going to be a nightmare for them when they’re older. Do you care about their education? Because education here is dogshit and going to get worse.

Show threadVeedemNov 21, 2024
The single biggest expense is going to be housing so if you’re smart with your choices and find something that both accommodates your family and your generous income, you should be fine. As with anything in life, you just have to manage the money and understand where to spend and we’re not to spend. Great thing about a place like New York City is that there a lot of things you can do for free with the little ones.
Show threadEnderMBNov 21, 2024
Totally get that, and from our side that’s at least somewhat clear - if somewhere costs $4k to rent we’ll be paying $4k a month with deposit, bills, etc (assume $5k). Where we’re a little lost is where the “hidden costs” might be. Will health insurance for three people be prohibitively expensive? How much should we budget for my wife and daughter to enjoy their time in NY?
Show threadKitNov 21, 2024
Regarding health insurance, this will likely come from your employer and costs vary wildly. Ask to see the Healthcare plan costs and explanation of benefits. Most Healthcare plans have a deductible, and you’ll need to pay that entire amount out of pocket before the insurance pays anything. Then you’ll have a copay or coinsurance until you reach your maximum out of pocket. As a best practice, always assume that you’ll reach your maximum out of pocket amount each year when budgeting.
Show threadjordanlundNov 21, 2024
Health insurance largely goes through your employer, although you can self fund it. Be prepared for the Affordable Care Act to be eliminated sometime next year though and who knows what will happen then?
Show threadsimplymathNov 21, 2024
The affordable care act will absolutely not apply to a family with $220k on income.
Show threadjordanlundNov 21, 2024
No, but when it goes away, it’s going to turn the entire health care industry upside down.
Show threadsimplymathNov 21, 2024

By making it more expensive for people with pre existing conditions and people with chronic diseases. A healthy family would probably have their costs decrease comparatively since the risk pool wouldn’t include these high risk groups.

I’m not saying this a good thing. It’s just not a problem OP will have.

Show threadthemeatbridgeNov 21, 2024

Don’t be fooled by maps. Bridges and tunnels back up quickly, and trains are occasionally delayed. Expect your commute to be double whatever Waze is currently estimating, and some days you will be pleasantly surprised that it only takes that long.

Also, $4k a month for rent is not going to get you very much within that radius. You can find a 1 bedroom, maybe a small 2 bedroom flat, but I would budget for $5k if you definitely want a separate room for the baby.

$220k is a lot of money. Congratulations on your success. But if you work in NYC, it won’t feel like a lot of money. On the other hand, living there is an experience unlike anywhere else in the world. You might love it, you might hate it, but at least you’ll never have to wonder about it.

Show threadjordanlundNov 21, 2024

$220K is probably tight in NYC proper, but commuting in from a suburb is do-able.

Rule of thumb is no more than 1/3rd of your income on housing. So… 220K/12 = 18,333.33 per month, /3 = $6,111.11 rent or mortgage.

3+ bedrooms… woof…

www.realtor.com/apartments/New-York_NY/beds-3

Flushing, NY looks do-able, but you’d need to check the crime stats, livability, commute times, etc. etc. Just in raw terms of commute, looks like 30 minutes by train from Flushing to Manhattan. Your mileage may vary. :)

www.rome2rio.com/s/Flushing/Manhattan

OTOH:

www.areavibes.com/new+york-ny/flushing/crime/

Flushing crime rates are 75% higher than the national average

Violent crimes in Flushing are 117% higher than the national average

In Flushing you have a 1 in 25 chance of becoming a victim of crime

Flushing is safer than 39% of the cities in New York

Year over year crime in New York has increased by 35%

3 Bedroom Apartments for Rent in New York, NY | realtor.com®

Find 3270 3 bedroom apartments for rent in New York, NY. Visit realtor.com® for more details, such as floor plans, photos, amenities and rent prices as well as apartments in nearby cities, neighborhoods, and postal codes.

realtor.com®
Show threadsimplymathNov 21, 2024
The bulk of those crimes are petty theft-- like a loosing a bike or an Amazon package that it left outside.
Show threadKitNov 21, 2024

I’ve never been to NYC, but I live in a nearby state and ran a cost of living comparison report. My salary is close to yours in terms of comparison. It allows a middle class lifestyle - middle of the road housing, transportation, takeout once or twice a week, some hobbies, vacation once a year. I don’t have a family so you may need to be a bit more frugal.

It’s crucial to have a nest egg set aside in case you lose your job because social services are minimal. Also bear in mind that most US jobs don’t offer a pension, but instead you can put money into a 401k or IRA. That’s usually not enough to retire on, especially if you plan on renting, so try to budget for investments if you ever plan on retiring.

Show threadftothe3Nov 21, 2024

Yes, it’s plenty. Things like private school will be the biggest financial strain after housing. Since your daughter isn’t school age yet it won’t be an issue.

Regarding housing - yes you will be able to find something in that price range. If you live in Manhattan the commute to work won’t be bad.

Show threadsimplymathNov 21, 2024

These other commenters are wiiild. The median household income in Manhattan is $100k.

You will 100% be in the top income earners in the city.

Show threadPowerCrazyNov 21, 2024
In 2009 I lived in Manhattan on 80k/yr and it sucked. 5years later I was at 165k and as a single guy I was finalyl able to live somewhere “nice” in brooklyn 3 stops from wall street and it was great. Only problem was that there was no way I was ever going to be able to afford to buy anything.
So I’ll say if you are ok renting your whole life, 220k is plenty and there are a lot of good options for now. If you want to eventually buy a place, you may have to compromise.
Show threadthirteeneNov 22, 2024

Comments are wild. $220k is a sizable salary in the US, entry level working professionals usually start pushing 80k nationally, ~$140k in larger cities like NY and San fran. Realistically you need to ask some questions:

Are you paying double income tax? It’s safe to assume 25-40% of your income will be going towards taxes for EACH government if you retain citizenship.

Do you need to live in New York for your visa? You mentioned new jersey, but Connecticut ect, also has reasonable public transportation to the city.

Are you expecting major expenses like a car, medical, credit card bills or student loans? Are you paying relocation fees? US typically requires first and last month payment. And new york real estate is brutal. Do you have a nest egg if something falls through? Do you need to pay for a lawyer to process your travel visas?

Show threadsimplymathNov 23, 2024

That is not how international taxes work.

Source: am American who lives in Europe.

Show threadthirteeneNov 23, 2024
Lol you recommend not getting a lawyer and call me clueless. I’ve actually worked internationally, and bright up cost blockers. Stop spreading ignorance.
Show threadsimplymathNov 23, 2024
Same here, homey. Currently working in Europe as an American. l
Show threadthirteeneNov 23, 2024
www.irs.gov/forms-pubs/about-publication-54.
Tax guide for abroad citizens, blocking me doesnt make you right, it means you did some research and walked away
About Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad | Internal Revenue Service

Information about Publication 54 including recent updates, related forms, and instructions on how to file. This publication discusses special tax rules for U.S. citizens and resident aliens who work abroad or who have income earned in foreign countries.