How Much You Need To Live In New York City | NYC Money Street Interviews
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- Опубликовано: 6 июн 2024
- Welcome Back! New York City has the highest cost of living in the world, how do New Yorkers save and invest their money? In this video, we find out how New Yorkers manage their money.
Living In NYC
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► Timestamps
0:00 - Intro
1:11 - How Do You Need To Earn To Live Comfortable In Brooklyn
3:06 - How Do You Save Money Living In NYC
4:46 - Worst Financial Regret
7:32 - Best Financial Decision
9:38 - Best Personal Advice For People In Their 20s
12:34 - Outro
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Last video of this mini series about how New Yorkers Spend and Save Money! Thanks for your support and here is the rest of the series
Episode 1: ruclips.net/video/WiRb7G0lPUM/видео.html
Episode 2: ruclips.net/video/w8xYjNAklbs/видео.html
Can you do a video talking about your career updates?
@@spr6986 yes will do!
Yes, New York is not only great New York skyscrapers, but also a city, culturally, architecturally, characteristically with diverse places, stories of Manhattan, Brooklyn and other parts of this city. I have some of my favorite places, parts of Manhattan, for example: places in the Upper West and East Sides of Manhattan, the Gramercy Park area, the East Village and others, in Brooklyn: Greenpoint, Brooklyn Heights, Williamsburg and other parts of New York city... But, unfortunately, it is unbelievable expensive city to live for most people of New York City, I myself lived for 24 years in this city...
Sincerely, Alex
Are they all from California they extend the last word in a sentence like thiiiiissssss and almost say it like a quuuuuuuueestiiiiiioooonnn wtf?
I liked the guy who disagreed with the other two women who said $200k and $400k. Brooklyn is a diverse area. It’s clear the women were really on focused on 1-2 places and a certain (very gentrified) lifestyle.
Agree - BK is so big I feel like the answers reflect a very specific lifestyle
The question was, how much yearly income does one need to live comfortably. "Comfortably," means different things, to different people.
@@Blissful-es1kk 💯💯
At least they didn’t look for men to pay everything. I know way too many that do that when they can’t make more than minimum wage.
@@catharsis222just because a woman makes good money herself doesn't mean she's actually willing to contribute to the relationship
Rent has a huge role to play. I lived in the same apartment in bedstuy for 7 years and paid waaay below the market value. This is what kept me living pretty comfortably in NYC for a long time on well under 100k. However when the day finally came to leave I realized I can’t afford to live anywhere I actually feel good about moving so I left. If I make a lot more money I probably would have stayed but at some point I would want to buy a house and realize that I can’t afford anything beyond a one bedroom condo somewhere if I was lucky. So I figure one day I will have to leave so might as well bite the bullet and just go now. I had a great run there, over a decade so I’m good have no regrets. I wish anybody who has recently moved to NYC all the luck in the world, it’s worth the struggle…until one days it’s not ; )
How much was your rent
Ubers from Manhattan to Brooklyn are outrageous . I’ve literally paid less for airplane tickets from LA to NYC.
Omg 😂😂 I agree the train is always the best choice cheaper and faster!
Crazy thing is it used to not be like that just 5 years ago.
Just flew back from nyc and the Uber at 9pm from jfk to Chelsea was around 110$. JetBlue from my city to jfk is 99$. Road the train back from Chelsea to jfk and spent 10$
Yep. From Manhattan to LGA airport, apparently, the guy at the hotel I used to live at said 80 bucks is the minimum for an Uber. Better to just take the subway for 2.75 to jfk. To LGA, you need to pay an additional 2.75 as you need a bus as well.
I liked these videos of random residents answering living expenses-related questions! I am interested in whatever you do next!
Hi Bukola! Your video about the cost of living in NYC and how New Yorkers manage their money is really eye-opening. It's interesting to hear from a diverse range of perspectives about what it takes to live in such an expensive city. It's clear that the cost of living can vary greatly depending on the neighborhood and lifestyle choices. Your series seems to provide valuable insights into financial realities in the city. Keep up the great work!
I love these kind of interviews. Always fun to hear current perspectives from different people. I've been in Brooklyn for a little over 4 years and I definitely think my life is way more expensive than colleagues who lived here 5-10 years before me and secured 'cheap' rent stabilized apartments. One of my higher ups lives very close to me and has a two bedroom with backyard for a few hundred less than my tiny one bedroom, but their unit would easily go for double if they were to move.
I'm born and raised in Brooklyn. I'd love to see what the responses would be in a different neighborhood in Brooklyn, since Williamsburg is notoriously expensive. Rent is significantly more expensive in Williamsburg, Carroll Gardens, Cobble Hill, Brooklyn Heights and Park Slope than it is in Crown Heights, Sunset Park or Bay Ridge. In the less expensive areas of Brooklyn, you need a salary of at least $80,000 to live decently (assuming you have no kids). The average New Yorker (including my parents and I) isn't making that much, which is why so many people in their 20s and 30s are living with roommates or family. Plenty of New Yorkers somehow manage to raise families on less than $60K a year, but it's a struggle.
Wtf... 😂 60k! Got to love uncle and his section 8 vouchers. I've actually read that surprisingly the Jewish community receives a bunch of free assistance like many groups, I think they rank the highest.
Bay ridge is now expensive too I just moved from a building there that went up to 3k a month for a 1 bed with balcony 2,500 without balcony.
@@observantsweetie Although Bay Ridge definitely isn't "affordable," (no neighborhood in NYC is), it's still way cheaper than the trendy parts of Brooklyn that start at $3K a month. Also, most of the 1 bedrooms that I've seen in Bay Ridge go for $1,900-$2,200 a month (and they're slightly less in my building).
I have to disagree. I used to live in New York City perfectly spending less than 3,500 each month, and I was traveling every month. Airfare was out of my pocket along with full rent in addition to a monthly gym membership and amc stubs. Of course food and public transportation was with the help of my mom. Without travel expenses, I could easily pay for my public transportation and some of my food.
@@crystallewis5902owning a house is actually a cheaper option than paying rent. Rent in New York City is super expensive, but there are houses in Staten Island that cost only 400K, and they are good four-bed four-bath houses too.
Some New Yorkers/transplants think you need to make $200k+ to live in NYC when in reality, you need that amount(if not more) to live in desirable neighborhoods in the city or neighborhoods close to Manhattan like Dumbo, Downtown BK, Williamsburg, Park Slope, Greenpoint, and LIC. Reason being that rents in these neighborhoods can go as high as $5k/month and add groceries and other necessities to the mix.
Most New Yorkers live on less. The secret is that they don't live in the city(excluding WH and Inwood). They live in outskirts in the outer boroughs. You can easily get a studio or 1 bedroom apartment in Forest Hills/Kew Gardens for half the cost to get an apartment in the city. Some even roommate/live with their partner and save even more. Groceries and goods will also be cheaper. Only cost is that commuting to the city will be longer. Rule of thumb is:
Close to Manhattan/Hip, desirable neighborhood = Higher cost
Farther away from Manhattan/Less desirable neighborhood = Lower cost
PLG... LOL
you mean fucking flatbush dork.
flatbush is even getting expensive now cause of you yuppies
Yup and factor the price rise of living in those neighborhoods such as coffee, groceries, shopping etc...
Where can I find a studio or 1 bedroom for $1000?
What about upstate New York like Albany Rochester areas ? I love their homes and it’s very affordable but I heard it’s nothing up there. I’m in Florida looking to relocate and nyc is on my list
That is true! As someone who has moved internationally as an adult, it can be easier to meet new people in the city. Depending on your job, culture, etc., it can be hard to get to know long time residents beyond surface level, because they often have their childhood friends and family around them.
I find this episode very educative, this was well out together, thank you bukola, you've earned a new subscriber
This was really eye opening - thanks for capturing people’s honesty on what it takes to live in NYC 😱 discussing money is so important 👏🏼👏🏼
Glad you enjoyed it!
Thanks for commenting 👀
Yes, and so many people don't like it, but it really helps.
Exactly 💯 when you want to move somewhere you definitely have to take advice from people who already live there. I've lived in nyc for 10 years and it's time to transition elsewhere. When I first moved here, a single person making 80k salary could be ok. Now you need to make $120k or more just to afford an apartment here
MORE, MORE BUKOLA--LOVE this series!!!!
Awesome Video. Love the diffrent perspectives of people!
Thanks so much Tayo!
The medium salary in NYC is around $59,000 and the average salary is Brooklyn is around $58,000 so there is a lot of nuance based on what your living situation is and where you decide to live in NYC. I think the 20 somethings interviewed were speaking from their perspective in one of the most expensive parts of Brooklyn (Williamsburg). Young people who move to NYC and can't afford Manhattan settle in Williamsburg, Parkslope, Downtown Brooklyn, Fort Green, etc...and those areas are much more expensive because those same 20 somethings who move to NYC wanting to live that specific lifestyle. So I know to some it might sound like they are out of touch but they are speaking from their frame of reference and in that specific slice of Brooklyn. I live in South Brooklyn and there are plenty of more affordable and safe neighborhoods to live in and raise a family and you don't have to make $200,000 (unless you want to buy :)
I think the key word is comfortably. It’s not fun to raise 2 kids in less than 1000 sq ft. Also a lot of income is cash only and underreported.
These kids don't like an area until the rents are expensive. Had friends that would make fun of people when i was in HS for living in Brooklyn. Now those same people pay $3k a month to live in Bushwick cause its trendy.
@THETONESHOW I'm actually looking for safe and affordable neighborhoods, I am new in NYC and I don't really know where to start looking. I visited Harlem and the Bronx (granted not the whole area, it is quite huge) but I did not feel comfortable. Would you mind helping me out? What neighbordhoods are you referring to in your comment? Thank you in advance :)
@@kennyadvocatso true! I'm paying $1650 for a three bedroom apt in queens.
@@Katherine-qs8wsit is just a matter of where. if you are willing to be living in long island you can find nice neighborhoods and apts making less than 100k/yr
I love this. So entertaining yet filled with knowledge
Thanks! I really appreciate your comment 😭
I really appreciate the transparency here
When that lady said you need 400k for a family, I literally fell off of my bed
It's true to live in good areas here with a family and live comfortably.
You don’t need 400k for good areas. 150k maybe 200k but even then you can live an ok life on 50k in meh neighborhoods.
You need 400K to save up and get approved for a 1.5M mortgage in Williamsburg without skimping elsewhere. But otherwise, yeah, nowhere near as much.
Seems like everyone is fixated on Williamsburg. There are way way too many neighborhoods to live beside Williamsburg. $150k for a family should do it👍🏾
Some ppl love to hear themselves talk, everyone living in nyc isn’t rich and they make it.
I love this, awesome content. Great insights.
Really insightful interviews here. Thanks for this!
Yay! Happy to hear you enjoyed it ❤️❤️
Bukola you literally shined in this video! You look so beautiful!!
Awww you are so sweet! Thank you so much
Love this series Bukola! Keep going!
This was a great video! Everyone you chose to interview were interesting to listen to
Thanks for this video-it’s eye-opening for us all🙏🏿☺️
Bukola is back😂😎
Go girl!💃
Loving this!
Love this series!
Thank you!
Love these videos Bukola.
Thank you so much! I really enjoyed making these type of video 🙌🏿
Really like this series!
I’m a Chicagoan and always been interested in moving to NYC and Brooklyn was where I wanted to go and this opened my eyes for sure. This is wild compared to how much you could live comfortably here and go out and such. But I love all the advice and tips, amazing video
Absolutely true, having a great savings and investing makes life goal’s easier, I make most stock purchases when the market is in a confirmed uptrend or cheap cost, although most stocks I bought months ago which showed strong signs of doing well has greatly underperformed. It’s okay for me on the long run, however it’s a good time to add to existing holdings at follow -on opportunities.
While the market has infinite complexities, put in the simplest terms to help guide your financial growth, the research that goes into it is quite actively remunerative.
As someone who lives in NYC: there is no correct answer. You have people here living in rent-stabilized apartments paying only $300 a month, despite being very wealthy (look at some of the elderly people on the upper east and upper west sides), people living in public housing, people paying market rate, people in modern income, co-ops that they own, etc.
Exactly. The long term nyc residents are the ones in rent stabilized apartments. Other than that if you moved to nyc 2-5 years ago, your rent is the high market rate prices.
@@amab1853are you there now
this is very well done. thanks!
Awesome video, it was interesting to hear people's perspectives. Thank you
Glad you enjoyed it!
Just the video I
Was looking for Great content ✅
the fruit stand guys on the street are the best! shout out to ALL the food vendors out there in this crazy nyc weather who are feeding us. we love you.
I really loved that video. Great tips from people of my neighborhood.
These videos are great Bukola, now go do this in Queens!
woot love to see this type of content
I know someone who moved to Manhattan in the early 1970s. It's hard to believe by today's standards how she was able to live back then. Her rent was $220 a month for a one bedroom apartment in a decent neighborhood. She was able to live and eat well on her salary. And she was able to see much of the nightlife NYC offered in terms of shows, plays, gallery openings, and charity events. Today that lifestyle would be impossible even calculating for inflation.
$220 in 1972 is worth $1600 today. Fyi
Not as far as rent goes. Rents are far greater than the value of money based on previous decades. That same apartment in Manhattan today would go for $9000.@@noble604
@@noble604 it's 4-5K for a 1 bedroom there now
I am so jealous of boomers and gen x smh
A nice house in Brooklyn was $60k back then too.
Amazing, thank you😊
All the best for your small.and big success in your future.
You don't need that much to live in BK. Folks look at too much social media and think they are entitled to a lifestyle. But I do agree that you shouldn't get too jealous of some people because their finances and life are a mess.
😂😂😂 definitely! Some people are just shouting numbers. Single and you need $200K that’s not true. Single I would say $70k and with a family around $150k. People are saying $200k-$400k are people that spend money left and right on anything they see, they don’t need but just spend money on it 🤷🏾♂️🤷🏾♂️
This is insane. Makes me appreciate my situation more..while also hitting myself on my head for not taking advantage of my position as a student in nyc
😂really? "Advantage" what Advantage does a student possibly have in nyc unless you live with parents.
As a New York Native, born & raised its hard to swallow but the 180k-200k ballpark range for a single person living a average lifestyle in New York is not wrong. I’d only hope that that is support for people who don’t have the opportunities to pull in that same amount of income. This city needs more equitable programs for residents that are realistic and based on our ever changing market.
I’m a native, but I disagree. You can live in neighborhoods like Canarsie, Coney Island or Mill Basin for cheaper.
@@mimicallsit7675Yup.
This is not a black and white topic so you’ll have people that agree or disagree because everyone’s definition of comfort is different. Plus everyone’s circumstances is different too.
@@mimicallsit7675 true, there are always alternatives
@@MysticDivinerLJ for sure
I think everyone in the comment section is not paying attention to what people are saying and just making a defensive argument. The people are saying ideally that’s what you need to make to live a good life with a certain level or standard of living. They didn’t say that’s what they were actually making lol and also they didn’t say what you could make if you okay with struggling, swinging it, barely getting by, penny pinching, roommates, paycheck to paycheck. I think what most people said was pretty fair and accurate.
How long can you do that though?
@@Essays4Collegefor some people it’s the only way they know how to live
lol what? brightness much?
Anisa needs to share her skin care routine because she doesn’t look like she is in her 40s 💅
Her perspective was on point!
I'm in McCarren park almost every day and I always look around hoping to bump into you!
Aww I wish we bumped into each other! This is the last of this series, so no more interviews :(
@@Bukola1awe :(
My answer would be “financial freedom “ - still be smart with your spending but yeah definitely “financial freedom” lol bc it’s crazy out here lol also agreed - no shame in living with your parents ( I do! ) I think it’s a gift. Build your foundation then go. You definitely may think this person living on their own and going out all the time has it- maybe they do but also maybe they don’t- she’s right could be swimming in debt. Keeping our head down and working on ourselves is most important.
Longtime NYC resident here. Make over six figures and live simply. Don't buy coffees or go out to dinner more than 2x a month - I prefer to cook. Landlord has not jacked up my rent. Living here is expensive if you go out all the time, which many New Yorkers do as the main draw of the city is socializing and networking.
I agree, meal prep is a massive game changer that everyone can do. I can get 4 days worth of protein with $50 as a 140 pound guy at places like Wholefood when going out and eating 1 okay-ish nutritish meal going out is probably $35 - $50. So if someone eats out okay-ish 2x a day and 5 days a week adds up quick and out of control.
I love this
As someone who used to be a starving musician/music student and now earns a high 6 figure salary as a remote software business owner, I have given up entirely on living in expensive cities in the U.S. like NY or L.A. The best financial decision I have ever made was to leave the U.S.
My sentiments exactly; I’m planning my exit soon. What country did you move to?
I just found out you were married on this video! Congrats, Bukola!! You are his greatest investment, even if he doesn't say it! So happy for you!!!
Thank you so much 🥰🥰
Love the guy who said the best investment is himself ❤
Well done bukola
Thank you! Glad you enjoyed this experimental series!
Good vids. I would say not just save but investing would be the path.
these people's definition of "comfortable" is absolutely hilarious. I lived in a nice apartment with roommates (you don't have to live alone to be comfortable!) and saved money in NYC on 45k. it was easy.
exactly...if youre eating out every night, getting uber everywere, dry cleaning etc then of course...median income is only 70k, clearly plenty of people live in the city on less than what theyre saying in this video.
Video Comfortable = I can buy LV, Gucci, and eat out almost everyday.
For most people comfortable: I have money saved, don’t live paycheck to paycheck.
I have to live alone to be comfortable. Living with others is a personal preference and not for me. I'm also not trying to penny pinch. Comfort looks different to many people. I need a nice kitchen and clean bathroom to feel comfortable. Good food is also up there with oxygen for me. Those are my personal deal-breakers.
@@cmicholethen move out or pay the consequences 😂. only kidding. but we cannot have everything unless we have the $ for it. i am like you, that is why i decided to move out.
At $45k you’re probably not saving, contributing to a 401k, Roth, etc.
yes it's great to have/make more money, but no matter what salary you have, best thing to do are:
- have a budget (45% necessities/20% savings /15% retirement /20% lifestyle splurge haha)
- don't overspend if you don't have the money or live paycheck to paycheck
- live in smaller space, with roommates, or with family till you built up a runway or make more money
- don't eat out. if you do, limit amount of times you eat out
- have a side job/side hustle that you do 4-10 hrs per week
15% isn't enough if you want to retire in NYC as a renter
11 year New Yorker. I’ve paid 800/1200/1800/2750 in rents through that time. I’ve made over 6 figures in a comfortable job. But it is never enough to live alone and invest, travel, save for healthcare challenges. I’ve owned a business, and seen most of the city ( seriously ). Calculate rents over 10 years time and its borderline robbery to pay such prices. That being said… you rub elbows with incredible people, the vibe there is highly entrepreneurial and collaborative. But in my opinion if you don’t really beat the game within 5-7 years it starts to take a long term toll. Especially for men it can be an unfortunate situation as someone who is viewed primarily as a provider. Part of the allure here in the city is access to insane wealth. In my opinion of your making 90k-130k I would not suggest living alone. Find good roommates and stick with them to hedge costs.
If you watch Seinfeld the key to living in the city is to inherit someone's rent controlled apartment and get a bunch of roomates like Friends. Rent controlled tenants are basically subsidized by the people who pay market rent. Anisa in her 40s purchased a 2nd home which she can rent out for market value and she gets to stay in her rent controlled apartment forever. She does not want to give up her rent controlled apartment to a new tenant so new tenants end up paying market prices. Eventually she will probably give her rent controlled apartment to a family member and the real owner can do nothing.
ok can we talk about how great this camera quality is
New York is not only great New York skyscrapers, but also a city, culturally, architecturally, characteristically with diverse places, stories of Manhattan, Brooklyn and other parts of this city. I have some of my favorite places, parts of Manhattan, for example: places in the Upper West and East Sides of Manhattan, the Gramercy Park area, the East Village and others, in Brooklyn: Greenpoint, Brooklyn Heights, Williamsburg and other parts of New York city... But, unfortunately, it is unbelievable expensive city to live for most people of New York City, I myself lived for 24 years in this city...
If you're not from New York City maybe that's true? Although there are millions of people who live here and don't need to make $150,000 or 200,000 plus in New York City. The original folks who were born in New York City laugh at this proposition. This is an out-of-town hipster problem and a lot of times it's exacerbated by the fact that they all want to live together in Williamsburg or someplace else along the L train line where they can get craft beer. They don't want to live with, and mix and mingle with the real New Yorkers so they perpetuate and they realize this myth by their self segregation. In New York you can tell where people are from by the accent that they have and the way they speak and I haven't heard a true New Yorker or Brooklynite speak in this video. These are all out of towners who have come here in the past five or 10 years. Definitely a hipster problem.
Most people are not earning anywhere close to the amounts mention in the video. Maybe if you want to live in Williamsburg you need that type of money. This video is so unrealistic.
There is nothing realistic about this video. I was born and raised in NYC if your not in a rent stabilized apartment and or own your home and condo….Rent is out of control and most ppl in NYC are struggling, living check to check if you make under 100k.
The people in this video I bet are in tech or adjacent careers so them saying 200 or 400k seems common to them but it’s not!
Mom and pop shops have been pushed out. There is nothing the same in my old neighborhood in Harlem that’s the same. Studios is 2200 🥴 If your a parent between rent and childcare fees that’s damn near your whole check.
Notice they said that’s what you need to make to live a certain level of comfortability. They did not say that’s what they were making 😂. Basically they’re saying ideally to live a good life. They didn’t say what you have to make here to struggle and barely get by or penny pinch lol.
@@toriyt2714 be clear before I left I made 90k you don’t need 200 or 400k to live there. It was tight sure my daughter was 5yr but with every expensive activity their are loads of free resources/activities as well. That definitely includes their possible lifestyle choices which is great! But not realistic for most. Having a good life is subjective for different ppl and household sizes and goals. Throwing those high numbers out is damn near makes it seem highly impossible to live in NYC w/o those figures.
@@dearmingmogul2010 you can live anywhere broke. You’ll just be broke lol. I think we as in certain demographics don’t know what it cost to live a thriving life in such places because that just ain’t our life so we don’t even know what that looks like or cost. But the basics like family, savings, retirement, lifestyle, homeowner, yes they were right with what they were saying.
Awesome video, I think you need 2 microphones, a clipped in one for you and a handheld for the guest
Thanks for the feedback I'll remember that for next time!
Keep in mind that all of the folks who said you needed $200k or what have you to "live comfortably" are likely talking about living in the fanciest, newest apartment building in the most gentrified neighborhood, are constantly eating out at the hottest new restaurants, getting expensive iced coffees...that sort of thing. There's nothing wrong with that lifestyle. But you could easily live comfortably in Brooklyn in a beautiful pre-war apartment building in a neighborhood that isn't as trendy (but still very nice) and still occasionally eat out for only around 65k-75k.
I think $200k is an exaggeration, but $65k is unrealistically low.
Exactly. These people don't want to live where the actual original people from a neighborhood do. They want to get a bastardized experience of the city, which is fine but a cost comes with that. And then they'll have people from Iowa thinking no one can live there, like almost nine million people don't live in the city between the boroughs and with the majority not making nearly $200k. The cost of living has undoubtedly gone up, but folks really are out here pushing this message that you can't find an apartment anywhere in the city for less than $5k.
@@BKLNHobo$68k got me a one-bedroom apartment in DC and DC isn't exactly "cheap." That was roughly $4500 a month after taxes (I paid my rent with my first check of the month and had money left over for some groceries). I also still had a car payment to make without actually having a car with me. $65 is fine if you actually know how to manage money. Cutting a car payment alone is a game changing move because actually getting around is cheap and easy.
I would very much prefer the pre-war building.
Agreed, this is a realistic number, but that would be paycheck to paycheck also.
Love this series! Thanks Bukola!
Thanks you Akosua!!
Yeah when I moved to Carroll Gardens in 2020 people were abandoning their apartments in the City by the ton load. My place was 2,300 for a 4th floor walkup at the time. After moving out, the same apartment I lived in is now 5,635.
Here in NYC if you make $30 an hour you can manage to save a few grand, maybe $2 - 5k, annually as a single individual. This of course if you cook your own food, only eat out once a week and maybe go to a movie every other month. So that should give you a decent idea of how much you need to make here.
People still go to the movies nowadays? Yes, $30/hr should do the deed 😊
Honestly, you can just pay 19 bucks a month for amc stubs to get three free movies a week.
@@Sooners0561it depends how many hours you get paid. With full time, definitely. 900 dollars a week is plenty.
Williamsburg has gone up soooo much! Pre-pandemic me and my friends were renting a huge 4 bedroom loft for $2900 total. Now small one bedrooms are $4000
For all the folk saying “you dont need 200k - 400k to live in NYC”, that’s technically true since you can live here even if you’re homeless. The point is TO BE COMFORTABLE. If you’re living alone and and have no financial help and also want to THRIVE, you need at minimum 80k. If you have kids, definitely at minimum 150k. If you’re okay living paycheck to paycheck and not having savings or being able to take vacations, then yeah youll be okay with making less money.
I save, live solo in a large 1-br a block away from the subway in williamsburg, not rent stabilized, go out all the time and travel overseas 3-4 times a year…dont make $200K. For $200K you should be retiring early, otherwise you’re horrible with money
@@grn7522 I do the same with a lower salary. I think you should read my comment in full.
@@grn7522How much is your rent? I guarantee you're not paying market rate for that area
@@kakishisfriend1126 $2800…and sure, it might not be “market rate”(which is a BS term because there’s barely really a cap on what people are willing to pay for Wburg). And if you have an SO or roommate(s), its beyond easy to live in a luxury building with both making less than $200K.
@grn7522 oh you definitely have a sweet deal! Can't find anything under 3k if you want a elevator with updated appliances less than 5 blocks from a train in safe (not fancy or nice just safe) neighborhood.
I've lived in NYC for almost 9 years on less than $65k and have always felt comfortable but then again I always had roommates and live a pretty tame life vs trying to be flashy.
I was making slightly less than that, and I lived comfortably with my mom in Manhattan, paying the full rent, a gym membership, and amc stubs. My mom helped with food and public transportation, since I also paid for airfare for my monthly one-week trips.
Landlords just think every tenant will overspend on useless stuff.
I’d Say $200k (COMFORTABLY) for a single person is lovely in Brooklyn. $16k per month; take out $5k for rent, bills, transportation, food, and other living expenses and you’re left with a little over $2,500 per week (post expense).
A couple thousand a week is not a lot of money. If you had kids 1/3 of that is going to child care; not to mention, saving, emergencies, mortgages, kids uniforms, recitals, extra curriculars, Mommy time (shopping spa etc). A couple thousand a week is gone.
after taxes you are NOT bringing home 16k. Still a good salary though even after taxes.
200k is not 16k per month. it's about 11k-11.5k.
Brilliant video! I love it and I love NYC. But not sure if I heard right from 100k to 500k??! OMG! I can't even imagine making like 100k! Greetings from the EU!
Half the people interviewed make 150k+
i really enjoyed this interview and hearing the varied perspectives of different people. i understand some people want to live so comfortable that 200k to 400k would be enough to live carefree but its not reality for so many people. way more people want it than people that have it. to each their own, 80k would be enough for me to live comfortably since i dont have anyone to impress. nice clothing bargain shopping and a decent point A to point B car with food in the refrigerator im set. my 401k has to be my biggest investment and honestly my proudest accomplishment since i made fast money when i was younger with no benefits.
I really love this series! I live in Paris but I am contemplating moving back to NYC one day and I have been trying to understand how does one afford NYC? 😅
From my experience many are surviving from parents funding them and SO/roommate lowering upkeep costs. Rent stabilized homes aren't free from problems, many landlords purposely keep them falling apart until finally it's too bad to have people and they can tear them down to make luxury properties for more money. To be honest, the only earnest comfortable people I've met in NYC had some sort of connections, family with money, or sugar baby. Everyone else is in the rat race.
Do you enjoy Paris
I do but I am sucker for NYC 😅 I miss it all the time!@@crishnaholmes7730
I lived comfortably in Brooklyn from 2012-2014 on less than $20k. I had a couple of roommates, but I had nice bedrooms for $650-800 and all my basic needs were met. I would need to earn more if I were going to live in NYC now. But ultimately, quality of life depends on you & your circumstances. A lot of people have over-inflated ideas of how much $ they need for comfort because they never learned how to be resourceful.
This makes me want to move to Brooklyn
I am happy that there was someone who mentioned that there's a wide range of places to live in Brooklyn that aren't 2 or 3 neighborhoods. Brooklyn in more than Williamsburg or Bushwick or DUMBO. I wonder if some of those people are even born here because they really sound like they don't know other places exist.
I believe it! I dont get the NYC hype however, I live in Maryland and feel a single person needs to make $90k to live comfortably so its double for NYC
Coming from maryland (baltimore) to NYC, I wasn't really that shocked at the expense here as MD is getting very expensive as well. Especially, in the metro areas (Baltimore and DC)
It’s really how you manage your money. I lived in Brooklyn for over 10 years making less than $65k. I did get a great deal on my apartment and was not paying market rate which helped tremendously. You can still find decent living areas.
Please, say this again for EVERYONE to hear. I don't know why people think you need to make $70,000 or more to live comfortably in NYC. If you have great money management and are resourceful, you can certainly get by with $65,000 or less.
@@astoldbychrisv9464 exactly! and I lived an active lifestyle by going out 1-2 times a week and traveling. It can be done.
@@astoldbychrisv9464I made less than that, and I lived comfortably in New York City. I only spend on things that I need. Of course, I guess I didn’t need travel, but even with that, I had plenty to save.
@@astoldbychrisv9464only problem is with 65K, landlords won’t rent you an apartment that is worth more than 1625 a month.
awesome
The crypto guy is soooooo cuuute🤗
I live in Nashville and looking what people pay for rent and how much food costs in NY is crazy. I’m from NY and left during Covid but people who live in less gentrified areas all find away to make it work. If your trying to live in NY you can possibly do it on 50k but you will not live in Williamsburg which is one of the most expensive neighborhoods in Brooklyn. But NYers always make it work.
Williamsburg is overrated. So manny other great neighborhoods that you will live great and comfortable. Make sure you have a trade joes close by 😂
Correct NYers will ALWAYS make it work, but literally NONE of these people sounded or looked like native NYers, which explains their answers. I know so many families with household income under 70k or even 55k, and they make it work
I'm sure moving from nyc to Nashville has been a good transition. Alot of people are leaving nyc because the housing costs here are now astronomical. I'm looking into going to another state with a lower cost of living
@@amab1853which state
@@Sooners0561 Williamsburg was great before all the rich people moved in, I know from firsthand experience.
I feel like "without going into debt" should be added at the end of living comfortably. Could be the difference between the 80k while going to dinners and the people saying 175k to 200k doing the same.
I have lived in NYC for 9 years now- across Queens, Brooklyn and now Manhattan. A good thumb rule is make Gross minimum 55X-60X annually of what you want to spend on monthly Rent $ to afford comfortable living and 20-30% savings on Net. i.e. for a $2500 rent, you should really aim for $135-$150K before taxes. Uber/Lyft expenses+ 401k contribution/Investing+ Vacation travel+unplanned lunches and dinners are all unavoidable and need to be accounted for and budgeted as a line item adjusted as monthly expense.
It really depends on which side of Brooklyn they are talking about. There are parts of Brooklyn that are much cheaper. Also, these people can consider room sharing if it gets that expensive.
These people had great financial advice actually haha
people in the nice completely gentrified areas of brooklyn literally pay $2.5k-$6k a month on rent. so of course they need $150k. i live in a less gentrified area in brooklyn and my rent is $1.6k sharing a 3 bed 2 bath with a roommate. im comfortable and i don’t live above my means. i save money every check i get. i definitely can’t afford to travel or buy luxury regularly, but i’ve been here since May and im able to buy whatever groceries i want, go out for food or drinks, have a few hobbies that require money, handle emergencies, and enjoy life :)
It’s easy to figure out. If your rent for a studio is 1,900, that should be no more than 1/4 of your take home pay. So essentially one week’s earnings after tax. So 100k+ is accurate.
It is interesting how the more money you make the more money it takes to be comfortable.
I think what happens is that most people will adjust their standard of what comfortable is based on thier current income level and what they can afford to pay. When I was young I was "comfortable" in a rented room. Then, when I increased my income some, I was "comfortable" in a studio apartment. Later, more income and I was "comfortable" in a one-bedroom ... and so on. The hardest thing that can happen is experiencing a setback like a layoff/income decrease, and then realizing that you will have to get "comfortable" with a lot less space to lay our head! It can happen aa we all know and saw what COVID did around the world.
TL;DR The more you make the better you want to live!
The girl who has 20% of her paycheck automatically go into savings is a queeeeeeeeeen of financial savvyness
Didn't know Brooklyn was the most populous. Learned something new. Los Angeles is the same. For a single person to live comfortably you need to make 110-150k. But it can vary. L.A. is very geographically large.
A lot of people assume Manhattan is more populous! LA cost of living is definitely on par with NYC
I feel like we get more for our money though than y’all do. Y’all get a little studio for like 3k and we can get 2 bedroom with washer n dryer etc.
Manhattan is mostly tourists lol. Brooklyn doesn’t have much tourism aside from Coney Island.
I moved back to NY last year and started over with a new career so my pay isn't that great yet. I'm at 70k and it's not enough here as a single person. To save money, I started housesitting for people with pets. I spend about 80% of the time housesitting and the other 20% at my parents house which brings my housing costs to $0. Not paying rent allows me to save at minimum $2,000 monthly and that will be going toward my home purchase. NY rent is probably the top cause of people having to make a ton of money to be comfortable here.
Also, NYC is a whole vibe but it's dirty as hell. If you're not a foodie or someone who enjoys nightlife and events you could totally leave NY and be fine.
🙌🏾yeah I agree 1000% I can't stand nyc. People are horrible unless they are tourists, it always stinks but unfortunately I moved this week to Elmhurst in queens 🤦🏾♂️
Unfortunately money made me move, but I'm lucky to live in n.j so I'll be paying double rent.
My goal is to solely be out there for business, for all that I'll just go back home to jersey.
And if you're a foodie who hates grime but you have a rather high risk tolerance for crime, Chicago will get you the goods for a lot cheaper 🤣
Well said!! 70k for a single person is not enough in nyc due to the high rents
@@bundevsawhney7578do you like Chicago
Rent is really the problem that makes people need a high salary. Otherwise, full time minimum wage in New York City is enough to afford public transportation, food, Luxary, and travel while saving money.
As NY-er some comments were way off. You need income for $1800 - $2k studio or 1 br, renting solo (minimum) EXCLUDE - park slope, williamburg, ft green, cobble hill, DUMBO, BK Heights, carroll gardens, greenpoint (where this was shot) and a few others. So, Pre-tax about $130- 140k. Net ~ $110 to keep rent at 25% of monthly expenses.
1900 to 2000 for a studio/1bd is what is now common in atlanta at lower end "luxury" apartments
4:05 “Lemons for one cent” LMAO good God these transplants make me gigglee 💀💀💀💀💀😂😂😂😂😂
Wild. I live right there, make less than 100k, and live quite comfortably. Able to save and enjoy my pretty expensive hobby and buy materialistic wants. There are different levels of comfortability and rent is very much overpriced but most of them are out of touch
8:38 😭
I need to know more about Denis and how he’s semi retired at 35!
Definitely not crypto! 😂
i was able to save over 100K in taxes over the span of 1 year just by moving NYC to Miami. and then saved even more on cost of housing, utilities, and food
Isnt it more expensive than NYC now
Save money, invest money, don’t overwork yourself and figure out your passion on the side I would say. Have enough money also to go out if you can.