So I guess I don’t make enough money to live in NY even tho I’ve been here for over 50 years. Is 120K not enough? It is sustainable for me and my family but I do have a hard time saving. At best, my wife and, excluding our home , would bring in about 3-4 thousand per month when we retire. If I pay off my mortgage and keep a tenant in my home, I think retirement would look decent. I make about 6K per month now. Retirement in 15 years I’d probably make 3-4K per month plus the income from a rental which would be about 3-4K.
This is really awesome! I love trying to extrapolate based on google numbers. Do you think it's possible to do this same thing for someone living in Dallas, Texas or somewhere with a similar cost of living?
I'm single and I live in Manhattan. Can confirm that spending $7,600 a month is not unreasonable. Also for those average rent figures, keep in mind those are likely an average (ie, mean) of advertised rents for vacant apartments. The top end apartments are going to skew the numbers, and the average doesn't reflect what people currently living in apartments are actually paying. Half of apartments are rent regulated, so the real average rent that people living here are actually paying is more like $1,700.
$415K sounds about right for a regular middle class family life in NYC. Nobody I know makes under 200 grand a year and obviously stay at home mothers are the preserve of the wealthy. As far as upper middle class goes - private elementary schools start at $50k a year so you can extrapolate the numbers from there.
![ROSÉ(로제) - APT. (Band VER.) (With. 이영지) [더 시즌즈-이영지의 레인보우] | KBS 241129 방송](http://i.ytimg.com/vi/IW8qaemx74g/mqdefault.jpg)
This tracks really well. Great analysis at the end!
Always loved your content Katie. ❤ you are underrated. 2023 will be a great year for you.
Thank you, Rakesh!
Thank you
So I guess I don’t make enough money to live in NY even tho I’ve been here for over 50 years. Is 120K not enough? It is sustainable for me and my family but I do have a hard time saving. At best, my wife and, excluding our home , would bring in about 3-4 thousand per month when we retire. If I pay off my mortgage and keep a tenant in my home, I think retirement would look decent. I make about 6K per month now. Retirement in 15 years I’d probably make 3-4K per month plus the income from a rental which would be about 3-4K.
Comfortable is also relative
This is really awesome! I love trying to extrapolate based on google numbers. Do you think it's possible to do this same thing for someone living in Dallas, Texas or somewhere with a similar cost of living?
so genuinely i'm confused. you need to earn like $260k. how can anyone survive?
Wonderful
I'm single and I live in Manhattan. Can confirm that spending $7,600 a month is not unreasonable.
Also for those average rent figures, keep in mind those are likely an average (ie, mean) of advertised rents for vacant apartments. The top end apartments are going to skew the numbers, and the average doesn't reflect what people currently living in apartments are actually paying. Half of apartments are rent regulated, so the real average rent that people living here are actually paying is more like $1,700.
$415K sounds about right for a regular middle class family life in NYC. Nobody I know makes under 200 grand a year and obviously stay at home mothers are the preserve of the wealthy. As far as upper middle class goes - private elementary schools start at $50k a year so you can extrapolate the numbers from there.