Yes, and you can live comfortably in NYC on $100,000. If you live in Manhattan, you will either have a very tiny flat or roommates. In NYC, $100,000 isn't much, but it's plenty to live comfortably, especially if you're single. In fact, according to the United States Census Bureau, you can live in Manhattan on $100,000 A YEAR! The price of real estate and other expenses mean that you won't be rich, but you won't need to work either.
You can live here on $100,000 if you follow some simple rules. First of all, don't spend more than you make. If you need to reduce your expenses, see if you can move in with someone else or share an apartment with others.
Secondly, this money should go towards your principle mortgage or other debts first. If you have any savings, then you could add to them by investing in stocks or other funds. But if you don't have any extra cash, you'll need to start paying off your debt. This is where living on $100,000 really starts to pay off: since you can afford a 20% down payment, you won't need to worry about having enough money for a deposit.
At the end of the day, living in NYC on $100,000 isn't bad at all. In fact, it's pretty reasonable.
"I absolutely think you can live well on a $50,000 salary, especially in New York City," Haskins adds. It's an expensive city, but I believe it's perfectly achievable provided you know where your money is going and what your priorities are. You could probably spend more than that here if you wanted to.
According to Haskins, who came up with the figure, $50,000 will only get you so far in Manhattan. "You need to make more than that to be able to afford a place in Manhattan," she says. "Even if you cut your costs down to $20,000 or $25,000, you're still looking at a place that would cost more than that.""
So if you don't live in Manhattan, you'll need to make less than $50,000. But even so, this isn't exactly cheaping out. "Roughly 30 percent of my students earn $50,000 or more at their jobs. So yes, you can live well on $50,000 a year in NYC," says Haskins.
Of course, living in Manhattan does have its costs. There's the price of rent, which is by far the largest expense for most people. Then there's also transportation, food, drink, etc.
At $70,000, you can afford to pay up to $1750 per month in rent (most places in NY require you to make 40 times the rent amount). You may even live on your own. Before my husband and I moved in together, he was renting a wonderful one-bedroom apartment in Midwood, Brooklyn, for around $1250 per month. It had lots of space, a great kitchen, a cozy living room, and an awesome view of the water.
In order to live in NYC on $70,000 a year, you will need to live at or below the poverty line. This means you should spend no more than $10,080 annually. If this is the case, then you shouldn't worry about paying rent because there are other necessary expenses such as transportation, food, and education that come out of your income. The only way you could possibly live here and spend more is if you cut back on some of the necessities of life. For example, if you don't drive a car, take the bus, or use public transit, then you could probably survive on $70,000.
In conclusion, yes, you can live in NYC on $70,000 a year. However, you should expect it to be very difficult. There are people who do it every year by cutting back on their expenses but still having enough left over to cover their essential costs.
You can live comfortably in practically any part of California on $100,000. The only areas where it would be an issue are in San Francisco and Silicon Valley. You may not live in the most affluent areas of Los Angeles County, but you may live in a perfectly charming neighborhood. In fact, parts of Southern California have seen big price drops recently, which means that you could buy a nice house there for under $100,000.
You need to make sure you get a place with at least 1.5 bedrooms since most houses in California are now built with this in mind. You also want to find a house that is in good condition since these will usually cost less. Finally, look for neighborhoods with lots of shops and restaurants near by - these are the best places to live in California.
Overall, yes, you can live in California on $100,000 a year. However, you might not be able to afford a place in the most expensive areas. Instead, try to find a comfortable house in a quiet neighborhood with easy access to public transportation.