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We help candidates find jobs anywhere in the country with a special focus in San Francisco, Chicago and New York. Speaking of New York….
What’s it like to live and work in New York City?
When we think about America, there is no doubt that the city of New York always comes to our mind. It is the most populous city of the country. As per the latest 2016 the total population of the city is around 8.5 million. The city is spread over an area of 302 square miles. It also has the distinction of being the most densely populated city of the country. The city encompasses five boroughs which are nothing but administrative divisions. They are Queens, The Bronx, Manhattan, Brooklyn and Staten Island. It is home to some of the most diverse ethnic groups and it is a city which has accommodated divergent cultures and races.
Even today, there are thousands of men and women who flock to this city in search of jobs and careers. They come from all over the country and also from other countries of the world. If you are one of those looking at decent living in New York City with just around $100,000 per annum you may have to do some tight rope walking. You have to look at as many sources of information as possible and here are a few tips which could help you if you wish to make a living with an annual income that is just above five figures. However, you must be happy if you are earning $100,000 and above because you belong to the top 15% of income earners in the whole country.
Taxes And 401 Contribution
Let us assume that you’re job search has landed you an accounting or finance role earning around $100,000. If you set apart a maximum contribution of $17,500 for 401, you are left with around $82,500. Then you have the various city, state and federal taxes. You also have to set apart a portion of your income for health insurance and this would eat away almost $24,750. You will be left with $57,750 and this is what you have to divide by 12 months. Therefore your effective net monthly earnings will be around $4,812.
Rental Expenses And Power Consumption
Rent without any doubt is one of the biggest outgo as far as any city or place is concerned. New York City and its boroughs are also no exception. The rental expenses are quite high and therefore you must be prepared to spend almost 30% of your annual income if you wish to have something called as a roof over your head. Even a small studio would cost around $1,800 though it might be a bit cheap if you move away to an obscure place in the city. Assuming that you spend $1,500 as shared rental income a month you would have to set apart $18,000 out of the $57,750 as mentioned above.
If you wish to live on your own, hiring a small individual 1 BK apartment would cost around $3,300 per month. If you opt for this choice then your year rental expenses would be $39,600 and you will be just left with $18,150 for the entire year to spend for your food, entertainment, emergency medical expenses, travel and other such things.
Food, Travel & Entertainment
Food expenses would average around $700 a month if you decide on a combination of cooking in home and eating outside. You also need to add another $100 for beverages. Transport expenses should cost around $220 a month with a combination of cabs and the subway. You also should add around $100 for internet and cable connection, around $100 for entertainment. Your mobile phone bill should be around $50 if you are a conservative user. If you want to indulge in the luxury of travel to visit your friends/relatives or get into some weekend getaway you will have to spend around $150. So when all the above are taken together, you need to set apart $1420 per month. When this is multiplied by 12 months you will have to shell out $17,040. If you go back a few lines above, you will find that you have around $18,150 left with you after paying for rents, taxes, health insurance and 401. So after all the trouble when the calendar reaches December 31, you may have a balance of around $1110 as savings which is measly to say the least.
So What Is The Way Forward
With an annual income of $100,000 you can just about survive in a city like New York. Therefore you certainly need to look into some other supplementary sources of income if you wish to see some decent balance in your bank account at the end of each year. New York is a happening city and it has been so for the past many centuries. While there is no doubt that expenses are skyrocketing on one side, you have many avenues of income earning opportunities opening up. If you are ambitious and willing to put that extra bit of effort apart from your 9 to 5 occupation, you can aspire to earn at least another $10000 to $15000 per annum which will be very useful to say the least. Therefore must learn to keep in mind and do something about it. It is about keeping your eyes and ears open and being on the lookout for such income-supplementing opportunities.
New York And It Weather
New York is known for its notorious weather. You have to be prepared for cold, windy and tough weather for at least six months of the years. You must therefore be ready to spend quite a bit on warm clothing and also have other avenues to keep you warm. If you are suffering from bronchial problems or problems of the bones and joints, then New York may be a tough place to live and you may end up spending quite heavily on medications and visits to physicians. Therefore this also is an aspect which you should never lose sight of when living in New York City
It is Crowded And Congested
Finally, you must know how to move around and weave through the congested roads and streets of the New York and its suburbs. The crowds seem to be never ending and you must be physically fit to travel in subways and other forms of transport where standing for hours at length is a norm for many.
At the end of it all, yes New York offers opportunities but you must be able to find out the best one in terms of remuneration. It should commensurate with the time you put in or else you could be leading a hand to mouth existence even if you are earning six figures income of around $100,000.
Job search in New York is particularly challenging. Apply at Vested and let us help make your dream a reality.