tkgrrett wrote:This has to be the only forum in the world where people view things like savings and retirement accounts as "costs" and think of living in lower Manhattan as a necessity of NYC. There are like 9 million people living in NYC. How many of them do you all think are making 70-75k after taxes and a 2k/month student loan payment?? I have no clue what TLS people do with their money but that seems like plenty for a 20something with no kids even in NYC.
I'm not sure if the people saying this are making the statement in isolation or if they mean it in a relative sense. If they're making it in general you're right to say it's ridiculous to make that claim. However, if they are saying it in a relative sense( ie that sucks when you look at the fact that you can live significantly better than that on that salary in many other cities) then I see where they are coming from.
5k for a 1br is insane. You can get a 3br in a brand new building Union Square (less than 5 minutes to transit that will take you all over the city) for 4k. You can live in Gramercy/Midtown for 2.5k in a nice 1br. The only way anyone should be paying 5k a month for a 1br, even in Manhattan, is if you're trying, or if you want a key to Gramercy Park. Even if you spend 5k a month on rent, that's "only" 60k. After Federal, State, and NYC tax 160k should be around 90k a year. If your student loans at graduation are around 100k, your monthly payment is about $800. That's about 21k a year left for expenses, assuming you get zero bonus. $1750 a month to spend is potentially a "pittance" if you have pretty expensive tastes, but for the first year out of law school? That's not hardship, certainly not with the 5k a month apartment.
*and when I say "nice" I don't just mean "doable" I mean new applicances, hardwood floors, high ceilings, elevators, marble, potentially doorman, etc. You can live in a brownstone in Park Slope (where attorneys go to breed) 1500+
You're acting like the guy is crazy, but he's really not. I don't think he's saying that there's anything wrong with liviing in the types of places you describe--that somehow that's living like crap. The point is that when someone hears 160K a year, 60+ hours a week at work, and $2,000 a month apartment they don't think about living in the type of place you described. The idea that you can make that kind of money, and spend that much money on rent, but live in an OK place is shocking to people who aren't from NYC. When you're not from NYC and you hear $1800 a month for a one bedroom apartment, you think "What the hell, the place better have TV screens in the damn toilet" not "it has appliances, an A/C, and a hardwood floor".