Money in NYC vs. DC

[Anonymous]

If I make around $190k here in DC, how much should I make in NYC to live in a similar manner? $250k? More?

[Anonymous]

People here will tell you you need millions, but I just moved from Manhattan and found all the COL calculators to be right -- you need about 75% of the money here that you would in NYC, so that puts you right at 250k-255k. If you're negotiating, you can obviously add in a little cushion to that.

[Anonymous]

The problem is that it's hard to compare. For example, it would be hard to find a fifth floor walkup without a washer dryer or dishwasher in DC. Those are common in NY.

If you're single you'll be fine. If you want to have a family forget about it it. You'd have to live in the burbs and commute or outside of Manhattan.

We found that we could afford the steep rent in NY (4500 2 bedroom 950 sq feet) but we couldn't also pay that rent and save up the hefty downpayment needed to buy. On top of that pay for a nanny (is usually cheaper than daycare in New York) and school tuition.

[Anonymous]

Anonymous wrote:People here will tell you you need millions, but I just moved from Manhattan and found all the COL calculators to be right -- you need about 75% of the money here that you would in NYC, so that puts you right at 250k-255k. If you're negotiating, you can obviously add in a little cushion to that.

This is true IF you can adjust your expectations of what you'll get in NYC as compared to DC. I moved and paid $2000 for an apartment in DC and was willing/able to kick that up to a $2400 place in Manhattan. I stayed in the same ballpark price-wise, but I knew I'd get way less in NYC. In DC for $2400, you're getting a one bedroom in nice building with a full kitchen and a washer dryer. In Manhattan -- a doorman building, but likely a studio (though sometimes you can luck into a 1 bed for that price), definitely NO washer dryer, and chances are no dishwasher either.

If you are not willing to adjust your expectations and want to live as nicely in Manhattan as in DC -- expect to pay $4000-5000 for a 1 bedroom in a luxury building there to get the equivalent of a nice 1 bed here w/ a W/D and dishwasher.

[Anonymous]

Anonymous wrote:

Anonymous wrote:People here will tell you you need millions, but I just moved from Manhattan and found all the COL calculators to be right -- you need about 75% of the money here that you would in NYC, so that puts you right at 250k-255k. If you're negotiating, you can obviously add in a little cushion to that.

This is true IF you can adjust your expectations of what you'll get in NYC as compared to DC. I moved and paid $2000 for an apartment in DC and was willing/able to kick that up to a $2400 place in Manhattan. I stayed in the same ballpark price-wise, but I knew I'd get way less in NYC. In DC for $2400, you're getting a one bedroom in nice building with a full kitchen and a washer dryer. In Manhattan -- a doorman building, but likely a studio (though sometimes you can luck into a 1 bed for that price), definitely NO washer dryer, and chances are no dishwasher either.

If you are not willing to adjust your expectations and want to live as nicely in Manhattan as in DC -- expect to pay $4000-5000 for a 1 bedroom in a luxury building there to get the equivalent of a nice 1 bed here w/ a W/D and dishwasher.

You're a little off.

A $4-5k luxury 1 bedroom would be something you would find near wall St. An equivalent apartment in DC would be a 1 bedroom in Chinatown which would likely cost $3K.

A $2500 1 bedroom apartment in DC would likely have a $3-3k equivalent in Manhattan, unless you luck out with a rent stabilized apartment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People here will tell you you need millions, but I just moved from Manhattan and found all the COL calculators to be right -- you need about 75% of the money here that you would in NYC, so that puts you right at 250k-255k. If you're negotiating, you can obviously add in a little cushion to that.

This is true IF you can adjust your expectations of what you'll get in NYC as compared to DC. I moved and paid $2000 for an apartment in DC and was willing/able to kick that up to a $2400 place in Manhattan. I stayed in the same ballpark price-wise, but I knew I'd get way less in NYC. In DC for $2400, you're getting a one bedroom in nice building with a full kitchen and a washer dryer. In Manhattan -- a doorman building, but likely a studio (though sometimes you can luck into a 1 bed for that price), definitely NO washer dryer, and chances are no dishwasher either.

If you are not willing to adjust your expectations and want to live as nicely in Manhattan as in DC -- expect to pay $4000-5000 for a 1 bedroom in a luxury building there to get the equivalent of a nice 1 bed here w/ a W/D and dishwasher.

You're a little off.

A $4-5k luxury 1 bedroom would be something you would find near wall St. An equivalent apartment in DC would be a 1 bedroom in Chinatown which would likely cost $3K.

A $2500 1 bedroom apartment in DC would likely have a $3-3k equivalent in Manhattan, unless you luck out with a rent stabilized apartment.

You're way off. I'm thinking of the sheer size of apartments in DC, not just whether it's called 1 bedroom or studio. You pay thru the nose for space in NYC. Plus you get WAY less in terms of amenities (a dishwasher is often an amenity there), so if you want that you pay for that too. And this all presumes doorman buildings -- many in Chinatown are not doorman.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People here will tell you you need millions, but I just moved from Manhattan and found all the COL calculators to be right -- you need about 75% of the money here that you would in NYC, so that puts you right at 250k-255k. If you're negotiating, you can obviously add in a little cushion to that.

This is true IF you can adjust your expectations of what you'll get in NYC as compared to DC. I moved and paid $2000 for an apartment in DC and was willing/able to kick that up to a $2400 place in Manhattan. I stayed in the same ballpark price-wise, but I knew I'd get way less in NYC. In DC for $2400, you're getting a one bedroom in nice building with a full kitchen and a washer dryer. In Manhattan -- a doorman building, but likely a studio (though sometimes you can luck into a 1 bed for that price), definitely NO washer dryer, and chances are no dishwasher either.

If you are not willing to adjust your expectations and want to live as nicely in Manhattan as in DC -- expect to pay $4000-5000 for a 1 bedroom in a luxury building there to get the equivalent of a nice 1 bed here w/ a W/D and dishwasher.

You're a little off.

A $4-5K luxury 1 bedroom would be something you would find near wall St. An equivalent apartment in DC would be a 1 bedroom in Chinatown which would likely cost $3K.

A $2500 1 bedroom apartment in DC would likely have a $3-3k equivalent in Manhattan, unless you luck out with a rent stabilized apartment.

You're way off. I'm thinking of the sheer size of apartments in DC, not just whether it's called 1 bedroom or studio. You pay thru the nose for space in NYC. Plus you get WAY less in terms of amenities (a dishwasher is often an amenity there), so if you want that you pay for that too. And this all presumes doorman buildings -- many in Chinatown are not doorman.

The high rise apartment buildings in Chinatown (DC) have a doorman.

But in any case, you're limiting the comparison to a relatively small segment of buildings in either place. Many apartments in both Manhattan and DC don't have a doorman.

Also, I don't think you're very good at looking at apartments. I did a search on streeteasy.com for 1 bedroom apartments in doorman building with washer/dryer and dishwasher for <$3000, and I got 17 results. And this is just one website.

http://streeteasy.com/for-rent/manhattan/status:open%7Cprice:-3000%7Cbeds:1%7Camenities:dishwasher,washer_dryer,doorman

[Anonymous]

Roosevelt Island? lol

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People here will tell you you need millions, but I just moved from Manhattan and found all the COL calculators to be right -- you need about 75% of the money here that you would in NYC, so that puts you right at 250k-255k. If you're negotiating, you can obviously add in a little cushion to that.

This is true IF you can adjust your expectations of what you'll get in NYC as compared to DC. I moved and paid $2000 for an apartment in DC and was willing/able to kick that up to a $2400 place in Manhattan. I stayed in the same ballpark price-wise, but I knew I'd get way less in NYC. In DC for $2400, you're getting a one bedroom in nice building with a full kitchen and a washer dryer. In Manhattan -- a doorman building, but likely a studio (though sometimes you can luck into a 1 bed for that price), definitely NO washer dryer, and chances are no dishwasher either.

If you are not willing to adjust your expectations and want to live as nicely in Manhattan as in DC -- expect to pay $4000-5000 for a 1 bedroom in a luxury building there to get the equivalent of a nice 1 bed here w/ a W/D and dishwasher.

You're a little off.

A $4-5k luxury 1 bedroom would be something you would find near wall St. An equivalent apartment in DC would be a 1 bedroom in Chinatown which would likely cost $3K.

A $2500 1 bedroom apartment in DC would likely have a $3-3k equivalent in Manhattan, unless you luck out with a rent stabilized apartment.

wall street doorman bldg is the cheapest you will find... 2 bedroom luxury bldg goes for around 4K. I lived UWS in a renovated doorman bldg w partial views of the park for $3200...and it was a very decent sized apt.

[Anonymous]

My studio in Tribeca now rents for 4500-5000 a month.

But, I was a fool and rented a penthouse apartment in a 53 story building. Yes. It had a doorman and amenities, like an onsite laundry, gym, pool, sundeck and a few other things.

You can live quite well in NYC for 200k. Start up costs can be high, since renters may be required to pay a broker fee. Usually about 15% of a year's rent. So in addition to the security deposit, first/last months' rent for a 2k apartment, your looking at a broker fee of 3600 dollars. So, try to find "no fee" apartments or unadvertised apartments (ask the doorman).