What net worth / HHI do you need to live comfortably in NY? Two adults, no kids.

[Anonymous]

By comfortable, I mean around 1500 square feet, at least partial view of the city or park. Not necessarily luxurious lifestyle - some dinners out, some entertainment, but we’re not talking hamptons every summer or anything.

[Anonymous]

1500 square feet would be big for a 1 bedroom and bigger than many 2 bedrooms. My DH and I lived comfortably there in the way you describe on $350K, but our (rented) 1 bedroom apartment was more like 900 square feet. I'm also not sure what you mean by "view of the city" - don't all apartments in NYC have a view of the city?

[Anonymous]

Anonymous wrote:By comfortable, I mean around 1500 square feet, at least partial view of the city or park. Not necessarily luxurious lifestyle - some dinners out, some entertainment, but we’re not talking hamptons every summer or anything.

A view of the city is very different than a view of the park!

Anyway, 1500 square feet in a decent building will run you at least 10k a month in rent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:By comfortable, I mean around 1500 square feet, at least partial view of the city or park. Not necessarily luxurious lifestyle - some dinners out, some entertainment, but we’re not talking hamptons every summer or anything.

A view of the city is very different than a view of the park!

Anyway, 1500 square feet in a decent building will run you at least 10k a month in rent.

Thanks. I’m thinking cash for the apartment, we can spend up to $2.5M. Just wondering about all other expenses, including condo fees.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:By comfortable, I mean around 1500 square feet, at least partial view of the city or park. Not necessarily luxurious lifestyle - some dinners out, some entertainment, but we’re not talking hamptons every summer or anything.

A view of the city is very different than a view of the park!

Anyway, 1500 square feet in a decent building will run you at least 10k a month in rent.

Thanks. I’m thinking cash for the apartment, we can spend up to $2.5M. Just wondering about all other expenses, including condo fees.

If you have $2.5 million in cash (i.e. no mortgage) then you have enough financial acumen to look up the condo / coop fees for a typical NY apartment on any of a number of real estate sites -- rather than relying on anecdotes from residents of DC. Please.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:By comfortable, I mean around 1500 square feet, at least partial view of the city or park. Not necessarily luxurious lifestyle - some dinners out, some entertainment, but we’re not talking hamptons every summer or anything.

A view of the city is very different than a view of the park!

Anyway, 1500 square feet in a decent building will run you at least 10k a month in rent.

Thanks. I’m thinking cash for the apartment, we can spend up to $2.5M. Just wondering about all other expenses, including condo fees.

If you have $2.5 million in cash (i.e. no mortgage) then you have enough financial acumen to look up the condo / coop fees for a typical NY apartment on any of a number of real estate sites -- rather than relying on anecdotes from residents of DC. Please.

For some reason Redfin doesn’t list them which is my default real estate search site.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:By comfortable, I mean around 1500 square feet, at least partial view of the city or park. Not necessarily luxurious lifestyle - some dinners out, some entertainment, but we’re not talking hamptons every summer or anything.

A view of the city is very different than a view of the park!

Anyway, 1500 square feet in a decent building will run you at least 10k a month in rent.

Thanks. I’m thinking cash for the apartment, we can spend up to $2.5M. Just wondering about all other expenses, including condo fees.

If you have $2.5 million in cash (i.e. no mortgage) then you have enough financial acumen to look up the condo / coop fees for a typical NY apartment on any of a number of real estate sites -- rather than relying on anecdotes from residents of DC. Please.

For some reason Redfin doesn’t list them which is my default real estate search site.

Streeteasy is a good NYC site.

[Anonymous]

You need to pay cash for the apt. but co-ops also want to see a % of liquid assets, which varies. High though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:By comfortable, I mean around 1500 square feet, at least partial view of the city or park. Not necessarily luxurious lifestyle - some dinners out, some entertainment, but we’re not talking hamptons every summer or anything.

A view of the city is very different than a view of the park!

Anyway, 1500 square feet in a decent building will run you at least 10k a month in rent.

Thanks. I’m thinking cash for the apartment, we can spend up to $2.5M. Just wondering about all other expenses, including condo fees.

If you have $2.5 million in cash (i.e. no mortgage) then you have enough financial acumen to look up the condo / coop fees for a typical NY apartment on any of a number of real estate sites -- rather than relying on anecdotes from residents of DC. Please.

For some reason Redfin doesn’t list them which is my default real estate search site.

Streeteasy is a good NYC site.

Thanks for the info. I’ll check it out.

[Anonymous]

We bought a 3 bed in the upper UWS for 2.5mm cash. Monthly charges are ~2600 which includes heat, staff, property tax, and all repairs inside the wall (ie plumbing and electric). That charge is fairly standard for coops of our size in our hood.. We have some river views.

If you only need a 2 bed, you can definitely buy a better view for 2.5 mm.

[Anonymous]

Anonymous wrote:We bought a 3 bed in the upper UWS for 2.5mm cash. Monthly charges are ~2600 which includes heat, staff, property tax, and all repairs inside the wall (ie plumbing and electric). That charge is fairly standard for coops of our size in our hood.. We have some river views.

If you only need a 2 bed, you can definitely buy a better view for 2.5 mm.

Oh and we could live comfortably on 250k HHI given no mortgage. We have kids so a big chunk is childcare. If you don’t have that, 200k will be plenty. We are living partially on income, partially off investments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We bought a 3 bed in the upper UWS for 2.5mm cash. Monthly charges are ~2600 which includes heat, staff, property tax, and all repairs inside the wall (ie plumbing and electric). That charge is fairly standard for coops of our size in our hood.. We have some river views.

If you only need a 2 bed, you can definitely buy a better view for 2.5 mm.

Oh and we could live comfortably on 250k HHI given no mortgage. We have kids so a big chunk is childcare. If you don’t have that, 200k will be plenty. We are living partially on income, partially off investments.

Thanks, PP!

[Anonymous]

My friend just bought an 1800 sq foot place for $3.5m I'm assuming her DH makes 7 figures. They have a place in the Hampton too, as does everyone else I know who lives in the city.

[Anonymous]

Anonymous wrote:My friend just bought an 1800 sq foot place for $3.5m I'm assuming her DH makes 7 figures. They have a place in the Hampton too, as does everyone else I know who lives in the city.

I live in a building where the apartments range from 1.5-3.5 mm and not one person here has a place in the Hamptons. Lots of second homes, but more Hudson Valley and Martha’s Vineyard, of all places (too far for my taste). Even with the couple super-wealthy families I know, the parents have hamptons homes, but the kids opt not to. One sold his parents’ place when they died. My impression is that the Hamptons are slowly losing their place in the N.Y. social/vacation scene.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My friend just bought an 1800 sq foot place for $3.5m I'm assuming her DH makes 7 figures. They have a place in the Hampton too, as does everyone else I know who lives in the city.

I live in a building where the apartments range from 1.5-3.5 mm and not one person here has a place in the Hamptons. Lots of second homes, but more Hudson Valley and Martha’s Vineyard, of all places (too far for my taste). Even with the couple super-wealthy families I know, the parents have hamptons homes, but the kids opt not to. One sold his parents’ place when they died. My impression is that the Hamptons are slowly losing their place in the N.Y. social/vacation scene.

The point is that most people who own expensive apartments own a second home outside of the city.