Reply to Tell Me About Living in NYC (or Suburb) on 500k/yr

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[quote=Anonymous][quote=Anonymous]OP here. Just wanted to say that I am carefully reading all  your posts. Thank you again.  Just wanted to let you know this is not a zombie thread.

On a tangent. does anyone have an idea of how much more salaries are in NYC vs DC?  I know there's no perfect answer, but any kind of grounding would be helpful.  I'm wondering if a 400-500 step up isn't really enough to keep up the standard of living. [/quote]

You can't really compare salaries.  First off, there are many jobs in NY that don't exist in DC and vice versa.  Some jobs even pay the same!  I make the same as I did in NYC.

You need to figure out what life would entail for you in NY.  Do you have kids you need to educate?  If so you probably can't afford to live in Manhattan on 500k since private school is 50k a kid.  But we have no idea if your kids are in public here or if you're already paying for private on your 400k. Or maybe grandparents are paying?  Or maybe you don't care about education and you'll send your kids to a crappy overcrowded school in Manhattan without AC?

No, the increase you're talking will not keep up the standard of living.  Taxes are much higher, the commute will be longer (if from ct, nj) etc.  it just depends on the lifestyle you're aiming to achieve.  There's no way you'll be able to get the space you have now in Manhattan.  In the suburbs?  Probably but your husband will have a longer commute and taxes will be higher.

Also depends on how much equity you have in your current home.  If you can plop down 2 million on an apartment then you can make the 500k work for two kids in private. See how we can't tell you the answer?!?

There are many factors to consider and it's all very personal.  
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