Living in NYC on a Resident's Salary

[hatsoff9900]

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I really want to live in NYC for residency. I'm looking mostly at Manhattan hospitals, such as Cornell, Columbia, NYU, and Mt. Sinai, for a variety of reasons.

What is the true cost of living? My spouse will stay at home to raise a child / cook, etc, and we will have an $10,000 per year from savings to supplement my income. We will live in the smallest, cheapest studio apartment made available by the school.

Are any of you in a similar situation? Are most Manhattan residents able to avoid going into additional debt? I would love to chat here or PM back and forth with a NYC resident, if you would entertain my questions!

 

[AMEHigh]

I'm in Brooklyn. Other then rent, I don't find the cost of living to be too outrageous, but I came here from another big city, so maybe I'm just used to it.

For example, I mostly grocery shop at Trader Joe's and my grocery bill is the same as it was before. My utilities are cheaper because I have a smaller apartment. My subway pass is $117 per month, which I know is less than some people pay for gas, car insurance, car maintenance and car payment.

The nice thing about being in NYC or another big city in that along with all the expensive things to do there are always free things to do as well.

My program pays pretty decently, so that helps, and I'm not raising a kid, but I find overall it's very doable and I don't feel like I'm struggling to get by. (I've gone on vacation and I have not acquired any new debt since living here).

 

[Dral]

I did it, but it was tough. I was single/no kids. The extra 10k will help you.

Is your child school age or younger?

Younger will be better. If you want your child to attend a good school, it will be tough...tuition can be 30 or 40k for the good ones, the way I understand it.

 

[mdmacros]

I'm living in a subsidized one-bedroom with my girlfriend and it's definitely doable. Like AMEHigh said there are many free things to do in the city (http://www.theskint.com/ lists daily free/cheap things). Stick to Trader Joes, Aldi's and Chinatown / Flushing to keep the grocery bill under control.

The complicating factor will be your child. Pre-school and up can be outrageously expensive and competitive to get in (interviews for your and the child). I would definitely ask about day care during your interviews, some programs offer that as a perk.

 

[Turtlez]

How much is monthly take-home pay for a resident in NYC? PMs are also appreciated 😀 thanks!

 

[j4pac]

There are some very good online cost of living calculators. I've done the math for three children and came to the conclusion that we'd all starve to death. With one child, you will absolutely be scrapping by. NYC is a great town for single people. If you have a family...I wouldn't do it.

 

[doc05]

NYC is a good place for many things. but the costs are outrageous, and dipping into savings is downright foolish.

an "affordable" NY studio will not be large enough for 3 people (even if one is a very small child).

what specialty will you be training in? note that the NY programs are artificially competitive because people want to live there; the training isn't necessarily that good.