NYC area dentists. What's it like working in the city?

[KevinAriza]

I grew up in Queens and moved to the Midwest after dental school in 2019 to bypass the residency requirement. I've earned and learned a bit while working at various offices with great mentors, and I'm considering going back to the NYC-metropolitan area (including Westchester) to be close to family. Money goes far in the Midwest, but I'm curious to know what dentists in the NYC are truly earning, what the cost of living is, what work schedules look like, and any other insights on life as a dentist in NYC. And if there are practice owners reading, what are your thoughts?

Thanks!

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[Thehighwind87]

From friends that I’ve talked to…. In the Midwest you are considered wealthy/rich.

In nyc you will be considered middle of the road- average if not just “making” it work.

I know of one investment banker whose rent is 11k a month.

LOL.

In a small town- you are someone- in the big city- you are no one. If your name of the game is accumulate wealth, retire reasonably- then stay out the city. If you want to live a little- stay in the city. But if you stay in the city and then try to make it work to accumulate wealth and retire in time- that’s def gonna be harder.

Best of luck.

 

[yappy]

From friends that I’ve talked to…. In the Midwest you are considered wealthy/rich.

In nyc you will be considered middle of the road- average if not just “making” it work.

I know of one investment banker whose rent is 11k a month.

LOL.

In a small town- you are someone- in the big city- you are no one. If your name of the game is accumulate wealth, retire reasonably- then stay out the city. If you want to live a little- stay in the city. But if you stay in the city and then try to make it work to accumulate wealth and retire in time- that’s def gonna be harder.

Best of luck.

Is there a compromise to live /work outside NYC proper, but be close enough to visit frequently?

 

[Thehighwind87]

Is there a compromise to live /work outside NYC proper, but be close enough to visit frequently?

That would be a question for someone that lives in that area- I have no clue to be honest. My bro-in-law lives in corona area making about 200-250k as a techie and it looks hard. The apartment he has is expensive as hell 3-4k rent, and houses are expensive for what you get- 500-1000 sq foot apartments for 500k+. You can get a mansion in the midwest for that price.

In addition, the cost of living- eating out etc adds up. He says he can make it work, I just don't see how the path to retirement will be "smooth", along with the quality of life- compared to living in a cheaper COL state.

It's funny cuz when he comes over to our place to visit- and we get like some overpriced 12$ lunch- hes like woah dude thats so cheap, and Im here sitting and thinking dude this is stupid expensive- and hes like no dude- in ny its like 20-30$ for lunches easy.

 

[Boat on the Chesapeake]

If you live in a part of the Midwest with a major airport you can make more money, save on cost of living, and take some nice vacations to NYC to visit family when you want to. You might savor the time more as a vacation a few weeks a year than grinding every day. There’s lots of different cultural benefits and nuances to a bigger city to consider though.

 

[Thehighwind87]

If you live in a part of the Midwest with a major airport you can make more money, save on cost of living, and take some nice vacations to NYC to visit family when you want to. You might savor the time more as a vacation a few weeks a year than grinding every day. There’s lots of different cultural benefits and nuances to a bigger city to consider though.

Really the bottom line is $ goes way further in cheaper cost of living areas. Yes when you are young... its exciting, but when you truly settle down, have kids, buy a house- that's when you have to ask yourself what makes more sense. When you have kids- everything changes. That's why i really don't take any advice from those that haven't. You just don't get it until you know what it means to have mortgage, have bills to pay, have to provide for the family and make sure everything gets paid/while also investing for the future. There is the argument that you can live on outskirts and commute into the city...yeah, that's not my cup of tea. I live 5 min from the office and wouldn't trade it for an 1 hr commute. No thank you.

I know for me after having 2 kids, a practice, settling down, the absolute last thing I would want to do is live in the city and just "survive" on finances. And yes I know dentists make a decent income- but let's face it- in new york, san francisco, LA, Bay Area, -dentists are very average and considering the debt load- 1 million dollar house (minimum- in ny/la/bay/sf), 500k student loans, and then a 500k-1mil practice loan- you are legit living on edge/poor- one paycheck away from losing everything.

I would rather go suburbia, have some money left over after maxing 401k, paying off all the bills, paying off the mortgage, sending the kids to private school and have some "breathing room" with some left over money to invest, travel, buy nice things. There's a middle ground for everything. I wouldn't move to middle of nowhere either.

 

[carabelliscusp]

Any NYC dentists wanna chime in on how much they're making?

 

[easyas123]

Everything is dependent... FFS vs PPO vs Medicaid - you will have very different clinic schedules (types of procedures, # of patients), pay, commute, lifestyle.
It can be as low as $500 a day (base) and as high as $1000 a day (base)... production vs collection between 33-35%
Many offices like GPs to only focus on fillings,crowns,RCTs while only allowing specialists to perform implants, exo+BGs, any procedure requiring advanced training etc.
On average - you can assume 12-18k / month pretax as 1099. I know people well below that and people well above that as well.

LTDR - multifactorial

 

[AONLINE]

Everything is dependent... FFS vs PPO vs Medicaid - you will have very different clinic schedules (types of procedures, # of patients), pay, commute, lifestyle.
It can be as low as $500 a day (base) and as high as $1000 a day (base)... production vs collection between 33-35%
Many offices like GPs to only focus on fillings,crowns,RCTs while only allowing specialists to perform implants, exo+BGs, any procedure requiring advanced training etc.
On average - you can assume 12-18k / month pretax as 1099. I know people well below that and people well above that as well.

LTDR - multifactorial

1099 and having to pay higher taxes? Not a lot of jobs in NYC pay their dentists as W2 employees?

 

[KevinAriza]

I ended up moving to NYC last year and I have completed my first year working here. It's a completely different hustle. I'm working in a mixed Medicaid/PPO/Cash office and I'm working straight through the day (9-6pm) seeing twice as many patients only to earn exactly what I was making in the Midwest where I was working 4 days a week, with an hour lunch, and had 2 months of travel time (unpaid). Anyway, it's fine here--it's nice to spend more time with family and friends, but I do miss the more laidback lifestyle in the Midwest.

State income tax + NYC income tax suck, but it's the life I chose. I'll be acquiring a practice in a few weeks. I'll check back in next year.

 

[Splenda88]

That would be a question for someone that lives in that area- I have no clue to be honest. My bro-in-law lives in corona area making about 200-250k as a techie and it looks hard. The apartment he has is expensive as hell 3-4k rent, and houses are expensive for what you get- 500-1000 sq foot apartments for 500k+. You can get a mansion in the midwest for that price.

In addition, the cost of living- eating out etc adds up. He says he can make it work, I just don't see how the path to retirement will be "smooth", along with the quality of life- compared to living in a cheaper COL state.

It's funny cuz when he comes over to our place to visit- and we get like some overpriced 12$ lunch- hes like woah dude thats so cheap, and Im here sitting and thinking dude this is stupid expensive- and hes like no dude- in ny its like 20-30$ for lunches easy.

I think there can be a compromised.

Live in LCOL area and travel sometimes to these big cities to enjoy their amenities.

If someone needs to be closer to family, then that is a different story.