You know, I don't quite understand why some people say $100 k a year is not that high of a salary relative to the cost of living in NYC or in general. I would think $100 k is definitely a high income considering that most people in the United States will never make that kind of money. The median income in the US is what? about $35,000-40 k? As a pharmacist, you can make nearly three times what your average joe would make. If the average joe "survives", what makes anyone even doubt he or she would not be financially empowered to live the kind of life they'd like to live?
There are many people who make far less than $100 k/year and they have mortgages of their own. Making a pharmacist's salary puts you in the top 10-15% of the US population, so you are definitely well off. Hell, even if salaries did drop to 40 dollars per hour (which translates into nearly 80 k per year), you are still well above average in terms of financial freedom. From a sociological standpoint on the generic "middle class", if you'd like to divide the middle class into the "lower middle class", "middle class", and "upper middle class", pharmacists are undoubtedly part of the latter group.
Further, what is it with the talk about NYC and the salary? Once again, millions of people live in NYC and manage to survive somehow; again, few people make $100 k or more. As a matter of fact, I am a New Yorker (though I'm a pharmacy student in Florida) and my mother makes $65 k a year and is quite comfortable, so I don't know what anyone is talking about. The point is, on a pharmacist's salary, you will enjoy the finer things in life and that is a privilege most people will never have unless they marry a rich partner or win the lottery and as long as you don't decide to pop out more than 2 children. You really want to enjoy life yet have a child? Just have one child and you'll have more money for your pleasure; that's what i'm planning on doing...
There was a study done not too long ago re. NYC comparing salaries/cost of living. I wish I could find the data, but I do remember reading that a family of 4 living in NYC with earnings of 65K per year was considered poverty level.
A single person earning 65K per year can be quite comfortable (like your mother), IF they are fortunate enough to have a decent rent/mortgage. Most living quite comfortably at this salary have owned their homes for many years, and their mortgage payments are no more than 1K per month.
If they're renting, they've probably been in their apt. for quite a few years and are fortunate enough to have a very modest rent (which is most likely below 1K per month.)
Unfortunately, anyone just starting out in NYC will find it quite difficult to live comfortably here making 100K or less. Tax rate here is approximately 33% of your salary, which leaves you with 67K per year (about 5,500 take home per month). This may get you quite far in other states, but not in NYC. If you do the math... minus at least 1,000/mo. for student loans, 1,500 rent for a shoebox in a decent area, 500 utilities), you're not left with much for food and leisure spending. $600 per week to spend on meals and pleasure is doable, but you are definitely not going to be living the high life!
I've also forgotten to include that if you will be insuring your car here in NYC, you will find one of the highest rates in the country (at least $200 per month for a driver with a clean record-and that's just for liability, never mind full coverage on a new vehicle!) Full coverage on a new vehicle is about 6K per year.
On a final note, if you want to save for your own home here in NYC, be prepared to pay at least 700K for an old home needing a whole lot of renovation!!! There are many newcomers here making very decent salaries of 100K or more who are aware that buying a home in NYC is a far fetched dream - so they focus on planning to buy a 2 bedroom co-op (and if they're lucky, they'll find one for under 500K.)
A single person making 200K per year will be well-off living in NYC. 100K will only give you a comfortable living, and that's if you spend your money wisely!!!
