How do people who aren't working in business, law or medicine able to afford Manhattan NYC?
NYC, particularly Manhattan, is costly, with some people having expenses exceeding $100,000 annually. Yet, many residents aren't working in sectors like business, law, medical or technology. I am wondering how do they manage to pay for the city? While some may have family support, not everyone is from wealthy backgrounds. I used to work multiple jobs and side gigs to increase income to pay tuition and dorming at a CUNY college, but I don't see the benefit of being in Manhattan even as an IB analyst. What's everyone else doing to get by??
I feel you brotha. I also went to a CUNY school and worked part-time tutoring to pay for rent. It wasn't easy, that's for sure.
Regarding your question, I think many people get roommates. Right now I've been working in IB for a couple of years, and live with 2 other roommates, and we each pay around $1900, and around another 1-2k per month on other stuff. I guess because I work in finance this is more feasible. I'm not quite sure how people in the creative sectors manage to do the same.
Beyond roommates, I think you're severely underestimating how many people that live in the most expensive parts of the city that fit into that bucket of mom/dad subsidizes their expenses.
You are under estimating how many people have winners for parents that can help them. There is a lot of concentrated wealth in the nyc area, and many people who live here have successful and generous parents.
Then you have the bucket you mentioned if white collar professionals who marry each other and can afford the life.
And then you have a decent number of people who have no business living in Manhattan but desperately want to anyway. They get multiple roommates, live a debt laden lifestyle and sacrifice retirement and savings of any kind to live here paycheck to paycheck and are always one emergency away from disaster.
And then of course you have the subsidized housing in pockets of Manhattan where the city punishes normal people and allows poor people to live in decent areas.
Even if you make 75k a year, you can live in Manhattan. You just live in a cramped apartment with roommates and never save for your future.
I was in a similar situation not long ago. It wasn't easy being in manhattan with low income. At the time, I wasn't working in finance yet, was single and only making under 70k per year so I was desperately trying to pay rent every month, and several months I even fell behind on my rent. A few suggestions that have worked for me personally that may be helpful for you:
- Part time jobs: Prior to IB, I worked in an unrelated field, and picked up shifts at a bar on weekends where I was able to get an extra $200 per shift. Even in college, I drove for lyft on friday and weekend evenings, when there was a premium on rides, but the downside was at least once a month someone would be so drunk they would vomit in my car
- Finding roommates: This can offset the costs and save at least a thousand per month. I lived in east village with 2 other roommates where we each paid $1800 per month, where I shared a room with a software engineer who I met on facebook marketplace.
- Meal prepping: I made a lot of my lunches on Sunday and would bring food into work rather than eating outside everyday, which saved about $15/day on average
This is helpful to an extent but may not be enough to justify living in Manhattan if you have to live like a college kid while working numerous shifts and still barely be able to afford the city.
Tons of jobs pay well?
A good senior creative person in performance marketing is $175k - $220k in a t1 city.
A decent email marketer is $150k - $200k for a larger brand in a t1 city.
Obviously not living anywhere $$$ on those but you can afford to live in New York on those salaries
Assuming DINK, then it means 2 people making $300k - $400k together
Sure, it's definitely possible to make it work in NYC if you're young and willing to rough it a bit in the Lower East Side or East Village with some roommates. I actually grew up in Manhattan, in a subsidized housing unit, so I know a thing or two about living on a budget in the city. There was a time when I dropped out of college and left my grandparents' place to live on my own. Ended up in East Williamsburg, sharing a two-bedroom apartment with four other people.
Back then, I was working in marketing before I decided to go for my MBA. I was making just under $60,000 a year, and I usually only ate one meal a day. Not because I couldn't afford to eat more, but because I wanted to save as much as I could. Sometimes, I'd get so hungry at night that I'd eat a spoonful of honey with water just to fill up. On top of that, I had to pay child support to my ex-wife, who was living in Harlem with her new boyfriend and his roommates, and she was even more strapped for cash than I was.
I tend to rob some random person who has a nice watch or a patagonia on the subway every weekend, its a good side gig. That extra cash goes a long way.
I went a school in NYC about 10 minutes north of the upper west side. I found manhattan to be a bit overpriced, so when I graduated and got my analyst job, I stayed in Washington Heights, but would go hang out with friends in west village or something on the weekends.
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