NYC True Cost of Living: 2-Month Budget & Expense Breakdown

I'm happy to announce that New York City is not that expensive to live in. I live in the most expensive borough in NYC (Manhattan), in one of the most expensive neighborhoods (Battery Park City), and if you play your cards right, you can live on a surprisingly small amount of money compared to what you would expect based on the cost of living index.

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I've broken down my expenses for the months of January and February. There were over 200 transactions, mostly on credit cards and I sorted them based on category. Watch the video to see the breakdown! As you can imagine, housing/rent cost is the highest expense in New York, out of all my budget items.

The key to living on a lean salary in New York is to share space with a roommate. That is what I did with my roommate. He has an extra large living room. He converted part of the living room into a bedroom which I stay in. I pay a little under half of the rent. Check out the video tour of my apartment: https://youtu.be/0bACXOOFqU4

Manhattan has notoriously high rents. You can typically find cheaper rent when you move out to the northern edges of Manhattan, or to the Boroughs of Queens, The Bronx, Brooklyn or Staten Island. Also, what is becoming known as the 6th borough, Jersey City, is fairly inexpensive compared to Manhattan as well.

I got very lucky finding this apartment which a view of the Hudson river and a small outdoor area. Also very fortunate to have known my roommate for several years beforehand. Additionally, the apartment didn't require a brokers fee for me (obviously), and I can rent month to month.

Another big factor is food and entertainment expenses. I try to shop at real grocery stores (not bodegas that overcharge), like target. I limit my consumption of alcohol at bars as much as possible.

I've come to the conclusion that a single person can live comfortably in New York City for a little over $50,000 per year (after taxes) which equates to about a $60k to $65k salary before taxes and pre-tax deductions. This would require you to share space with a roommate (or a few). Living by yourself would command a higher salary.
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-Disclaimer: I am not a financial, investing, tax or legal advisor. The information presented is for entertainment and should not be taken as financial, investment, tax or legal advice. I invest based on my own research and principles. I am not responsible for any financial losses that may result from following my actions. Do your research and develop your own investing philosophy!

#budgetbreakdown #costoflivingnyc #nycsalary

Видео NYC True Cost of Living: 2-Month Budget & Expense Breakdown канала Ian Seabrook