I haven't listened to today's show, but I think I understand the gist of the discussion. I live in NJ about 30 minutes from Manhattan with my wife and two kids. We make about $265,000. Between a mortgage on a relatively modest house ($550k), day care for two kids, two car payments, 401k, medical coverage, and all our other expenses, we have about $3-4k leftover each month for saving or excess purchases.
If we lived in Manhattan, I imagine we'd be able to afford maybe a 2-bedroom apartment on the Upper East Side for that same price. We wouldn't have car payments, but day care, groceries, etc are more expensive. I imagine we'd probably just squeak by, no savings.
That's the boys point, that your not balling if you make 250k and are living in Manhattan. The counter point is that you are balling, just don't live beyond your means in Manhattan.
Here is a link to an interesting cost of living comparison calculator.
Yeah, 250k is good money, but it doesn't go as far in NYC, Manhattan in particular, as it does elsewhere.
I'd venture to say that nearly all of the lower income people are renting, so the median value of owner occupied housing is skewed. Basically, if you own your own place in NYC, you're probably doing very well for yourself to being with.
Additionally, Manhattan is more expensive that the other boroughs. A link from your link shows that, in Manhattan only, the median owner occupied housing is $827k.
Actually, my salary is comparable to the $250k Manhattan salary. I can live like a king in my area. In Manhattan, not even close.
But I do agree, they shouldn't be complaining one bit.
Anybody have an idea how much a comedian of Norton's popularity makes in a year?
I bet norton pulls in a grand total of $650k a year. He wouldn't be hawking self warming soup through his twitter if he mad much more than that. I bet his stand-up is worth 150k a year. The radio probably half a mil.
Manhattan is VERY expensive if you don't have some kind of hookup. My sister lives in a decent place that is $2000 a month. If it wasn't rent-controlled, it would be about $9000 a month. And that's just a modest 2 bedroom apartment.
A LOT of people live on low salaries only because they have some kind of housing hookup. Either rent controlled, or a family home that was purchased a long time ago. It might be worth $500,000, but they only paid $60k for it. If they had to buy it now, they never would be able to.
If you have none of that, shit gets real very quickly.
7 comments
4 [deleted] 2014-03-05
I haven't listened to today's show, but I think I understand the gist of the discussion. I live in NJ about 30 minutes from Manhattan with my wife and two kids. We make about $265,000. Between a mortgage on a relatively modest house ($550k), day care for two kids, two car payments, 401k, medical coverage, and all our other expenses, we have about $3-4k leftover each month for saving or excess purchases.
If we lived in Manhattan, I imagine we'd be able to afford maybe a 2-bedroom apartment on the Upper East Side for that same price. We wouldn't have car payments, but day care, groceries, etc are more expensive. I imagine we'd probably just squeak by, no savings.
1 VanDamme79 2014-03-05
That's the boys point, that your not balling if you make 250k and are living in Manhattan. The counter point is that you are balling, just don't live beyond your means in Manhattan.
3 Danielson799 2014-03-05
Despite what the hayseeds and truckers think, these three aren't exactly informed about anything.
Edit:3
1 Wsallgood 2014-03-05
You mean 2 high school dropouts and a broadcast major don't have all the answers? That's a harsh dose of reality I'm not ready to face.
2 [deleted] 2014-03-05
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2 [deleted] 2014-03-05
Here is a link to an interesting cost of living comparison calculator.
Yeah, 250k is good money, but it doesn't go as far in NYC, Manhattan in particular, as it does elsewhere.
I'd venture to say that nearly all of the lower income people are renting, so the median value of owner occupied housing is skewed. Basically, if you own your own place in NYC, you're probably doing very well for yourself to being with.
Additionally, Manhattan is more expensive that the other boroughs. A link from your link shows that, in Manhattan only, the median owner occupied housing is $827k.
Actually, my salary is comparable to the $250k Manhattan salary. I can live like a king in my area. In Manhattan, not even close.
But I do agree, they shouldn't be complaining one bit.
Anybody have an idea how much a comedian of Norton's popularity makes in a year?
1 VanDamme79 2014-03-05
I bet norton pulls in a grand total of $650k a year. He wouldn't be hawking self warming soup through his twitter if he mad much more than that. I bet his stand-up is worth 150k a year. The radio probably half a mil.
1 [deleted] 2014-03-05
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1 [deleted] 2014-03-05
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1 nochinzilch 2014-03-05
Manhattan is VERY expensive if you don't have some kind of hookup. My sister lives in a decent place that is $2000 a month. If it wasn't rent-controlled, it would be about $9000 a month. And that's just a modest 2 bedroom apartment.
A LOT of people live on low salaries only because they have some kind of housing hookup. Either rent controlled, or a family home that was purchased a long time ago. It might be worth $500,000, but they only paid $60k for it. If they had to buy it now, they never would be able to.
If you have none of that, shit gets real very quickly.