Salary is the biggest focus when you’re looking for a job. Salary is something that everyone talks about, but nobody knows how to talk about it well. So, I thought the best way to answer, “is 85k a good salary in NYC?” is to give a possible scenario of how much one can earn in a month after taxes. Something like: if a person earns near $85k, he saves around ~$3k-$5k which is more than enough to cover his rent/mortgage (which would come around $3000-$4000) and give him some allowance for food, health insurance, friends & family and other expenses.
If you’re wondering, “Is 85k a good salary in NYC?,” the answer is: yes and no.
It’s a good salary, but it depends on where you live. If you live in Manhattan, Brooklyn or Queens, the answer is yes. If you live in the Bronx or Staten Island, the answer is no. You could also be living in New York City without technically being considered part of New York City—like if you’re living in Yonkers or Westchester County.
If you want to know for sure if 85k is a good salary for your current location and situation, it’s best to consult a professional like an accountant or financial advisor who can help you understand how much money is enough for your current lifestyle (and what factors are affecting that).
Is 85k a good salary in nyc
Introduction
In New York City, a salary of $85k is below the median household income. The average worker in NYC earns $50,711 per year. If you’re making $85k, you’re doing better than most people in the city.
Is 85k a good salary in nyc?
When you’re considering whether or not your salary is good, you need to consider a few things:
- How much does it cost to live in the city where you currently live?
- What are your expenses each year for housing, food, transportation and other necessities?
- How much of your income do you save each month?
- Do you have any debt that needs to be paid off—and how much is that debt costing per month (car loans or student loans)?
- What kind of lifestyle do you want to maintain—and is it possible on a yearly salary of $85k in NYC?
If youre going to live in nyc you can do it on 85k.
As a general rule, 85k is the high end of average in New York City. It’s lower than the average professional salary, but that doesn’t mean it’s bad. If you have no student loan debt and don’t have a family to support, 85k can be enough to live well on in NYC. You’ll be able to afford an apartment in most neighborhoods with that amount of money—and if you’re working at a job where your salary is closer to $100k per year, then your living expenses will probably be higher as well.
When all is said and done, however, this isn’t going to leave much room for luxuries or extras such as eating out regularly or going on vacation once every few years (or even once every few months). If these things are important to you and your lifestyle will suffer without them (e.g., because they help keep stress levels down), then perhaps 85k isn’t going to be enough money after all
The problem is the high cost of living not just rent.
Unfortunately, the problem is not just the rent. You also have to include food, transportation, entertainment and other expenses. The cost of living in New York City is very high compared to other cities so your salary doesn’t go as far as it would elsewhere. Even though 85k sounds like a great salary in NYC, it’s not enough to save up for future purchases if you’re spending most of your money on rent, food and other necessities all while trying to keep up with the city’s fast pace lifestyle
It costs a lot to live in nycity costs more than money.
While the salary may be enough to live comfortably, you have to consider the other costs that come with living in a major city. The cost of food is higher than most other places. You will pay more for transportation if you drive or take public transportation. Entertainment costs are also higher because there are so many things to do in New York City. Taxes are high as well and commuting can add up as well if you don’t live close by or commute into Manhattan from Brooklyn or Queens. Parking fees at work can add up when the parking garage charges $10-$20 a day during work hours (which means your car could be worth more than what it costs). Finally, living in one of the most expensive cities in the world might make it hard for someone on an 85k salary to save money each month without having roommates/family members who share expenses with them as well as other financial obligations such as student loans or car payments (or both).
Conclusion
The bottom line is that $85,000 a year is not enough to live comfortably in New York City.
