<p>I guess it depends what you mean by living well. Many recent grads would like to go to fun restaurants and bars and sporting events and shows on a regular basis. That alone could require their entire salary. So many younger people make do; they sacrifice. And they’re happy to do it for many of the reasons described in the post right above this. </p>
<p>There is so much to do in NYC - and its so expensive - that most people in the city do not feel like their “living well” But they wouldn’t trade it for “living well” somewhere else.</p>
<p>There are a lot of alterative places to live in and around NYC if you are willing to have a longer commute or go into neighborhoods that are up and coming (Bushwick) or “uncool” (Bay Ridge/ Bensonhurst). But the housing stock will not be the same, doorman buildings will be scarce (or not at all) and safety in my mind might be compromised. I would definitely look at the Upper East Side. Rents are cheaper because it has an older population and isn’t considered cool–plus there has been a lot of construction on the subway line that has brought down prices. However, as the pendulum swings, more and more young graduates are moving there because they are getting bargains vs. downtown and prime Williamsburg. I would much rather have D live on UES (from a safety–late night commuting standpoint) than parts of Brooklyn that are affordable (and I’m from Brooklyn!)</p>
<p>We lived on the UES for almost two years twenty years ago. We were way over near the East River, between 1st and York in the 60’s, in hospital-subsidized housing. Living in NYC was staggeringly expensive, even for two middle-aged adults with professional salaries. I think that the UES would be a good place for your daughter to live, because it’s safe. </p>
<p>Some of the NYC colleges suggest that room and board off-campus for a student would cost about $16,000 for the academic year, so perhaps $24,000 for a full year. Of course, this needs to be seen as after tax spending – and don’t forget payroll taxes (Social Security and Medicare) as well as national, state, and local income tax. Other expenses like medical insurance, transportation, etc. need to be considered as well. And if she prefers a living arrangement that is more expensive than what a frugal college student would choose, that would also increase the price.</p>
<p>For a doorman building, I would say finding anything that rents for under $2500 for a tiny studio would be near a miracle. For a one bedroom, you can find in the $3,500 to $4,000 range for a one bedroom that can be divided for two to live in.</p>
<p>Thanks for all the great info - I had an idea about rents, but nothing specific. I have a SIL who paid 6 million for a three bedroom apt in Manhattan, so rents actually seem a little more reasonable compared to that. Is the rental market a little less tight than the for sale market? </p>
<p>As a parent, I’m willing to kick in to make sure she’s in a safe, clean, upscale location. We’re just wondering how much this might be. I’m a big worrier, and I don’t want to lay awake at night thinking about her coming home late to a hole in the wall.</p>
<p>My daughter started her first job in September and rents in Murray Hill. She and a roommate are paying $3200 + utilities for a 1 BR/1BA that has been converted to two bedrooms. The building is very nice and has a doorman, although their individual apartment is a bit rough around the edges and desperately in need of renovations. Her income is in the low 50s and we pay her rent. She is contributing something to her company’s 401(k) and covers all of her other expenses. She is able to go out a few nights a week and has learned to cut costs by taking her lunch to work.</p>
<p>It was very important to us that the girls find a doorman building in a nice neighborhood that is convenient to both work and where they want to go on weekends, so we are willing to subsidize for a while. According to D, none of the other recent grads at her job are paying their own rent. She loves her job and is having a great time in the city, but it is incredibly expensive.</p>
<p>I have never felt so safe in my life as I did living on the UES. I walked all over the place, including late at night. There are always many (normal-looking) people on the street. As long as your daughter is in a good neighborhood and good building, she should be fine.</p>
<p>D1 was making 75 or 80K the first year. I think she was taking home around 4K a month. Her rent was 1800 for her share of converted 2 bedroom. We subsidized her $500/mon until she got her first bonus (6 months later). D1 watched her money, but she did go out whenever she wanted. </p>
<p>Other areas to consider where you might find bargains and doorman buildings: Wall Street or the area just north of the theatre district–in the West 50’s not far from Central Park. Another area to look at is near Hudson Yards–lots of new construction with some bargains–and the area around FIT and the garment district. It’s a bit north of what I consider Chelsea, but a lot of doorman buildings are being developed and it is becoming much more residential. Good luck!</p>
<p>The NYTimes recently had an article on the upper east side being cool again for young people. If only life came with need-based aid the way college did. There’s no way I can contribute to rent for my kids. I know the landlords appreciate all that parental assistance, hope the kids do to.</p>
<p>D1 graduated 4 yrs ago with a starting salary of $70,000. She and two roomates lived in a great full amenities two bedroom, converted to three, two bathroom, apartment with wonderfull views on the lower west side just above, or the northern part, of Chelsea. Now, earning more money, she lives alone in a one bedroom with doorman, on the UES. Although she has a particularity nice location. She was lucky. The area is great. Many things are near or easily accessible, it seems safe and Central Park is basically across the street, so the UWS is just across the park. </p>
<p>Although she has it as a one bedroom, it use to be a converted two bedroom. I think it would be affordable for two making about what she use to make.</p>
<p>NYMomof2 is correct. The UES is a very safe place to live and is more cohesively residential than most parts of the city (Park and Fifth Ave condos/co-ops and tree lined side streets with townhomes.) Majority of the better private schools are on the UES, and I find it aesthetically pleasing. It would be a good place for a young person coming from college or suburbia to start out. It is certainly not the hippest place, but areas like soho, tribeca and Chelsea can be a bit more gritty, noisy and congested. I think a young person who leaned toward the preppy side would do just fine on the UES. </p>
<p>Note that the further you go east, the more reasonable it becomes. When I lived in manhattan, many recent college grads started out in an UES neighborhood called Yorkville. I definitely would say go for a doorman building and a roommate. When I started out in the city I split a one bedroom with another girl. We made it work. We both had steady boyfriends and when we wanted privacy we stayed at their places. Best of luck to your D - think she will love her time in Manhattan!</p>
<p>The thing about the Upper East Side all the way east is that’s it’s a hike to the subway. Eventually the Second Ae. subway line will alleviate that somewhat, but for now, Second Ave. itself is a noisy mess because of subway construction.</p>
<p>Most folks, especially twentysomethings who aren’t working in ibanking or other highly renumerative fields don’t take cabs habitually unless they have some kind of financial support or don’t take budgeting seriously and later attempt to ask folks like yours truly for a loan because they’re short. :(</p>
<p>While budgeting for an occasional cab ride is prudent in case one is inebriated and/or traveling alone, most twentysomethings…including young women opt to take the subway/bus back. Especially if they’re going as a group and/or they’re trying to gain the “full NYC experience”. </p>
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<p>It is a hike, but not an onerous one by any means…especially not for a reasonably healthy 20-something. </p>
<p>Also, there’s plenty of bus lines running east of the Lexington ave line. </p>
<p>Sorry I have not been there for a while, but I have heard Harlem has cleaned up a lot and many young professionals live there.
OP when you say the job is in the UES, exactly where is it? If you are talking about museum area, that is quite bit different from the areas near Harlem.</p>
<p>DD has a studio apt. 4 blocks north of CP in West Harlem. No doorman, recently renovated with “large” kitchen in busy area near restaurants, grocery stores, etc. She feels very comfortable there and prefers the vibrancy of the neighborhood to the UWS apt. she had in grad school. Rent is $1500 a month. </p>
<p>Note that a co-signer is frequently required for newly employed young adults and in many neighborhoods, they wanted the co-signer to prove their income is 80 times the total rent of the apt. If this is your first go round with NY apt hunting, it is a good idea to look up the process and gather required co-signer documents, often ncludng a letter of employment, bank records, tax docs, etc. to rent n the UWS required more NGO sharing than our last home purchase. It was much easier and less competitive to find her apt. in Nov. than on a more academic schedule. Good luck.</p>
<p>One caveat about UES amenities. When Bloomberg was mayor since he lived in UES (88th & York) rest assured the safety and services (snow removal for example) were assured of being top notch. DeBlasio has already been slammed for (gasp!) not having the UES plowed timely during a recent huge storm. DeBlasio is determined to bring equality to all of the citys residents and boros and UES residents might be in for a rude awakening. </p>