<p>Cities like NYC, Boston, Washington and others that have high costs of living have a very hard time keeping good municipal workers for exactly the reasons in that article. They can’t afford to pay the teachers, cops and firefighters enough to be able to afford to live in the city they serve. This becomes a real, significant problem for these cities.</p>
<p>My son just started working in NYC, but I sincerely hope that after a few years he finds a job elsewhere. The cost of living there is just too-darn-high. (And I say that from the Boston suburbs, which ain’t cheap either). He - and his potential spouse - will work their butts off to get a smallish house and pay their expenses. They could move to the south or midwest and have a much more comfortable life - a nicer house, an easier commute, and less constant worries about making ends meet.</p>
<p>In 2 families I know with underemployed children who are married with a child of their own, the parents are buying houses for their kids, so that the grandchildren can live better.</p>
<p>My niece has been living at home while working in the NYC area for 4 years. Her sister recently graduated and got a job in the same area. When I asked my sister (their Mom) if they were thinking of getting an apartment together, her voice got really cold and she asked me why they would ever want to do that. She expects them to stay home till they are married. </p>
<p>I wanted my kids out on their own so they could become their own persons, before they had to start adjusting their lives to that of a spouse. I also wanted them never to fear being on their own. (I got married straight out of graduate school.) </p>
<p>After college, S got a job hundreds of miles from home, but with several guys he knew from school. Last year, new graduate D got a job in a city where she knew no one at all. I have seen her deal with her loneliness and force herself out there to meet people and explore the opportunities the city has to offer, and in the process grow and mature so much the past year. I am so proud of them both. </p>
<p>Now if only they’d get jobs in the same area of the country, we’d move to retire nearby!!! Right now they live in opposite directions from our home.</p>
<p>I’m not seeing why we are supposed to feel sorry for them that at 27yo they can’t afford to buy a place in NYC. Also, she ran up credit card debt as an undergrad that they are paying off. Our honeymoon was a 3 hour drive from where we got married…RT airfare to Paris is at least $600 each depending on the time of year. </p>
<p>There are plenty of houses in my town under $300k - 30 min express train to NYC, then they can take subways to their jobs.</p>
<p>Sorry - call me when they are 35 and don’t spend $2500 on yoga lessons.</p>
<p>"Once he’s working full-time, he’ll live at home for a year so he can begin repaying his $20,000 in college debt, say his parents, who plan to charge him $100 a month in rent.</p>
<p>But Jake has different plans: “If I am going to pay the rent, I might as well move out of the house,” he says."</p>
<p>Wonder what kind of room he will find for $100 a month. If he thinks to rather pay another person his ‘hard-earned’ $100 than to his parent, I wonder why should his parents help this ‘wrong headed adult son’ ? I am more ****ed at his attitude.</p>
<p>I have friends–both teachers in HI. They both have been very responsible and live fairly simply but only now that they have turned 50, have been able to scrape up enough to be able to buy a place of their own–a 2 bedroom townhouse that is quite modest. They had been renting for many, many years until now, even though both have always worked full-time. In addition to working during the school year, they also work most summers as well. Both have masters degrees as well and are exceptional teachers. Housing in our state is extremely expensive–to rent or purchase.</p>
<p>OT - HImom, I recently found some 2-BR condo ocean front in Maui for $30k(lease hold until 2050) or $126K(fee simple). If I were to live full time in Maui that would be an appropriate purchase. Cheaper than a timeshare. Is Oahu more expansive than that?</p>
<p>OT–DrG
I would NEVER buy any property sight unseen. Have NEVER heard of the prices you’re talking about and it seems extremely low for our entire state. You know what they say about things that are too good to be true, they generally are a scam or not what you think they are.
Oahu rents for a regular 2-bedroom apartment (nothing fancy, not near the beach, one parking space) can easily run $2K/month or more, plus utilities. 3 bedroom, 2 bath houses that are 50-60 years old, single-wall construction and in OK condition in good suburban neighborhoods run $500,000-1,000,000 (depending on the neighborhood). If you’re on or near the beach, you need to double, triple or quadruple that.</p>
<p>njmom2011, please let me know what town you’re in so my S can look there for an affordable apartment with a 30 minute express train into the city. The town where he lives with his grandparents features $800k ranches on quarter-acre lots (but most people tear down the ranch and build a McMansion). It also comes with a 20 minute bus ride followed by a 30 minute subway ride.</p>
<p>I would like to know more about these under $300k houses in your town.
How much is the property taxes monthly/yearly?
Is it walking distance to the 30 minutes express train to NYC?
Will the couple have to take a bus to the 30 minute express train ($)?
Will the couple have to purchase a car to get to the 30 minute express train (car, insurance, maintenance and now the cost of park and ride)
Since none of these 30 minute express go to the Rockaways or Harlem (now they would have to pay to get to work from Penn Station.</p>
<p>So is the 300k house in your town really cost effective to this couple.</p>
<p>
</p>
<p>It is very possible that the $2500 she paid to become certified in teaching yoga could pay for itself in a number of ways:</p>
<p>She can stick to her original plan of teaching yoga over the summer.</p>
<p>If she works in a middle school/high school she can elect to teach class course out of license. If she chooses to teach yoga for PE as a coverage 5 days a week, she could make 5670 during the school year (31.50 per class).</p>
<p>If both of them teach in a middle/school high school, they can both elect to take one coverage a day to cover a class during teacher absence and make 5670 each for the school year bringing $11,340 before tax (pensionable $40 into their home.</p>
<p>How can you save money if you are living in the most chic area? Boerum Hill is very very expensive. They could probably pay half the rent in Rego Park, Elmhurst, Astoria etc.</p>
<p>Too many young people want it all, and want it now!!</p>
<p>So according to their website, a New York Teaching Fellow makes $45,000 in their first year out of training. Are they full time fellows? Because if they are, then they are pulling in $90,000, not paying for health benefits (or minimal $) no car payments, or auto insurance, and are only saving $1000 per month?</p>
<p>Maybe they are making half that…couldn’t find that info in their story…</p>
<p>Obviously I don’t know their personal lifestyles, but general advice if you REALLY want to save, is you scrimp, you don’t eat out, don’t go to bars or fancy entertainment, and grow up. New York is a city filled with temptations and many young people living there spend their entire salaries on rent, food and entertainment.</p>
<p>This is true, but I think that the poor economy can become a pretext for moving back home as the default option or path of least resistance for recent grads who are scared of assuming adult responsibilities and don’t know what to do with themselves. The parent sometimes has to push the baby bird out of the nest so it learns to fly. I know that if my Dad hadn’t made it quite clear my senior year that my moving home was not an option, I might well have done so because it was the easiest thing to do.</p>
<p>Re the culture thing: I grew up in the Midwest and it was extremely uncommon for grads (high school or college) to stay with mom and dad; it was considered dysfunctional, in fact. When I moved to New Jersey, I was struck by how normal everyone considered it to be. Perhaps it’s the Northern European vs. Mediterranean notions of family and parent-child relations.</p>
Isn’t it obvious? It’s what we’ve just been discussing. It’s not only culture - people in the midwest can AFFORD to move out, still save some money and move ahead with their lives. New grads in the NYC/NJ area can’t afford it. If they rent an apartment, they spend all their income on rent and commuting. </p>
<p>It’s very rare that kids end up living in their parents’ basement forever. They do eventually move out. When jobs are scarce, it takes longer.</p>
<p>You do realize that making 90k on paper does not translate to having 90k to spend.</p>
<p>Just doing the basic math</p>
<p>The DOE requires and they must pay 3% in to their retirement for 10 years (automatic deduction)
($2700)</p>
<p>In addition, they are saving 15% before taxes toward retirement ($13,500 on 90K). Isn’t this what we are always advising our kids to do?</p>
<p>This takes their 90K to ~ 73,800 taxable income</p>
<p>the feds are taking ~ 25% (18,450)
City and state taxes ~6750
Union dues for the 2 of them 2268.96
27,469 of their taxable income is now accounted for leaving them with
46,330</p>
<p>1600/month rent =19,200
30 day metro cards for 2 people 2496
savings 1000/month 12,000
33,696</p>
<p>balance =12,634 /12 months leaving them with ~ 1052/month (263/week) to health insurance (if they did not take the free option) co-payments, utilities, student loan payments, clothes, food and other misc expenses.</p>
<p>Where are they squeezing out more $. They are doing ok for 2 young people starting out</p>
<h1>56 Lafalum:Certainly cost of living is a factor in the Northeast, no doubt about it. But I was expected to support myself in the Northeast by my parents (I went to college in Massachusetts and got my first job in New Jersey) who, in their regional ignorance, insisted that I make my own way and if I couldn’t, I was to move to a place where I could. That was the deal. They did not expect me to stick around close to the family. I am surprised by how many kids in New Jersey think that there is no oxygen west of the Delaware or south of the Mason Dixon line. In hard times, you need to be open to moving, more so than when times are good. When you’re young and have no ties, then it’s possible.</h1>
<p>Edit: I’m not criticizing all recent grads who are living with family. I just have noticed that there are large regional differences in opinion about the acceptability of leaving home at a certain age.</p>
<p>Living independently is possible to do if kids have the proper mentality. Some of us were raised by Depression Era parents who did things like write on the back of envelopes, cut open toothpaste tubes and lotion bottles to access every last drop, make soups and other meals from left-overs, and live without the top of the line products. I think back to what I did when I was first starting out (much of which I still do now.) I shopped at thrift stores, I cut coupons and bought generics, I packed my lunches and cooked every night (still do), I walked instead of taking the car or public transportation, I lived without cable or satellite or Netflix (and continued to do so until 4 years ago, which meant that after 9/11 we did not even get local channels for years), etc. To this day, neither our phones nor our kids’ have data packages, which would be unthinkable to many young people today. 20 somethings don’t have to have their own luxury place–they can rent a small apartment and share with roommates. This is not always convenient, but it works just fine. Kids today want it all and want it all right now without inconvenience or too much work.</p>
<p>If they’re pulling in $90K as a couple AFTER medical insurance, they’re doing A LOT better than many people. The other people have a lot lower gross salary & still need to make most of the same deductions & expenses.</p>