Here's how much a family needs to earn to live comfortably in New York City while still saving money
New York City is indisputably expensive, but just how expensive?
Research engine FindTheHome crunched some numbers to determine what it takes to live in the electric Big Apple.
Using the Economic Policy Institute's family budget calculator - which accounts for two parents and two kids - FindTheHome created a cost of living index to compare over 600 US metros.
It then analyzed the data in New York City to determine a suggested take-home household income to live comfortably using the "50-30-20 rule" of personal finance, meaning 50% of after-tax, take-home pay goes to necessities (such as housing, food, childcare, healthcare, and transportation), 30% towards discretionary spending, and 20% towards saving.
Here's what the analysts came up with for a family of four:
- Estimated cost of annual necessities: $84,972
- Suggested annual discretionary spending: $50,983
- Suggested annual savings: $33,989
Suggested annual take-home income: $169,944
Scroll over the graphic for monthly cost estimates.
Note that these numbers are suggestions based on the available data. They are meant for a four-person family and suggest a generous amount of annual savings, which may not be preferred or possible for some families.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Rupee falls 7 paise to settle at 83.35 against US dollar
- 6 Fruits you should avoid keeping them in Refrigerator
- Vegetable prices to remain high until June due to above-normal temperature
- RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P
- 'Vote and have free butter dosa': Bengaluru eateries do their bit to increase voter turnout
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market