It is natural to think that you might not be making enough money, especially when everyone around you seems to be making more. Moreover, if you are just beginning your career, it can be hard to make sense of the money. What does 100k per year mean? Is 100k a good salary for somebody just getting started? To find out the average compensation in nyc, we have to answer some important questions first: what is an average salary? and how much does it cost to live in nyc vs other places in the U.S.?
100K is a good salary in NYC, but it’s not great.
According to the Bureau of Labor Statistics, median household income for New Yorkers is $56,480. That means half of New Yorkers make more than 100K and half make less.
So if you’re making 100K and are in the top half of earners in NYC, then yes, it’s a good salary. But if you’re making 100K and are in the bottom half of earners in NYC, then no, it’s not a good salary.
Is 100k a good salary in nyc
Introduction
If you’re an entry-level employee in the New York City area making $100k a year, congratulations! You’re doing much better than most of your peers. But if you’re older and more experienced, this salary is probably below average for your position. Here’s how to tell whether you’re being fairly compensated based on where you stand in your career.
Yes, you can live in NYC on 100K a year. There are plenty of people who do it. You might not think that’s possible because of how high the rents are here, but I can tell you from personal experience that I have friends who make $100,000 a year and still have a reasonable lifestyle.
Yes, you can live in NYC on 100K a year. There are plenty of people who do it. You might not think that’s possible because of how high the rents are here, but I can tell you from personal experience that I have friends who make $100,000 a year and still have a reasonable lifestyle.
Here’s what you need to know:
- Living outside of the city will save you money. The suburbs are much cheaper than living in Manhattan or Brooklyn. Many people who want to live in NYC decide against it because they think they can’t afford it—but if you live outside the city limits, your commute becomes much shorter (which saves money on transportation) and your rent will be lower (which means more money for fun things).
- Roommates are always an option if you’re looking for roommates but don’t have any friends with whom to share an apartment yet; they’re also good if your salary is close to 100K and having someone else share expenses would allow both parties some financial flexibility after paying rent/mortgage costs each month (e.g., one could get groceries while another buys extra clothes). In fact, one study showed that millennials would rather live with roommates than delay marriage because of economic reasons like high living costs! So maybe this isn’t ideal for everyone but definitely worth considering when making big decisions about where/how long
The answer is yes, though Manhattan is expensive and you may need to get roommates or find a cheaper neighborhood to afford rent. Brooklyn has lots of nice areas with reasonable rents.
Rent is the biggest expense in NYC, so it’s important to find a place that fits within your budget. If you’re looking to live alone and not share an apartment with roommates, then the farther away from Manhattan you can get—and still be close enough for public transportation—the better. Queens and Brooklyn are both good options because they’re cheaper than Manhattan but still have easy access to subways or buses that will take you into Midtown or Downtown every day.
If living with roommates works better for your lifestyle, then look at cheaper neighborhoods like Bed-Stuy or Crown Heights in Brooklyn; Astoria, Jackson Heights, and Corona in Queens; or Mott Haven in The Bronx (all of which are considered part of greater “Southside” by locals). You’ll probably spend less per person on rent here than if everyone decided they wanted separate apartments closer to Midtown/Downtown Manhattan
$100k is a livable salary for a single person in NYC… for about 20 years. Once you’re ready to marry and start having kids, it will be tight on 100k especially if you don’t have family support or extended family in town.
100,000 dollars a year can be a livable salary for a single person in New York City. You’ll want to budget carefully and stick with public transportation or ride sharing services when possible. Keep your eye on the cost of living in New York City, which is higher than other parts of the country because rent tends to be higher there as well.
You can live pretty comfortably on 100k in NYC (and some argue 250k) but that doesn’t mean you always will be comfortable. It depends on your situation and what you consider comfort to be.
To answer this question, you have to know your financial situation and how much money you need to live comfortably.
If you’re living in a studio apartment with one roommate who works as a barista on weekends, then 100k might be plenty for your needs. But if you have an expensive apartment with three roommates who work full time at tech companies in Silicon Valley, then that same amount of money will not suffice and may even put you in debt if it doesn’t cover all of your expenses.
The most important thing to keep in mind is what’s comfortable for YOU—not what others consider comfortable or what we think they should consider comfortable. If living frugally on $100k per year makes sense for someone’s goals and lifestyle, then it’s fine even if others would deem that too low a salary (and vice versa).
Conclusion
If you’re starting the job search in New York City, or thinking about moving there, keep this information in mind. Whether it’s your dream city or just a backup option for when things don’t work out elsewhere, knowing how much money you need to earn—and what kind of lifestyle you can afford—will help make your decision easier.