[akjainaj]

>With 1% income in nyc, you can't even raise a family in decent life style.

I don't know much of NYC but isn't it... huge? I'm sure that there are parts of it far away from Manhattan that aren't shitholes and where you can live with a "normal" wage.

[popobobo]

I've known some 1% commuting 3hrs round way. Just because the "aren't shitholes" area could be really far away. Plus after tax 600k will turn into 350k.

[akjainaj]

So you literally have to be a millionaire to live in Manhattan?

[sotojuan]

If you want to own property in Manhattan probably, or at least close to it.

If you want to own property elsewhere (Brooklyn, Queens, SI, Bronx), you need to be upper middle class and have some savings—no millions needed though unless it's some super prime location.

The 1% that commute long hours to Manhattan do it because they want to live in their large Long Island or upstate estates/houses, not because they can't afford Manhattan. If they wanted to be close to work, they'd just have to live in a smaller house/condo without a large front lawn or private pool.

Millions of families live "decent" lifestyles in NYC all the time without being millionaires.

[leakybit]

I think that's pushing it a little. With a $1,000,000 mortgage 30 year @ 4.0% APR, that payment would be $57,288/year + $5,000 property tax/year. So someone with mid 200,000/year salary could afford it.

[sotojuan]

That's fair, haven't really delved into NYC real state. That said, I've never seen or heard of a property (condo, house, apartment, etc) for a million in a desirable Manhattan location. Even in Park Slope or Sunset Park in Brooklyn you go over the million mark quick.

[jandrese]

The 1% cutoff is about $400k/year. If you want to live in lower Manhattan that sounds about right. Upper Manhattan has a bit more opportunity, but even then you're looking at old and tiny apartments for your family.

[JumpCrisscross]

Friend just bought an apartment in the East 40s for less than $300,000. That's a $60,000 down payment he saved from his ~$100,000 salary over six years. With taxes, HOA, PMI, et cetera he is paying $2,500 (20 year) to $2,800 (30 year) a month, or about 30% of his pretax salary. It's a stretch, but it's totally doable.

[rmxt]

Probably important to note that for $300,000 in the East 40s of Manhattan, you're almost undoubtedly getting a co-op and not a condo... meaning you aren't getting "ownership" in the traditional American sense of "owning one's own home".

See here: http://streeteasy.com/condos/midtown-east?sort_by=price_asc

Cheapest studio condos go for upwards of $500k.

[popobobo]

Yeah, now he just needs to squeeze his future wife and possible children into a 500 sqft studio. I am glad he sorted out everything.

[tricolon]

I'm afraid that you are greatly overestimating the size of a Tudor City studio. The reality is less than 300 square feet for just over $300K.

[chatmasta]

If you want to own your property, yes definitely.