I’ve been offered a transfer from London to NYC, and have been offered a salary of $220k. My wife is going to take a year out of work to care for our infant daughter, so this money will be our full income as a family.
The American system confuses me hugely. Following most calculators, it sounds like we will have roughly $11k a month. If we assume $4k a month on rent somewhere roughly 45-60 mins from Broadway, is $6-7k enough for a family to live on, including stuff like healthcare for the entire family through work?
This might be a silly question, but will we have a comfortable/good time in NYC or NJ on this salary? Will my wife be able to afford to take my daughter out for stuff like swimming lessons and baby classes, and will we have enough to afford stuff like flights home to see family in the UK? I’ve spoke to a few people at work, and we’ve had ranges from “wtf half a mil is lots!” to “wtf you’ll be limited to NJ and won’t be able to take vacations”, so it would be good to get more perspectives.
Don’t be fooled by maps. Bridges and tunnels back up quickly, and trains are occasionally delayed. Expect your commute to be double whatever Waze is currently estimating, and some days you will be pleasantly surprised that it only takes that long.
Also, $4k a month for rent is not going to get you very much within that radius. You can find a 1 bedroom, maybe a small 2 bedroom flat, but I would budget for $5k if you definitely want a separate room for the baby.
$220k is a lot of money. Congratulations on your success. But if you work in NYC, it won’t feel like a lot of money. On the other hand, living there is an experience unlike anywhere else in the world. You might love it, you might hate it, but at least you’ll never have to wonder about it.