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.
I’ve never been to NYC, but I live in a nearby state and ran a cost of living comparison report. My salary is close to yours in terms of comparison. It allows a middle class lifestyle - middle of the road housing, transportation, takeout once or twice a week, some hobbies, vacation once a year. I don’t have a family so you may need to be a bit more frugal.
It’s crucial to have a nest egg set aside in case you lose your job because social services are minimal. Also bear in mind that most US jobs don’t offer a pension, but instead your job likely offers a 401k or IRA. That’s usually not enough to retire on, especially if you plan on renting, so try to budget for investments if you ever plan on retiring.