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Could there be anything more stomach turning than reading that in order for a family of four in New York to "live well," they'd need about $500,000 a year (after taxes) to do so? Forbes.com figured out that a family of four would need a tony address in the 10021 Upper East Side, private schools, cars, a Hamptons home, fancy vacations... The real nail in the coffin for Gothamist is that "living well" in other Northeast cities is much less pricey - which we knew, but hate having confirmed. Gothamist will have to crank the numbers on living well in a non-Upper East Side area (think the outer boroughs!), praying that the kids get into magnet schools, and summering in the Rockaways, not to mention look into pyramid schemes to start. Sigh, The Jeffersons never had these worries.
See Forbes.com's New York, 10021 living well stats. And NY magazine thinks the Upper East Side is stable for real estate, if ridiculously pricey.
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Interesting how the Forbes chart doesn't allow for savings or investments (10%? please). Without those, you're not going to be "living well" 10021 for very long.
Interesting how Forbes allows for virtually no savings or investments (10%???) It would be hard to live in 10021 for very long with that kind of investment plan....
This report should be called "The Cost of Living Lavishly" not "The Cost of Living Well." To imply that if you don't have a BMW, a $4MM apartment in the Upper East Side (gag me!), and a house in the Hamptons must mean you aren't living "well" is ridiculous. Living well is having everything you need, being comfortable, and no worries about money or the future.
There is a provision for $4,800 in savings, and I presume that the gross income figure is net of deferred compensation plan contributions. I think that a family with TWO children in 10021 would be hardpressed to find a private school that will charge $26000 for tuition for TWO children. This is closer to the figure for one child for most schools in ISAAGNY that parents in 10021 would be interested in, at least if those kids are first graders or older. There are a couple of catholic schools that charge significantly less, but they are skewing the system. The chart also does not reflect the accumulated wealth required to get past a coop board or provide the necessary down payment for the $4 million primary residence; its not like 10% does it.
This artcle (much like the one in the Sunday Business section a few months ago about how making 200k a year is the new 100k) makes me want to start setting fire to things.
my family of three seems to be doing fine for a little over 50K-- a bit of a struggle-- but we are happy--
pffffht on Forbes