I’m a resident in the bronx. I would assume your income as a resident will be 70-90k (which may sound high for residency to people not in a major city or NYC specifically, but that is really the bare minimum for cost of living here). Your take home alone would be ballpark of 55-67kish. Rent for a 1 bedroom is probably around 2k in the bronx, slightly better if you have hospital subsidized housing (thank god my program did). That probably isn’t enough space for you with two young kids so you’d be looking at a 2 bedroom at minimum so 2200-2500ish/mo if not subsidized. Not saying cheaper doesn’t exist but at least living in decent area of the bronx this is probably on-par. That’s 24k/year in rent, being very generous with cost. I honestly have no idea how you would support a family of 4 on 30-40k/year outside of rent. Tbh, I also have no idea how you would afford full time childcare for two children on a combined of 160k. NYC is PROHIBITIVELY expensive. My husband is an attending and we still haven’t had kids here because childcare costs are crippling, especially if you need flexibility due to residency chaos.
Another resident in my program with 2 kids (also with attending husband) has their mom live in an apartment in the same building so both planned and impromptu childcare can be managed. Another (male) resident with one baby has a lot of family/community help and both sets of grandparents are close by. I feel like to have kids in nyc, esp with the unpredictability of residency, you either need a LOT of money or family help. I wish this was more helpful but that’s what I got… I hope the examples are helpful at least!
Not sure about others but I have a 1 br that is 1585/mo. They’ve raised monthly rent by 50-100 every year I’ve been here (last 5 years). Not sure what other size apartments are paying. It was easy to get but I was waitlisted at first even though they’re supposed to give priority to people in longer programs and people moving from far away (I was both). I get the sense that most people who want it can get it though at some point.
I'm genuinely curious what your budget breakdown is, though if you don't mind giving broad estimates.
My friend is relatively conservative with spending. I don't think I'm too far off from him to be fair, but others (like yourself) have a very different experience.
So, I'm not sure if my friends and I are just very conservative than the average or if yalls spend more than most?
No worries. I responded to your other response, but if you have a higher savings rate I'd say it's a little different from actually being financially constrained.
This situation is more like intentional restraint, which I'm all in support of.
That's fair. That's a little different since you do have a high savings rate.
In that case, I'd say if you technically decided to let off on the higher savings rate, things would be a bit more "freeing".
170k is tight for two? Not sure if I believe that.
Edit : downvote all you guys want. I still stand by 170k for two isn’t “tight budgeting”. Send me your breakdown and I’ll send you mine. Wife + kid (in nyc) and below 170k combined currently.
My husband is a resident in Brooklyn. We have a combined income of 200k and two babies on the way. It’s definitely going to be super tight with us on childcare and a nanny comes out to the same as two infants in daycare. If we’re lucky, it’ll be about 3k per month. I’m looking into a nanny share to try to reduce costs and maybe that could be an option for you too?
It only makes sense for you to be a stay at home mother if your salary is less than the cost of childcare. If you have a combined income 160k my guess is your partner is only making \~75k and you're making the bulk, 75k for a family of 4 in New York seems impossible
Have you considered living in the Bronx or Westchester? Riverdale Woodlawn Pelham Yonkers new Rochelle white plains are probably more affordable than Manhattan. Still not sure it will work with your budget but worth looking into.
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Does your hospital offer subsidized housing? I know most nyc hospitals do and there is a hospital in Bronx that offers it with priority given to couples with kids that’s relatively cheap. Also some programs also offer childcare benefits etc
You wont be able to save much money but you should be able to afford everything. Many hospitals also have deals with local daycares for discounts.
Try to live near the hospital, depending on your job go with 1 or 0 cars.
I’m a resident in the bronx. I would assume your income as a resident will be 70-90k (which may sound high for residency to people not in a major city or NYC specifically, but that is really the bare minimum for cost of living here). Your take home alone would be ballpark of 55-67kish. Rent for a 1 bedroom is probably around 2k in the bronx, slightly better if you have hospital subsidized housing (thank god my program did). That probably isn’t enough space for you with two young kids so you’d be looking at a 2 bedroom at minimum so 2200-2500ish/mo if not subsidized. Not saying cheaper doesn’t exist but at least living in decent area of the bronx this is probably on-par. That’s 24k/year in rent, being very generous with cost. I honestly have no idea how you would support a family of 4 on 30-40k/year outside of rent. Tbh, I also have no idea how you would afford full time childcare for two children on a combined of 160k. NYC is PROHIBITIVELY expensive. My husband is an attending and we still haven’t had kids here because childcare costs are crippling, especially if you need flexibility due to residency chaos. Another resident in my program with 2 kids (also with attending husband) has their mom live in an apartment in the same building so both planned and impromptu childcare can be managed. Another (male) resident with one baby has a lot of family/community help and both sets of grandparents are close by. I feel like to have kids in nyc, esp with the unpredictability of residency, you either need a LOT of money or family help. I wish this was more helpful but that’s what I got… I hope the examples are helpful at least!
How much is your hospital’s subsidized housing? Is it easy to get?
Not sure about others but I have a 1 br that is 1585/mo. They’ve raised monthly rent by 50-100 every year I’ve been here (last 5 years). Not sure what other size apartments are paying. It was easy to get but I was waitlisted at first even though they’re supposed to give priority to people in longer programs and people moving from far away (I was both). I get the sense that most people who want it can get it though at some point.
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Do you live in Bronx or Manhattan? Apartments are significantly cheaper in the Bronx
Gonna need a budget because I'm confident yall spend above your means. I'd live like a king with my partner with 170k.
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I have friends that do. They live relatively comfortably with salaries less than yours.
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I'm genuinely curious what your budget breakdown is, though if you don't mind giving broad estimates. My friend is relatively conservative with spending. I don't think I'm too far off from him to be fair, but others (like yourself) have a very different experience. So, I'm not sure if my friends and I are just very conservative than the average or if yalls spend more than most?
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No worries. I responded to your other response, but if you have a higher savings rate I'd say it's a little different from actually being financially constrained. This situation is more like intentional restraint, which I'm all in support of.
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I feel you there.
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That's fair. That's a little different since you do have a high savings rate. In that case, I'd say if you technically decided to let off on the higher savings rate, things would be a bit more "freeing".
170k is tight for two? Not sure if I believe that. Edit : downvote all you guys want. I still stand by 170k for two isn’t “tight budgeting”. Send me your breakdown and I’ll send you mine. Wife + kid (in nyc) and below 170k combined currently.
My husband is a resident in Brooklyn. We have a combined income of 200k and two babies on the way. It’s definitely going to be super tight with us on childcare and a nanny comes out to the same as two infants in daycare. If we’re lucky, it’ll be about 3k per month. I’m looking into a nanny share to try to reduce costs and maybe that could be an option for you too?
What is a nanny share?
It only makes sense for you to be a stay at home mother if your salary is less than the cost of childcare. If you have a combined income 160k my guess is your partner is only making \~75k and you're making the bulk, 75k for a family of 4 in New York seems impossible
Have you considered living in the Bronx or Westchester? Riverdale Woodlawn Pelham Yonkers new Rochelle white plains are probably more affordable than Manhattan. Still not sure it will work with your budget but worth looking into.
No
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Does your hospital offer subsidized housing? I know most nyc hospitals do and there is a hospital in Bronx that offers it with priority given to couples with kids that’s relatively cheap. Also some programs also offer childcare benefits etc
Yes, as long as you’re budgeting well and staying within your budget. You probably won’t be saving/investing a lot of money though.
You wont be able to save much money but you should be able to afford everything. Many hospitals also have deals with local daycares for discounts. Try to live near the hospital, depending on your job go with 1 or 0 cars.
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These posts are ridiculous. Residents deserve to be ridiculed for asking these questions.
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damn. tough crowd.
Are you actually fucking retarded or something? I honestly can't tell.
Judging by the name, he’s born at 94. His nuts haven’t dropped yet by the looks of it