How Much Money You Need in New York | Business

Sarthak Ahuja

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How Much Money You Need in New York | Business | Sarthak Ahuja

What’s the Cost of Living for a Nuclear Family in New York?

How much money would you need if you want to move to New York with your family — that is, spouse and a young child — and lead a decent life?

Here’s the monthly breakup:

Rentals will cost you about Rs 5 lakh monthly (USD 6000) for a 2-bedroom apartment in areas like Brooklyn, Jersey City (near Manhattan), or Queens. Living in Manhattan will be even higher.

Groceries would add up to another Rs 1 lakh (USD 1200), including utilities.

Transportation — if you use public transport (MTA) or a small car lease + insurance — would cost about Rs 50k (USD 500).

Childcare costs are very high — easily Rs 2 lakh (USD 2500) per month for daycare.

Eating out, entertainment and lifestyle expenses: set aside about Rs 1.5 lakh (USD 1700).

Insurance, contingencies, medical (even with employer insurance): another Rs 50k (USD 500).

Which means at least Rs 10 lakhs (roughly USD 12000) per month.

If your earning in New York is going to be less than USD 150,000 post tax annually, you may be better off staying in India and earning Rs 3–3.5 lakh per month instead.

Which is why, negotiate a pay of at least USD 200k pre-tax for both earning members combined if you want to live a half decent life.
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A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.
Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years