[quote=patb]He’s got between 3-400K in debt and it appears he’s been living with girlfriends, etc his whole life.
If he chooses to buy a house the median 2 BR apt in Manhattan is 1.27M
So Figure he’s looking at 1.7M in debt service.
That’s almost 100K/year in Debt Service.
Median First Year Associate salary was running 170K plus 30K bonus.
with pay down, figure it’s 170K now.
add 33% Income tax figure he’s looking at making 100K Net.
So i fhe wants an apartment, he’s looking at living on 10K.
Even if he rents a place it’s still going to be miserable.
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but he does not have to buy a 2 BR in Manhattan. NYC is nice in that it has an awesome public transportation system that allows you to commute to Manhattan from anywhere in the five boroughs and from some parts of NJ under 45 minutes. Raise the limit to 1 hour one way, and he can commute from inner Connecticut (Greenwich, Stamford). An hour commute on a high speed train from Stamford to Manhattan is far more pleasant than an hour commute from Temecula to Sorrento Mesa.
A 2-br aparment in a remote (but still good) part of NYC could cost him 500k or even less.
Now, of course, there’s a certain amount of unavoidable miserableness (miserability? what’s the right word?) associated with living in NYC when you’re 47.
