<p>I've heard that a $100k salary in NYC is equivalent to around $50k in smalltown America. Granted, some things aren't quantifiable, but for the sake of simplicity, what do you think of this comparison?</p>
<p>Let's say, between Jim ($50k in a town) and Bob ($100k in NYC), with both living typical non-extravagant lives, how much would each have in <em>savings</em> after a year?</p>
<p>I have seen that the typical 1BR apt in NYC can easily cost $2000/month. How does a low wage earner live? I'm assuming places like gas stations and small restaurants don't pay more than $10/hr, in NYC?</p>
<p>depends on where u live. i live in brooklyn (around 30 - 40 mins to downtown manhattan if there's not a lot of traffic). 2BR apt $1300. EVEN if you do live in "smalltown america" You will still work in a fairly big city but the proportion (income / cost of living) will be pretty much the same if not greater if youre in a top market NYC LA etc</p>
<p>The really low wage earnings live in the outer boroughs or in tough parts of Manhattan and share a small space with lots of other people. Or, if they are lucky, they get an apartment in a housing project, where crime is often high, but the rents are low. Or they may qualify for programs like Section 8 and others which help low income people pay rent. </p>
<p>Even young people who have graduated from college share apartments.</p>
<p>That's true, living in New York City does cost about twice as much as places like Hoston or Dallas, but that's made up for with higher salaries. Minimum wage in the state of New York is significantly higher than the federal minumum as well. There are poorer neighborhoods, especially in the outer boroughs where thoe who can't afford rent most places in Manhattan live. There are also areas with subsidized housing ("projects"). Most students and young professionals either share small apartments or commute, often from New Jersey. I know someone who will be working in Brooklyn who is going to be living in Hoboken next year. That is definitely an important thing to remember before taking the big job in NYC, a lot of that mone will go to living expenses and taxes, significantly higher in NY than in most other places in the country.</p>
<p>I actually asked my attorney coach something along these lines and from what he said I garner that Bob would have more savings after a few years.</p>
<p>What he told me is that many lawyers will work in NYC for just two or three years to save up loads before moving to a smaller, more average place to work. The big difference between NYC and other towns, according to him, is the stress level. You'll have more money in NYC, cost of living accounted for, but the work level is ludicrous. Lawyers there will literally live in their offices for days at a time. So after said lawyers rack up reserves, they'll move out to a quieter life.</p>
<p>Again, though, this is only the observation of one attorney.</p>
<p>Your career and salary will advance faster in NYC than in St Louis.</p>
<p>So whereas after 5 years the NYC lawyer might make $250k-$300k or so (since biglaw kids start at $145k base, I heard about $175k all in) the St Louis lawyer might only make $125k. And the NYC guy definitely has an advantage when going inhouse due to the higher profile work.</p>
<p>Oh Battery Park City, the good old days of High School (actually my HS was 10282). I also think that 303.9 is way too high. The number I've heard quoted most often (citywide average) is slightly over 200 (210 or so). But compare that to Austin, Texas which is under 100 I believe and the difference is vast.</p>
<p>A big factor in the cost of living in NYC is that state and city income taxes are high relative to other major cities and other states. If you purchase an apartment or eventually a home, property taxes are also incredibly high.</p>
<p>one thing to consider is that your loans will be the same whether you go to NYC after law school or to a place like Houston (whose cost of living is about half of NYC's). However, with NYC's top firms paying $160,000 and Houston's top firms paying $115,000-$140,000 for first year associates, you're probably still better off in sheer cost-of-living terms in a less expensive market.</p>
<p>Another issue is that some cities have regional specialties. For example, Houston's probably better for oil & gas, Milwaukee has some firms with ethanol practices, there's lots of IP work in the Bay Area, I bet Hartford has a lot of insurance lawyers, and Boston probably has a bunch of attorneys doing higher education law. So if you have an interest in a somewhat esoteric field, it's not as simple as "where should I practice if I want the most money," but "where can I practice?," or at least "where can I practice and work on the most interesting/high-profile cases?"</p>