How Far Does a New York Dollar Go? [Part II]

(This post continues off of my previous one, How Far Does a New York Dollar Go? [Part I].)

If you’re seeking to live a well-off lifestyle in New York City when you get older, you better plan to have a very well paying job and marry rich. (This goes for guys and girls.) A New York Times article called “You Try to Live on 500K in This Town” explains just how expensive New York can be. After calculating costs of private school, mortgage, nanny, and co-op maintenance fees, the article states, “We are already at $269,000, and we haven’t even gotten to taxes yet.” Now, the expense listed in this article may seem a tad excessive to some, but to many in New York, these things are parts of the lifestyle they are accustomed to.

The Value of a New York Dollar

New York’s high cost of living is partially due to it’s low dollar value. In a New York Magazine article, “The Value of a New York Dollar,” the New York dollar was stated as being worth only 76 cents. That measly amount was calculated back in 2006, was when the article was published. Because of a number of factors, including regulations and zoning, housing caused the dollar’s value to drop 14 cents. Taxes drag its value down 5.6 cents, while basic costs like the higher prices in New York, decrease it even more by 4.4 cents. These are all further explained in the article, as well as the difference in lifestyle costs and wages.

Advertisements

What Do You Think?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s