Even Mickey Ds costs more in Manhattan
One of the most e-mailed New York Times’ articles today just happens to be the one I read first when I settled onto my chaise, balancing a big bowl of bran with bananas, raisins and 2% milk in hand while knowing I’d be safer at the dining table. The headline grabbed me: You Try to Live on $500K in This TownThe story basically shows how it is impossible for bank CEOs in New York to live on $500,000, which President Obama wants those top execs whose companies accept government bailout money to do. While I could easily live on $500K in New York (BTW, that translates to $269,000 after taxes), I am single and childless, attend a low amount of charity functions and there’s always a MetroCard in my wallet.While it is not impossible for a bank CEO with a mortgage, a non-working spouse and a child to do the same, it would be asking a lot. Then again, asking for a $20 billion bailout is asking for a lot too.If a CEO has to do without a couple of expensive vacations in 2009 (can’t he find a friend whose place he can use?), the missus has to count her own reps while she works out instead of having a personal trainer do it for her, the nanny has to be laid off (can’t the mother take care of the kid if she’s not employed?), at-home pedicures and manicures become de rigeur, designer dresses at $15,000 a pop have to, gasp, worn two or three times, yank the kid out of private school and put in public school for a year (think of the benefits of the real education he or she will receive), and make some other cutbacks here and there.We all understand that a bank CEO is accustomed to certain accoutrements, such as a car and driver and expensive clothes, but these aren’t normal times. We’re in a recession. We all have to suffer and bank CEOs should be no different, especially after what has happened to the economy on their watch.What I found really interesting about this article is that the Center for an Urban Future, a non-profit research group in Manhattan, estimates it takes $123,322 to enjoy the same middle-class life as someone earning $50,000 in Houston. New York is a great place to live but it comes at a steep price. The other day I received a book of coupons for McDonald’s, where I haven’t eaten in nearly a year but could be tempted to with the right coupon. A 20-piece chicken McNuggets is $3.49 with coupon. Except for in Manhattan, where it is $3.99. One can get a McSkillet burrito extra value meal for $1.99. Except in Manhattan, where it is $2.99. All this 50 cents here, $1 here quickly adds up for Manhattanites. I don’t know of one employer who offers to pay an employee more if they live in Manhattan instead of the Bronx.I sometimes wonder how much longer I’ll need to tough it out in New York. I moved here because it’s the media capital and figured if I can’t expand my publishing network here, then I need to enter a new industry. It paid off as I transformed myself into a bonafide lifestyles writer and landed a book deal, thanks to attending events and networking. It’s been worth it. But for how much longer, I’m not sure.I have no desire to move anywhere without a great public transportation system because if I have to buy a car then I might as well stay here. A car payment, insurance, gas, car repairs, valet parking, parking tickets, speeding tickets, worrying about whether your car is safe where you left it and road rage- all that adds up too. Which is why New York is my best bet for now, as expensive as it is. Of course if I made $500,000 annually, I’d have no need for a McDonald’s coupon book, which by the way didn’t offer one deal for a salad.
