NYU/Columbia/UCLA Cost of Living

Question

Ever since the markets tanked, I have def become more frugal. Never did I think about cost of living when determining what school I would like to apply to. I do not know where the markets will be in 2 years and do not want to take on 20k in extra debt.

My question is for current and prospective NYU, Columbia, & UCLA students. Based on your experience and research, how much more does it cost to live in these regions? If a nice Chicago 1 BR costs $1500 and I would spend $1000 per month on "other" expenses like food, what would this $2,500 number turn into in NY & LA? Is is worth considering when making school decisions?

agold · Answer

LA is overall cheaper than New York, by a decent margin. However, you will need to own a car, insure it, and pay for gas. Cars are a necessity in LA.

Rubashov1 · Answer

Your definition of a "nice" 1 bedroom in New York will probably have to change. I would guess $2,200-$3,500 for your current standard. Living alone in Manhattan is very pricey.

kidderek · Answer

hahahaha So true.

agold · Answer

Agreed. You're not going to have a new construction, full service building with marble baths, granite/stainless kitchen, etc. in Manhattan. Unless you want to pay $3500-4000 for a 1BR.

You can get a luxury 1 Bed like this in a prime Westside LA neighborhood for approx $2000-2500.

Tarmac · Answer

Even factoring in a car, NYC will be far more expensive to live in than any other location.

I honestly believe all the other major city locations are comparable to each other: Philly, Chicago, Evanston, Berkeley, Palo Alto, etc. There are expensive aspects and reasonable aspects about each place. NYC is on another level.

solaris1 · Answer

I would consider 170k to be a good 2-year budget for NYU or Columbia in 2009. That's what I personally anticipate having to shell out if accepted to either school.

isa · Answer

I've done some financial planning/estimates too but man, those budgets just make me cringe :shock:

solaris1 · Answer

lol, ac. my current professional situation and lack of allround intellectual stimulation make me cringe even more, so I know that 170k will be money well spent.

agold · Answer

Does this include things like international trips, vacations, drinking, dining out, etc. etc. ?

I expect to allot somewhere between 150-170 for Chicago or Tuck, with all of the above included.

refurb · Answer

My thinking exactly!

RF

solaris1 · Answer

It allows for "moderate" socializing, terp06, an apartment shared with 1-2 roommates, and my internship earnings going towards funding study trips, spring break etc.

Tarmac · Answer

The biggest difference in NY that you will notice is the rent. You will pay at least $1000 more per month for a comparable apartment even compared to a high-rent place like Palo Alto. So, you have a $12,000/yr difference in budget due to rent alone.

I would consider the minimum to be about $30,000 in cash, per year, for rent and other expenses in NY. If you are an experienced professional and have "standards" that you won't go below for housing, you can bump that up to $40k.

I don't think you can do NYC on something like 20k per year in cash.

agold · Answer

I was thinking that someone could live pretty comfortably with roommates and have an active social life on approx. $3500/month in Manhattan. Is this incorrect?

isa · Answer

Same goes for me - I'm looking forward to leaving my current job! This will also be the first time I have to take on signif loans (scholarship for undergrad, parents covered room/board/fun) so that makes me a bit nervous too

Tarmac · Answer

if that is in cash, i.e. the amount of money you have coming in, it is probably enough. It's low if that is your pre-tax salary.

solaris1 · Answer

Is that what you meant, terp06? Or $3,500 in disposable income just for rent + utilities and socializing, which is a pretty nice amount.

Otherwise Tarmac is right, $3,500 in monthly take-home (even after taxes) is NOT conducive to an "active" social life in Manhattan, assuming you want something left over at the end of the month.

kidderek · Answer

Just going back to the 1br comment: I met a student who was rooming with his classmate. Their arrangement: 1br, he gets the living room (as his bedroom) and she gets the bedroom, $1200 each.

fyi: they're not a couple.

expect a similar arrangement

solaris1 · Answer

That's just insane, there's perfectly nice 1-bedrooms to be had for $1,200 in Long Island City. Just across the river.

agold · Answer

I meant $3500/month for an MBA student who is draining their savings/taking on debt. So, yes net, not gross. I understand that it's nearly impossible to live off $42000/year in Manhattan.

NYU/Columbia/UCLA Cost of Living

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