Saving, Moving, Living?

Question

Hello,

I currently live in oklahoma. The living cost here is very great indeed but i need to move. New york is my destination. I need to know how much you might save to move there? Im in school to be a registered nurse im expecting to make 54,000 to 65,000 range depending on location and area of expertise. It will be just me as of now no one will be coming with me. I have $26,000 in savings.

I've visited the city many times and cant wait to live there Also if this is needed i want to lie in manhattan. I dont know if it could be reality or not so just let me know what you guys think. :)

Answer 1

There may be other motives involved, but it is a very bad move in terms of finances.  A recent article on realtor.com listed NYC the worst city for building wealth.  Also, a quick check using bankrate.com's calculator shows that a $56,000 salary in NYC would be an equivalent standard of living to a $24,000 salary in OKC.  Since nursing is in high demand, I would consider other, lower-cost areas, as well.  I would also recommend an extended vacation there to determine if the culture is worth the financial burden to you.

Good luck!