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Comment by woojoo666 | Hacker News Reader

I found a website that says average cost of living in New York (for 1 person) is $3200/month. That's around 40,000 per year. If the electrician is making 80k, that would mean they could save 25k/year after taxes and living expenses. 8 years of work and they would have 200k, enough for a down payment right? And this is assuming they live in new york, one of the most expensive places in the world

[1]: https://livingcost.org/cost/united-states/ny/new-york

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Sure, if you save every cent and commit to being single without children for 8 years. But if you go to the dentist, drop your phone on accident, find an S/O, go to the gym, eat out every once in a while, buy some new clothes, pay off student loans, ...

It's just very silly to find a website, grab a number, and then conclude that saving 200k in 8 years is realistic

I think the living expenses include health expenses, but other expenses like phones and travel probably not

I doubt this hypothetical person making $80k has a Cadillac health plan. They could definitely be looking at costs like $1500 for a dental crown and $1000 for an MRI before they hit their deductible.

These numbers don't add up. Someone making $80k in NY will be paying at least 15-20% in taxes. This hypothetical person would have a max of like $400 a month for all their non-housing living expenses. That isn't happening in a high COL state like NY.

I assumed 15% taxes, so 80k - 15k (taxes) - 40k (living expenses) = 25k

I guess I misread what you said. I would have sworn you said housing expenses and not living expenses.

I'm sure there are plenty in NY that pay $3200 for just housing, so you wouldn't be far off

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