Ok, I'll revise my statement: it doesn't make sense to live in Manhattan if you're not making at least $200k/year consistently and you're over the age of 30.

It might make sense if you're 24 and you're happy living with roommates in a $3k/month studio that has been converted into a 3-bedroom (which I have actually seen).

And if you want to have a family with 3 kids, then you'd better be pulling down $800k annually.