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londonlawyer
November 29th, 2005, 08:56 PM
Manhattan salaries soar past national average
by Catherine Tymkiw
Manhattan employees have the highest average wages in the country, according to a report today by the U.S. Labor Department.

Rebounding employment boosted average weekly wages by 5.8% in the first quarter to $2,025 -- two-and-a-half times higher than the national average of $775. Weekly salaries in the financial sector averaged $6,199.

The report said Manhattan had the 12th highest growth among the 322 counties with more than 75,000 jobs.


Weekly wages in the city's other boroughs were below the national average and growth there lagged.

“The haves are getting more and the have-nots aren’t seeing a lot happening,” said Martin Kohli, a regional economist with the Bureau of Labor Statistics.

After finance, Manhattan’s information technology workers earned the second-highest average, with $2,238 per week. The lowest paid workers were in the leisure and hospitality sector, with weekly pay averaging $678.

Bronx weekly wages rose 2.2% to $705, Queens salaries grew 1.9% to $759, Staten Island salaries edged up 0.8% to $664 and Brooklyn wages slipped 0.3% to $660. “The recovery, to the extent we’re having a recovery in the outer boroughs, is a jobs recovery more than a wage recovery,” said Mr. Kohli.

New York came in sixth among the 50 states in terms of wage growth. Weekly salaries rose 3.7% to an average $1,096.

©2005 Crain Communications Inc.

Schadenfrau
November 29th, 2005, 09:46 PM
Those numbers seem pretty sketchy. Most people are earning more than $20 an hour?

Ninjahedge
November 30th, 2005, 08:52 AM
lets eliminate anyone earning more than $200,000 a year and see where the numbers fall.


Or, to be fair, eliminate the top 5% of the people and the bottom 5% of the people and recalculate everything.

I hate when they use the mean instead of the median.

londonlawyer
November 30th, 2005, 12:11 PM
To be honest, $200,000 per year is not a lot of money in NY. If you make that amount, you can't afford to buy a 2 bedroom condo in Manhattan, and under no circumstances, could you afford a 3 bedroom condo. You also could not afford to buy a modest house in a top town like Scarsdale, Bronxville, Greenwich, New Canaan, Sands Point, etc.

londonlawyer
November 30th, 2005, 12:26 PM
PS: Could someone post this on skyscrepapercity.com and skyscraperpage.com? People on those forums freak out when they hear how much more money one can make in NY than in SF and London. It's hilarious. They banned me from both forums because they did not want to hear this fact.

lofter1
November 30th, 2005, 12:41 PM
“The haves are getting more and the have-nots aren’t seeing a lot happening,” said Martin Kohli, a regional economist with the Bureau of Labor Statistics.
Wish I were one of "the haves" :cool:

Ninjahedge
November 30th, 2005, 01:28 PM
To be honest, $200,000 per year is not a lot of money in NY. If you make that amount, you can't afford to buy a 2 bedroom condo in Manhattan, and under no circumstances, could you afford a 3 bedroom condo. You also could not afford to buy a modest house in a top town like Scarsdale, Bronxville, Greenwich, New Canaan, Sands Point, etc.

In all fairness LL....

How many people that live in NYC (own) WORK in NYC? (Multiple residence celebrities and the like not counted).

What does that work out to be in regards to the percentage of workers in NYC (total)?

SF is rated as more expensive than NYC. Comparing affordability of purchasing property in an urban area is not exactly an accurate measurement given the diversity of areas and the gross inflations caused by the housing bubbles.

I don't care if you can't afford to buy something in NYC if you "only" earn $200K/yr, $200K is kind of a line drawn in the sand., There are few that make it to that point that do not shoot right past it. You could say $150K or $300K and you would not see much of a difference in the % of people that fall in that category.

People, not families.

So I was just drawing a line on the accountants sheet saying eliminate the people that are obviously on one side of the bell curve, they run the "average" for everyone.

Azazello
November 30th, 2005, 08:45 PM
To be honest, $200,000 per year is not a lot of money in NY. If you make that amount, you can't afford to buy a 2 bedroom condo in Manhattan, and under no circumstances, could you afford a 3 bedroom condo. You also could not afford to buy a modest house in a top town like Scarsdale, Bronxville, Greenwich, New Canaan, Sands Point, etc.Not only not-quite true, but not true at all.

In my building (co-op) here in Manhattan, you can get a 2-BR with a Hudson River view at that salary - today (a 3-BR five years ago :D ).

Friend bought a three/four-level split-level house, 3 BR for a bit under $500K in Bronxville, last year August. He's a high school math teacher so no way he makes over six figures (actually, I make more than he does, and I don't make over six figures :cool: ).

londonlawyer
November 30th, 2005, 08:53 PM
I said condo -- not co-op. Your friend is full of it. Houlihan Lawrence is the biggest broker in Bronxville. Check out their listings for Bronxville (not Yonkers/Mt. Vernon with Bronxville P.O.) at www.houlihanlawrence.com.

Azazello
November 30th, 2005, 09:06 PM
Don't know what the difference is between co-ops and condos in Manhattan when it comes to selling price. Are you implying that someone who makes 200K would not want, or cannot afford, to live in a co-op?

Yes, I do know Bronxville geography, thank you very much. His place is there; he teaches at Scarsdale High. If you want, come with me to his house, see for yourself! (Sorry, no middle-finger smiley, so take this :p )

londonlawyer
November 30th, 2005, 11:24 PM
There's no need to be offended. I'm simply telling you that there are no houses in Bronxville for $500,000. Find one on the internet and post it if you think they exist. They don't.

Furthermore, with respect to my point that $200,000 is not a lot of money in NY, consider that a husband and wife, both of whom are teachers in Westchester and have taught for 14 years (i.e., have reached the top of the pay scale), will have an income of about $200,000.

Ninjahedge
December 1st, 2005, 08:44 AM
There's no need to be offended. I'm simply telling you that there are no houses in Bronxville for $500,000. Find one on the internet and post it if you think they exist. They don't.

Furthermore, with respect to my point that $200,000 is not a lot of money in NY, consider that a husband and wife, both of whom are teachers in Westchester and have taught for 14 years (i.e., have reached the top of the pay scale), will have an income of about $200,000.

Now consider a single White Male earning that.

Is that a lot of money?

HELL YES!

Schadenfrau
December 1st, 2005, 05:42 PM
There's nothing wrong with living in Larchmont, New Rochelle, or anywhere else as opposed to Bronxville.

Believe me, I spent four years in the heart of that town and two more on the outskirts. Unless you're worried about the quality of public schooling, you're dealing with irrational snobbery.

Ninjahedge
December 1st, 2005, 06:17 PM
There's nothing wrong with living in Larchmont, New Rochelle, or anywhere else as opposed to Bronxville.

Believe me, I spent four years in the heart of that town and two more on the outskirts. Unless you're worried about the quality of public schooling, you're dealing with irrational snobbery.

Since when has snobbery been rational? :confused:

Schadenfrau
December 1st, 2005, 06:50 PM
Never, but it's especially irrational on this thread.

londonlawyer
December 4th, 2005, 11:24 PM
There's nothing wrong with living in Larchmont, New Rochelle, or anywhere else as opposed to Bronxville.

Believe me, I spent four years in the heart of that town and two more on the outskirts. Unless you're worried about the quality of public schooling, you're dealing with irrational snobbery.

No one said that there's anything wrong with living in New Rochelle, Mt. Vernon, Yonkers, etc. My point was that $200,000 is not a lot of money in NY and that is demonstrated by the fact that a first time homebuyer with a $200,000 income could not afford to buy a house in a top town like Bronxville. There's nothing snobbish about that.