Brooklyn Lifestyle Costs
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Sam Parr shares his analysis of the costs to live his desired lifestyle in Brooklyn after walking through fancy neighborhoods.
"I went on a long walk around fancy neighborhoods in Brooklyn and started looking up houses on Zillow. I found a home I wanted to buy - a 3,000 square foot brownstone in Cobble Hill for $5 million. Here's what it would actually cost:
- $1.1 million for down payment
- $20,000 monthly for mortgage and interest
- Additional $2-3,000 monthly for maintenance
- $50,000-150,000 to furnish it properly
- $40,000-50,000 yearly for a nanny
- $30,000 yearly for food
It adds up to about $600,000-700,000 per year in expenses. But here's the kicker - in Brooklyn or Manhattan, if you're making over $1 million, half goes to taxes. So to spend $600,000 a year, you need to make $1.2 million just to break even.
I talked to two friends who live nearby - one spends $500,000 a year, another spends $800,000 (though that includes a vacation home in Rhode Island). Without the vacation home, they spend around $650,000 a year.
When you walk these streets and see a fancy house every block, it's crazy to think about how so many people afford this lifestyle."
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.