From Publisher’s Weekly:
Macmillan Publishers will increase its entry-level base salary to $47,500, effective April 1. Additional adjustments will be made to current salary bands to reflect this change. The previous starting salary was $42,000.
The change comes on the heels of Hachette Book Group’s announcement last week that it will increase its entry-level starting salary in New York City and other “high-cost office locations” to $47,500.
Link to the rest at Publisher’s Weekly
From BankRate:
2023 cost of living in New York City
New York City is one of the most dynamic cities in the world. It’s a place that attracts people of all walks of life who are drawn by the employment opportunities, culture, educational offerings — and the sheer excitement of it all.
All of these benefits come at a steep price, though: New York is certainly one of the most expensive places to live in the country. It is 31 percent more expensive than Los Angeles, according to data from Numbeo, and 23 percent more than Boston.
The cost of food in New York City is also considerably steeper than most other places in the country. The average monthly NYC grocery bill was about $486 in March, compared with about $348 in the U.S. as a whole.
. . . .
For all its glitz and glamour, there are definitely both pros and cons to life in New York City. While it’s a city of endless opportunity, it is also an extremely competitive and costly place to live. Here are some of the city’s key statistics:
Median household income: $67,046
Per capita income: $41,625
Unemployment rate: 6.2%
Poverty rate: 17.3%
Average utility cost: $162.82 per month
Median age: 36.9 years old
Population: 8.37 million
Tourism: 22.3 million visitors in 2020
Average temperature: 53.4 degrees
. . . .
As of May 2022, the median asking rent for a one-bedroom apartment ranges from $3,950 in Manhattan to $1,500 on Staten Island, according to real estate site StreetEasy. For a two-bedroom, median asking rents range from a high of $4,750 to a low of $2,000.
A full 90 percent of apartments in NYC rent for above $3,000 per month, per rental site ApartmentList. According to its data, the majority of rentals in the city, 44 percent, are one-bedroom apartments, while studios and two-bedroom units each make up about 22 percent. Three-bedroom apartments make up the smallest inventory in the city at just 12 percent.
. . . .
The median asking price for a home in NYC hit $995,000 in April 2022, according to StreetEasy — the highest it has been since 2019.
. . . .
In May 2022, the median asking price to purchase a home in Manhattan was $1.5 million
Link to the rest at BankRate
I moved from Connecticut to Manhattan right after college, circa 1975 (figuring, if I never worked in NYC, I’d always wonder about it… so best to get it over with). My entry level job was as a currency hedger and financial clerical worker for a small international metals trading firm (not nearly as exciting as it sounds — there was a formula & procedure to follow — on the other hand, if I screwed up, the company would be on the hook for it, so there was real monetary responsibility.)
The details have dimmed over time (I have a miniature copper wirebar paperweight around here somewhere), but my starting salary was circa $40k. This enabled me to live down in crime-ridden Alphabet City in a shotdown railroad tenement with my eventual husband, and the unused opera/concert subscription tickets of the CFO were a real (if occasional) perk. But this was not a lot of money. At all. There was no hope of saving anything, and eventually I had to move back to Connecticut for my first (of a lifetime career) computer-related (programming) job.
That was…48 years ago. So, if that wasn’t a living wage then… how much inflation has occurred since?
Per the Internet (which is never wrong), adjusted for inflation, $40,000 in 1975 is equal to $228,745 in 2023.
Annual inflation over this period was 3.70%.
I didn’t hit $40k until 1980 or so in L.A., and I felt like I had money to burn. But that’s L.A., not NYC.
Q: Isn’t it called a “shotgun” railroad? Curious.
Yes, but I was using “shotdown” literally, as “in crummy shape”. The “shotgun” and “railroad” terms are independent of each other, but both mean “in a straight line, with a corridor that runs uninterrupted from one end to the other.”
Mine had the additional joy of the bathtub in the kitchen (had to cover it to have a food prep surface), and a shared toilet in the external hallway (2 apartments/floor).
I was always heartened, however, by the used furniture fellow downstairs with young Vietnamese workers, one of whom proudly wore a Yale sweatshirt (he got in and was about to attend).
Thanks and good added detail!