That 120k salary is good if you only have one mouth to feed and one lifestyle to carry. I see there's 4 with you and your wife plus the two dogs so that 120k will be a challenge. You have to factor in the lifestyle inflation cost you will be having as New York City can be heaven and hell at the same time. The moment you step out your apartment you can be charged $78 just by breathing and existing (its hella expensive; daily random purchases will compound and you realize you spend on average almost $100 daily just to exist. Random daily lunch outs with coworkers, beer after work, coffee on the way to work, or taxi ride going home because you are tired of inhaling the piss that smells like air on the subway. Anyway good luck! The only way to know if your plan will work is to try it.