Tell Me About Living in NYC (or Suburb) on 500k/yr

[Anonymous]

don't you people read NYT lifestyle section? how can you possibly imagine $500k is enough to cut it in this area of the country?

I just read a story about a crappy BLOGGER (Cup of Jo) who put $3 mil cash down on a $4.5 mil condo in Brooklyn. Shoots self.

[Anonymous]

Anonymous wrote:I had a lot of friends who lived in condos in fairfield county growing up and my parents live in one now after downsizing from their house. These condos aren't like city condos - they are basically townhomes in developments that have a pool and a gate house to make sure only residents enter. There is no stigma to living in one and they are very nice. My parents have a small yard. you could easily live there with two kids. Their condo would sell for well under $1M.

With older kids condo living would have advantages over many of the detached homes because the condos tend to be walkable to stores, while the homes typically aren't.

Living in a condo in Fairfield county is similar to living in a condo here in DC in the burbs. Normal well to do families don't want to live in a condo, especially when they earn 500k a year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I had a lot of friends who lived in condos in fairfield county growing up and my parents live in one now after downsizing from their house. These condos aren't like city condos - they are basically townhomes in developments that have a pool and a gate house to make sure only residents enter. There is no stigma to living in one and they are very nice. My parents have a small yard. you could easily live there with two kids. Their condo would sell for well under $1M.

With older kids condo living would have advantages over many of the detached homes because the condos tend to be walkable to stores, while the homes typically aren't.

Living in a condo in Fairfield county is similar to living in a condo here in DC in the burbs. Normal well to do families don't want to live in a condo, especially when they earn 500k a year.

+ 1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:^pp but who wants to live in a tiny house and go on crappy vacations when you're making half a million a year??

Modest lives in these towns can actually be very nice if you are not worried about keeping up with the Jones. if you are in Westport or Greenwich, the town has a lovely beach so you don't need a summer vacation and in Westport there is a town pool club that any town resident can join that is very cheap and has a really nice pool and tennis courts. There is even a town sailing school where you can rent boats cheaply. This stuff is all available to everyone - whether your house is cheap or worth $5M. And the schools are great and almost everyone does public - even the hedge fund millionaires. If you ski you can drive to good skiing it;s less of an issue if you can't afford to fly out west.

The point is, the people you will likely be socializing with will be going to the Hamptons, the Cape, the Vineyard, or Nantucket for the summer. Kids and mother decamp and financier father flies in on weekends. They'll have a pied-a-terre in the city and will constantly be regaling you with stories about how they saw Hamilton with the full cast. They'll be going to the Caribbean for week when schools are out in Feb. and spring skiing out west for spring break. Two week vacation in Europe or an Abercrombie and Kent safari in Africa at the end of summer after having been at the beach in the months preceding. You will feel poor and envious in comparison with an annual income of 500k. That is just how it is.

That's IF you have the 2mm to buy the cheapest house on the block that, oh by the way, is outdated and needs work.

haha. I am the previous poster who mentioned the friend who drops $45k on Hamptons rental and is being priced out. This is an accurate depiction of what she describes of her life and friends' lives (down to the Abercrombie and Kent safari. She mentioned that once so I looked the price up and almost fainted from sticker shock, lol. It's like 8 or 9k per person before flights and that doesn't cover all your meals).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So amusing reading a thread where ppl say you can't live in NY for 500k.

What would you say is the minimum for a family of four to live comfortably?

Well, let's start with the fact that no one needs $400k to live comfortably in the DC area. In fact, it's quite possible to live MORE than comfortably in the DC area on half that amount. (I know, since I do it.)

So $200k works in DC. How about NYC?

Well considering the median family income (not including singles or married people without children) in Scarsdale, NY, one of the wealthiest and toniest suburbs in Westchester County is 291K, I would hazard a guess that a lot of people live even in rich suburbs of NYC on less than 500K a year.

Not people who are just buying houses.

THIS.

It's like the people who love to tell you how they get by in DC on 150k or less in the money forum only to find out that they bought their house back in the 90s before the Bubble! Um, yeah, great advice, let me just hop in my time machine out back

I know it sounds like "rich people" whining but the fact remains, if you are used to a lifestyle of 400k in Arlington, moving to Manhattan or Brooklyn or a ritzy suburb like Greenwich and trying to buy a place on 500k will feel like a big step down. It sounds crazy but it is reality.

Go ahead and try it. You will see. A friend of mine was just complaining to me that they've been priced out of their Hamptons rental. $45k for August and the owners want to raise the price next year. Those are the kind of people you will be living among.

Oh the humanity!

[Anonymous]

Why would you want to be friends with people like that? It sounds like a lot of distasteful striving and jockeying.

[Anonymous]

Anonymous wrote:Why would you want to be friends with people like that? It sounds like a lot of distasteful striving and jockeying.

Like there isn't a lot of striving and jockeying that goes on in this city? It might have less to do with conspicuous consumption and money but it is still in your face in a lot of circles. Give me a break.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are nice homes in Westport for under a million.

http://www.zillow.com/homedetails/9-Park-Ln-Westport-CT-06880/58840231_zpid/

http://www.trulia.com/property/3237015958-24-Mills-St-Westport-CT-06880

real estate market in NY suburbs isn't nearly as hot as DC (prices are still high in NY suburbs but it isn't as crazy as here, homes stay on the market longer, no escalation clauses or having to waive inspections like people do in DC).

There are lots of homes in Westport under a million. I recently looked at 59 Roseville rd. So cute and a big yard. Great schools and town amenities. The train ride is an hour but most people work on the train

here is the link to 59 roseville rd. it has been sold

http://www.zillow.com/homedetails/59-Roseville-Rd-Westport-CT-06880/58839322_zpid/

Do you have any idea how long this commute is? It's a 15 min drive to the train station in the morning. Then parking and waiting for the train. Then an hour on the train. Then transferring to the subway at grand central and taking the subway wherever you need to go. We are talking three hours of commuting each day at a minimum and possibly up to four of your job is in downtown Manhattan. That's a serious commute!!!!

+ 1

I'd put a bullet in my brain after 6 months.

my husband only needs to go to city 1 or 2 days a week. he can work from home the other days. we don't have to pay for private school anymore. we get the beach, tennis and pool club. we can easily drive to Vt to ski and the cape/islands in summer. Also he just needs to go to midtown manhattan so he won't have to go downtown.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I had a lot of friends who lived in condos in fairfield county growing up and my parents live in one now after downsizing from their house. These condos aren't like city condos - they are basically townhomes in developments that have a pool and a gate house to make sure only residents enter. There is no stigma to living in one and they are very nice. My parents have a small yard. you could easily live there with two kids. Their condo would sell for well under $1M.

With older kids condo living would have advantages over many of the detached homes because the condos tend to be walkable to stores, while the homes typically aren't.

Living in a condo in Fairfield county is similar to living in a condo here in DC in the burbs. Normal well to do families don't want to live in a condo, especially when they earn 500k a year.

+ 1

PP here. Yes it is true that people making $500K don't typically live in condos in Fairfield County or Westchester. But many with lower incomes do - so at $500K you won't be only comparing yourself to people who are wealthier. meaning it's not like the housing options start at $2M!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are nice homes in Westport for under a million.

http://www.zillow.com/homedetails/9-Park-Ln-Westport-CT-06880/58840231_zpid/

http://www.trulia.com/property/3237015958-24-Mills-St-Westport-CT-06880

real estate market in NY suburbs isn't nearly as hot as DC (prices are still high in NY suburbs but it isn't as crazy as here, homes stay on the market longer, no escalation clauses or having to waive inspections like people do in DC).

There are lots of homes in Westport under a million. I recently looked at 59 Roseville rd. So cute and a big yard. Great schools and town amenities. The train ride is an hour but most people work on the train

here is the link to 59 roseville rd. it has been sold

http://www.zillow.com/homedetails/59-Roseville-Rd-Westport-CT-06880/58839322_zpid/

Do you have any idea how long this commute is? It's a 15 min drive to the train station in the morning. Then parking and waiting for the train. Then an hour on the train. Then transferring to the subway at grand central and taking the subway wherever you need to go. We are talking three hours of commuting each day at a minimum and possibly up to four of your job is in downtown Manhattan. That's a serious commute!!!!

+ 1

I'd put a bullet in my brain after 6 months.

my husband only needs to go to city 1 or 2 days a week. he can work from home the other days. we don't have to pay for private school anymore. we get the beach, tennis and pool club. we can easily drive to Vt to ski and the cape/islands in summer. Also he just needs to go to midtown manhattan so he won't have to go downtown.

Then that house would work for you. ny isn't as telecommute friendly and most people commute via train five days a week. Also you're assuming your husband will always have a telecommute friendly job

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are nice homes in Westport for under a million.

http://www.zillow.com/homedetails/9-Park-Ln-Westport-CT-06880/58840231_zpid/

http://www.trulia.com/property/3237015958-24-Mills-St-Westport-CT-06880

real estate market in NY suburbs isn't nearly as hot as DC (prices are still high in NY suburbs but it isn't as crazy as here, homes stay on the market longer, no escalation clauses or having to waive inspections like people do in DC).

There are lots of homes in Westport under a million. I recently looked at 59 Roseville rd. So cute and a big yard. Great schools and town amenities. The train ride is an hour but most people work on the train

here is the link to 59 roseville rd. it has been sold

http://www.zillow.com/homedetails/59-Roseville-Rd-Westport-CT-06880/58839322_zpid/

Do you have any idea how long this commute is? It's a 15 min drive to the train station in the morning. Then parking and waiting for the train. Then an hour on the train. Then transferring to the subway at grand central and taking the subway wherever you need to go. We are talking three hours of commuting each day at a minimum and possibly up to four of your job is in downtown Manhattan. That's a serious commute!!!!

+ 1

I'd put a bullet in my brain after 6 months.

my husband only needs to go to city 1 or 2 days a week. he can work from home the other days. we don't have to pay for private school anymore. we get the beach, tennis and pool club. we can easily drive to Vt to ski and the cape/islands in summer. Also he just needs to go to midtown manhattan so he won't have to go downtown.

So? Lol, good for you? You know this isn't that common right? If you're not the OP of this thread, then forgive me, but who cares what your personal circumstances are?? For MOST people, they will have to commute into the city every work day. 3 hours lost to this daily when they could be doing other things (like playing with their kids or just relaxing outside) would be a terrible grind for many and quickly become very depressing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I had a lot of friends who lived in condos in fairfield county growing up and my parents live in one now after downsizing from their house. These condos aren't like city condos - they are basically townhomes in developments that have a pool and a gate house to make sure only residents enter. There is no stigma to living in one and they are very nice. My parents have a small yard. you could easily live there with two kids. Their condo would sell for well under $1M.

With older kids condo living would have advantages over many of the detached homes because the condos tend to be walkable to stores, while the homes typically aren't.

Living in a condo in Fairfield county is similar to living in a condo here in DC in the burbs. Normal well to do families don't want to live in a condo, especially when they earn 500k a year.

+ 1

PP here. Yes it is true that people making $500K don't typically live in condos in Fairfield County or Westchester. But many with lower incomes do - so at $500K you won't be only comparing yourself to people who are wealthier. meaning it's not like the housing options start at $2M!

It's human nature to compare up, not down. That is why you see so many "$400k is middle class in DC" threads in the Money Forum. No it's obviously not statistically. But those people are comparing themselves against wealthier friends and acquaintances rather than the reverse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are nice homes in Westport for under a million.

http://www.zillow.com/homedetails/9-Park-Ln-Westport-CT-06880/58840231_zpid/

http://www.trulia.com/property/3237015958-24-Mills-St-Westport-CT-06880

real estate market in NY suburbs isn't nearly as hot as DC (prices are still high in NY suburbs but it isn't as crazy as here, homes stay on the market longer, no escalation clauses or having to waive inspections like people do in DC).

There are lots of homes in Westport under a million. I recently looked at 59 Roseville rd. So cute and a big yard. Great schools and town amenities. The train ride is an hour but most people work on the train

here is the link to 59 roseville rd. it has been sold

http://www.zillow.com/homedetails/59-Roseville-Rd-Westport-CT-06880/58839322_zpid/

Do you have any idea how long this commute is? It's a 15 min drive to the train station in the morning. Then parking and waiting for the train. Then an hour on the train. Then transferring to the subway at grand central and taking the subway wherever you need to go. We are talking three hours of commuting each day at a minimum and possibly up to four of your job is in downtown Manhattan. That's a serious commute!!!!

+ 1

I'd put a bullet in my brain after 6 months.

my husband only needs to go to city 1 or 2 days a week. he can work from home the other days. we don't have to pay for private school anymore. we get the beach, tennis and pool club. we can easily drive to Vt to ski and the cape/islands in summer. Also he just needs to go to midtown manhattan so he won't have to go downtown.

So? Lol, good for you? You know this isn't that common right? If you're not the OP of this thread, then forgive me, but who cares what your personal circumstances are?? For MOST people, they will have to commute into the city every work day. 3 hours lost to this daily when they could be doing other things (like playing with their kids or just relaxing outside) would be a terrible grind for many and quickly become very depressing.

+1

[Anonymous]

So much drama in this thread. Manhattan or Brooklyn on 500,00 with kids is definitely not going to feel luxurious. Most NYC suburbs with that hhi is downright common. And I grew up in NJ.

[Anonymous]

My husband's cousin is like 25/26, works in finance, and makes around $500k. THAT is what you are competing against when it comes to real estate and such. Of course he will be making much more when he will be at an age where he wants to settle down and buy a place.