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

[Anonymous]

Anonymous wrote: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.

You do realize that millions of people live in the NY metro area.

[Anonymous]

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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.

Comparing yourself to friends with more money and feeling envious is a recipe for unhappiness in any city. But that is a choice. If you make a different choice, you can be very happy and live well in the NYC area on $500K or less.

[Anonymous]

OP is not asking whether someone can live off of 500K in the NY area. The question is whether she can live better on 400K in DC than 500K in NY. DC is the clear winner.

[Anonymous]

These people are all insane, op. Move into NYC proper with that income. Pay almost nothing in property taxes. Buy in fieldston or forest hill, or Brooklyn. Easy life, nicer people, low property taxes... Done. Quality of life there vs Arlington? Not even a contest. One thing about NYC? Its metro does not catch on fire every day.

[Anonymous]

Anonymous wrote:These people are all insane, op. Move into NYC proper with that income. Pay almost nothing in property taxes. Buy in fieldston or forest hill, or Brooklyn. Easy life, nicer people, low property taxes... Done. Quality of life there vs Arlington? Not even a contest. One thing about NYC? Its metro does not catch on fire every day.

The NY subway is incredibly crowded. Commuting from Brooklyn or queens is NOT pleasant.

[Anonymous]

Cough, cough.

Schools.

Anonymous wrote:These people are all insane, op. Move into NYC proper with that income. Pay almost nothing in property taxes. Buy in fieldston or forest hill, or Brooklyn. Easy life, nicer people, low property taxes... Done. Quality of life there vs Arlington? Not even a contest. One thing about NYC? Its metro does not catch on fire every day.

The reason people pay 30, 40 grand in property taxes in Westchester is because it's a lot cheaper than putting 2-3 kids through NYC private schools. And outside a select handful of elite magnets your public school options are limited.

As it is, I would take NYC suburbs on 500K over Arlington at 400K because I like the area better that I'm willing to put up with the inconveniences and higher taxes.

[Anonymous]

My BIL and SIL live in Babylon Village on Long Island. It's the last stop on the Long Island RR. They can walk to the rail station, plus restaurants, etc. Super cute community. Home prices and other COL stuff is similar to what we see near our home in Del Ray, Alexandria. http://www.zillow.com/babylon-ny/?utm_source=Yahoo&utm_medium=referral&utm_campaign=serp

[Anonymous]

^^ above poster again here. Actually, these prices are quite a bit cheaper than what we currently see in Del Ray. For $500k/year, I would choose a walkable towhome much closer in on Long Island. Time is worth more than space...

Anonymous wrote:My BIL and SIL live in Babylon Village on Long Island. It's the last stop on the Long Island RR. They can walk to the rail station, plus restaurants, etc. Super cute community. Home prices and other COL stuff is similar to what we see near our home in Del Ray, Alexandria. http://www.zillow.com/babylon-ny/?utm_source=Yahoo&utm_medium=referral&utm_campaign=serp

[Anonymous]

OP here. Thanks everyone!

Does anyone know about Hoboken? It looks like we could get a townhome there and still afford private. Commute via PATH looks easy.

HOWEVER, being able to afford a townhome makes me think twice. There must be a reason it's more affordable there than Brooklyn or Manhattan.

How is the noise in a townhome? I dislike a) being bothered by noise and b) bothering others with my noise. My kids are LOUD.

By the way, PPs, I checked out Westchester. Gorgeous. Thanks for the tip. I think it's a bit too preppy for us.

[Anonymous]

I grew up in Huntington, on LI.
Great schools, commute isn't terrible (my dad did it for 35 yrs into the city).

[Anonymous]

Anonymous wrote:OP here. Thanks everyone!

Does anyone know about Hoboken? It looks like we could get a townhome there and still afford private. Commute via PATH looks easy.

HOWEVER, being able to afford a townhome makes me think twice. There must be a reason it's more affordable there than Brooklyn or Manhattan.

How is the noise in a townhome? I dislike a) being bothered by noise and b) bothering others with my noise. My kids are LOUD.

By the way, PPs, I checked out Westchester. Gorgeous. Thanks for the tip. I think it's a bit too preppy for us.

Hoboken is younger. Lots of single guys. I used to go there for the st Patrick's day celebration held every year. In regards to noise, you need to move to a suburb if you want to stay away from noise. Hoboken and Manhattan are noisy and crowded. I'm not sure what the deal is with private schools in Hoboken as I've never heard of a private school located in Hoboken but there must be a few.

[Anonymous]

Hoboken commute is fine unless path is screwed. Which happens fairly often. It also floods regularly and you will have to buy flood insurance.

But it is super cute. Great restaurants. Most people leave when kids hit school age and move to Bergen county.

[Anonymous]

Anonymous wrote: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.

This, it might not be good enough for the toniest suburbs where people literally jet off at every school break but there are lots and lots of burbs where this is the dead middle of the income ladder.

[Anonymous]

Anonymous wrote:My BIL and SIL live in Babylon Village on Long Island. It's the last stop on the Long Island RR. They can walk to the rail station, plus restaurants, etc. Super cute community. Home prices and other COL stuff is similar to what we see near our home in Del Ray, Alexandria. http://www.zillow.com/babylon-ny/?utm_source=Yahoo&utm_medium=referral&utm_campaign=serp

Babylon Village is very nice and what you say is true but the comparison to Del Ray is a bit specious when you think about commuting. Del Ray is what, like 20 min from Metro Center? Babylon Village is easily one hour on the LIRR to Midtown and then you may have to take the subway depending on where you are going.

[Anonymous]

Hoboken is where people live right out of college when they can't afford the city.