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

[Anonymous]

Anonymous wrote:Westport Ct is too far from Manhattan. Its 45 mins drive north of Greenwich which is only 35 mins from Grand Central. so not worth it.

I would look around Greenwich - Cos Cob, Riverside, similar.

There are smaller houses near the shops,the good schools and the trains.

I grew up in that general area and would go back in a heart beat.

I am from westport. Tons of people commute to NYC.Love the town (nostalgic for the old westport, though.) Anyway, I strongly recommend westport, but it is $$$.

[Anonymous]

I lived in Millburn, NJ for a while and it was awesome. You can have a really nice, walkable lifestyle there or in West Orange, Maplewood, Chatham, Short Hills, etc. we miss it so much. There are nice little town centers and easy train access. And most restaurants are BYOB so you could save a lot there . Oh and that area is very pretty to look at - both the housing stock and the natural landscape. Chatham is the most adorable of the bunch.

When can we move back?!

[Anonymous]

Anonymous wrote:In my financial industry in DC bonuses are typical!y 1x or 2x salary. In NY it is more like 5x or 10x. I wouldn't move for under a million in guaranty vs about $300k in DC.

This.

If it's 500k base salary with big bonus potential that will take you to seven figures, that is a different story. But on just $500k? You're going to feel poor compared to all the finance families you'll inevitably come into contact with.

[Anonymous]

Anonymous wrote:Do NOT move to NYC! You live MUCH better on $400K in Arlington than you will on $500K in NYC. MUCH better.

This is actually true, unfortunately. Google a COL comparison calculator.

CNN money says you'll need $619k just to make it comparable to your current $400k life in Arglington. Having lived in both areas, I completely believe it. Even Brooklyn was getting so expensive when we finally moved. Brownstones were going for close to $5mil. When I first moved there, you could easily snap one up for under $2. Sooooo regretful that we never bought back then.

[Anonymous]

Anonymous wrote:Ridgewood, NJ has a nice walkable town center and pretty easy commuting to NYC. Property taxes in nj are much higher. Not sure how real estate prices would compare to Arlington/Bethesda, but maybe a bit higher.

Incredible schools too. I'm a city person through and through, but I have to say, Ridgewood is a great place to grow up.

[Anonymous]

I moved to short hills from Arlington . Pretty easy commute to the city direct train device about 39 mins . Millburn is even better as it is more walkable and has a cute downtown . Prices are also slightly lower in Millburn compared to short hills as the lots are smaller . The schools are outstanding !

[Anonymous]

Millburn elementary schools are ranked #1 nationwide as well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do NOT move to NYC! You live MUCH better on $400K in Arlington than you will on $500K in NYC. MUCH better.

This is actually true, unfortunately. Google a COL comparison calculator.

CNN money says you'll need $619k just to make it comparable to your current $400k life in Arglington. Having lived in both areas, I completely believe it. Even Brooklyn was getting so expensive when we finally moved. Brownstones were going for close to $5mil. When I first moved there, you could easily snap one up for under $2. Sooooo regretful that we never bought back then.

+ 1

Look up the calculators, OP. It will be eye opening. NYC is insanely expensive.

[Anonymous]

I would purchase a $2mm coop in Manhattan but of course you won't get approved unless you have a lot in savings. You'll need to put around 750k down at a minimum.

I'd absolutely choose Manhattan so I could walk everywhere, only have one car (for getting out of the city) and so my husband could have an easier commute.

I wouldn't choose the burbs unless I desired a single family house and land.

Also I wouldn't rush into buying a place outside of the city unless I had already spent a lot of time exploring the area. There are differences between nj and ct burbs. Differences in the commutes, schools, etc. it's a huge area and overwhelming. I wouldn't jump to pick a town and get locked down.

[Anonymous]

A 50% increase in COL is assuming that you'll be living in Manhattan. Otherwise the increase isn't nearly as much.
OP, do your own research.

[Anonymous]

Good advice on here.

I grew up in Summit. Commuting time is going to be a huge difference as compared with Arlington. Not only is the commute longer & more expensive as PPs have pointed out, but it's more "rigid" - it's not a metro running every few minutes, it's a train and you'd better make the train or you're waiting 20-30 minutes (or longer, depending on time of day).

That said, I also agree with the PPs that housing stock is superior to DC metro. More well-built pre-war homes with character. Schools are excellent and not so huge, which means that if your kids are into sports there's a greater chance of them making the team.

Summit is very walkable and I had a lot of independence growing up - rode my bike all over town - went downtown for a slice, or to browse the cassette tapes at the record store

I've looked at this very comparison that you are doing (same salary comparison too), and made the decision to stay in DC area. I feel like the competitiveness is marginally less extreme here (although maybe it's just different - Summit feels very $$$ driven - it's all about how much you make/have versus DC and who you know, who's in your network, etc). Also, I feel like there is greater diversity (NJ towns being discussed are not diverse, with the exception of Maplewood - at least that's my memory). I also think we take more advantage of proximity to DC cultural events - even if we live outside the District, it's not a huge operation to go with the fam into town to do something in the same way it is to bring your brood into the city from Summit. But the huge differentiator was the daily commute. Both DH and I commute into DC most days and adding literally 1-2 hours EACH to our commutes per day: NOT worth it.

[Anonymous]

OP, I grew up in the area, worked in NYC for 20 years.
Each state and area has plusses and minuses. NY State charges a 1% fee on your mortgage: thus if you borrow $500K, you give the state $5K. Yet, all things being equal, NY State income taxes are lower: so many corps there, especially in NYC. The NY/CT coast is just that: the coast. It is pretty. It ain't pretty cheap. Westport is a tough commute, and only gets you to mid-town. Greenwich, Rye are shorter, easier. NJ: you need to go county by county on taxes. We left a long time ago, and our taxes were $19,000 when we left, on a $440K house! Essex County the highest; Bergen pretty high, same w Union. Yet high taxes doesn't equal great schools. The towns w great schools you will know, simply cause the housing is at a premium cost. NJ has no pers property tax. All utilities are more. The trains are very expensive now; think easy $300 to $400 per month, PLUS, you need to probably pay around $10 or close to it for parking daily. I am not an LI fan, but, LI-ers love it: all about access to the beaches.
IMO, for a better career track, MOVE. Anyone whom tells you that you will struggle on $500K is nuts, so untrue.

[Anonymous]

Anonymous wrote:OP, I grew up in the area, worked in NYC for 20 years.
Each state and area has plusses and minuses. NY State charges a 1% fee on your mortgage: thus if you borrow $500K, you give the state $5K. Yet, all things being equal, NY State income taxes are lower: so many corps there, especially in NYC. The NY/CT coast is just that: the coast. It is pretty. It ain't pretty cheap. Westport is a tough commute, and only gets you to mid-town. Greenwich, Rye are shorter, easier. NJ: you need to go county by county on taxes. We left a long time ago, and our taxes were $19,000 when we left, on a $440K house! Essex County the highest; Bergen pretty high, same w Union. Yet high taxes doesn't equal great schools. The towns w great schools you will know, simply cause the housing is at a premium cost. NJ has no pers property tax. All utilities are more. The trains are very expensive now; think easy $300 to $400 per month, PLUS, you need to probably pay around $10 or close to it for parking daily. I am not an LI fan, but, LI-ers love it: all about access to the beaches.
IMO, for a better career track, MOVE. Anyone whom tells you that you will struggle on $500K is nuts, so untrue.

No, Westport gets you to NYC Grand Central station on Metro North

[Anonymous]

Anonymous wrote:

Anonymous wrote:Westport Ct is too far from Manhattan. Its 45 mins drive north of Greenwich which is only 35 mins from Grand Central. so not worth it.

I would look around Greenwich - Cos Cob, Riverside, similar.

There are smaller houses near the shops,the good schools and the trains.

I grew up in that general area and would go back in a heart beat.

I am from westport. Tons of people commute to NYC.Love the town (nostalgic for the old westport, though.) Anyway, I strongly recommend westport, but it is $$$.

Its a long commute. One hour 10 mins (roughly) to Grand Central. Lets hope you don't need to go on the subway downtown or you've got a 4-5 hour daily commute on your hands, which is horrible.

[Anonymous]

Dude, if you're making half a mil, just hire somebody to tell you.