Tell Me About Living in NYC (or Suburb) on 500k/yr
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Anonymous
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I'd be very grateful for any thoughts about living in NYC area. DH has a job offer for 500k in NYC. We currently make around 400k in Arlington and are quite happy in our renovated, not-so-fancy rambler. We are saving for kids' college and retirement; plus, I can afford help around the house. (I have health issues.) However, DH's job prospects in DC are limited, and there's more options for his field in NYC. Of course, this job is also a big step up in pay.
My concern about moving is that the pay increase will be offset by higher COL and lower quality of life. As far as COL, the property tax and income tax in NY are higher. On a smaller level, every day items are also more $$. Regarding quality of life, I'd like to stay in a single-family home in a good school district. A friendly neighborhood is a plus. (No offense, but all the New York/Long Islanders I met in school were kind of brusque. Several are my friends, but it took a while.). Ethnic diversity would also be nice, but not a deal breaker. Any thoughts on the above? In particular, I'd also love any neighborhood recommendations. We could afford around 1.5mm, but could go as high as 2mm. I heard Westchester is nice--but which town? How about Summit or other places in NJ? Anything else I should consider? TIA! |
Anonymous
| OP here. Wanted to add that walk ability would be nice. Thanks again! |
Anonymous
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Would you consider CT?
What part of NYC would DH be working in? I don't thunk $500k will be a nice life in NYC proper. In CT, Darien and Westport are nice towns. Summit is also nice and parts are walkable. Chatham, Glen Rock and Ridgewood are great too. |
Anonymous
| 400k in DC to 500k in NYC is a big jump... down. Westchester is nice (I have family in Rye), but have you looked into taxes? DH and I considered a move a couple years ago, but were flabbergasted by the high taxes. For a 1-1.5mm house, you'd probably be looking at 30k+ a year in property tax! |
Anonymous
+1. 500K is not enough to live in NYC or an NYC suburb. |
Anonymous
Or $19k/ year on a $300k house, which is what my aunt and uncle pay in Ossining. |
Anonymous
That is ridiculous. I live in Westchester, and it's completely possible. |
Anonymous
| For NJ, the best area is Bernardsville, Peakpack, Gladstone, Far Hills, also, Basking Ridge, Mendham & Chatham. very very charming areas with cute villages and lovely homes. You can get a nice one for $700-1million. Of course you can get a REALLY nice one for more. Schools are excellent. Everyone is Jersey but NOT "too" jersey. The salary will be fine! |
Anonymous
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$500kis plenty in the suburbs, but your expenses will be higher there. The train ticket will be $300-$400 a month plus parking and subway or cabs in the city. The commute is minimum an hour with getting to train, waiting, train, walking, etc. So, even if he works an 8 hour day, he will be gone at least 11 hours.
Property taxes are a lot higher in NY and NJ than here. CT is more reasonable. |
Anonymous
Sheesh! Yep, that's why I'm asking if OP's budget of 2m for a house factors in the property tax. Is there a luxury car tax there, too, or am I misremembering? |
Anonymous
| 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. |
Anonymous
Not that I'm aware of, but I wouldn't know since I have no first-hand experience with owning a luxury car. :p I am the same poster who posted afterward about living in Westchester. The taxes are why my aunt and uncle are selling and retiring to another country. |
Anonymous
With the exception of Chatham, while they are cute tows, they are not the best when it comes to commuting. For commuting into NYC, being on the Midtown direct line is going to make for a much easier commute into NYC. Short Hills and Millburn actually have better property taxes due to the Short Hill mall. School district is one of the tops in the state. Summit is also pretty good but taxes will be higher. You can live nicely and probably still have help. You will be living among investment bankers and lawyers making at least triple what your husband is making or even more. besides the really high property taxes, there is also much higher costs for car insurance (NY and NJ are among the highest in the country) and state income taxes. Food will also be high. Sales taxes vary by state and sometimes by county. NYC is at almost 9%. CT was considered better for taxes as there was no state income tax but that changed recently and the state is now up there with NY and NJ. Because the corporate taxes were also raised, many companies have fled CT so be prepared for more tax increases. I am originally from Westchester and the better areas are really nice but it has become so expensive to live there. Even in areas with ok schools you will be paying $20-30,000 a year. Each town has its own taxing mechanism so check how each town is doing. That is also why the taxes are higher because each town supports its own school system, fire and police. Same for Jersey. Figure on a $500,000 salary with state, local and property taxes you will net about $300,000.(40% tax total) |
Anonymous
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Just as an example, taxes are $30k on a $1.7 million dollar house in Basking Ridge.
http://m.trulia.com/property/3240805062-61-Old-Farm-Rd-Basking-Ridge-NJ-07920 Similarly priced house in Darien, CT taxes are $19k. http://m.trulia.com/property/3236573169-21-Sunset-Rd-Darien-CT-06820 |
Anonymous
That basking Ridge house is gorgeous |