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

[Anonymous]

Anonymous wrote:

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

Grand central = midtown

[Anonymous]

HI OP,

We lived in NYC on a similar salary with 2 kids on the UES. I agree with a previous poster that it is definitely worth considering the chance to live in one of the boroughs before setting on a longer commute. UWS, UES are really wonderful places for families. And so many other neighborhoods in queens and brooklyn.

Southern Westchester has a lot of charm - Larchmont is the farthest out I would have considered though. Depending on where your husband works, NJ may make more sense for commuting.

But don't be afraid of jumping into life in Manhattan. You have to give up some conveniences but you get so much in return.

[Anonymous]

At $500k HHI you won't have enough for housing and private school (even in DC IMO) so pick a place with good public schools.

[Anonymous]

Anonymous wrote: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?!

The question is, do you want to live in NYC? Can you give up the space and the yard? Do you want to have to send your kids to a private school? 500K in the metro area is completely do-able pretty much anywhere you want to be except Manhattan and Brooklyn.

We moved from NJ almost a year ago because I've always wanted to live in DC so when I had the chance to change jobs we took it.
I have to say EVERYTHING is more expensive in Bethesda than it was in NJ. Gas, groceries, income taxes, daycare, babysitters, after school activities, etc. FWIW - I hated NJ when I moved there from Chicago several years ago.

I commuted into lower Manhattan and yes, the commute stunk, but not nearly as bad as the traffic in D.C. I am currently 6.2 miles from my office and my commute is still 45 minutes door to door, an hour if I take public transportation. I long for the days of being able to sit on a train and read.

So, yes, the property taxes in NJ are incredibly high. You can find a really decent house in many lovely towns for 700K, often less. If you want the McMansions for 1-5 million, they are also available. The thing about it is that the 800k houses are almost always going to be houses you'll want to live in instead of tear downs or that need major renovations. Essex and Bergen county generally speaking have the highest property taxes. Oh and you'll be amazed that you aren't "snowed in" for a week while you wait and wait and wait for a plow to clear your street.

I moved from Cranford, NJ which is a LOVELY town with completely affordable housing and good schools. Millburn has some of the best schools in NJ. Chatham too. The 'best' school districts have the highest property taxes. There are many gold and silver school districts for substantially less. The commutes from Millburn, Summit, Chatham, Westfield are all about an hour or so.

I too am saying,
"when can we move back?"

[Anonymous]

There is a public school on the upper West side, in the 70s close to the Nat History museum, the park, the kids museum etc.

Its a specialist school and teaches music. You either live in its boundaries or you audition in.

Might be worth investigating

[Anonymous]

OP here. Just wanted to say that I am carefully reading all your posts. Thank you again. Just wanted to let you know this is not a zombie thread.

On a tangent. does anyone have an idea of how much more salaries are in NYC vs DC? I know there's no perfect answer, but any kind of grounding would be helpful. I'm wondering if a 400-500 step up isn't really enough to keep up the standard of living.

[Anonymous]

I would definitely recommend Westfield, NJ. One of nicer downtowns in the area, pretty housing stock with nice tree lined streets. it has excellent schools and yes high taxes but in my opinion it's worth it. We feel a real sense of community here that we didn't in the DC area. Train service into New York, rush hour is about45-50 mins but that is just the actual train service. Spouse takes train, bus, and sometimes drives into the city. 15 mins to the airport. Frankly any of those towns like Westfield, Chatham, summit, are lovely

[Anonymous]

I'd look at Summit, NJ. If that is too pricey, the next town over on the train is New Providence. A little more affordable and one of the best public schools in the state. Totally doable on $550k

[Anonymous]

Anonymous wrote:OP here. Just wanted to say that I am carefully reading all your posts. Thank you again. Just wanted to let you know this is not a zombie thread.

On a tangent. does anyone have an idea of how much more salaries are in NYC vs DC? I know there's no perfect answer, but any kind of grounding would be helpful. I'm wondering if a 400-500 step up isn't really enough to keep up the standard of living.

You can't really compare salaries. First off, there are many jobs in NY that don't exist in DC and vice versa. Some jobs even pay the same! I make the same as I did in NYC.

You need to figure out what life would entail for you in NY. Do you have kids you need to educate? If so you probably can't afford to live in Manhattan on 500k since private school is 50k a kid. But we have no idea if your kids are in public here or if you're already paying for private on your 400k. Or maybe grandparents are paying? Or maybe you don't care about education and you'll send your kids to a crappy overcrowded school in Manhattan without AC?

No, the increase you're talking will not keep up the standard of living. Taxes are much higher, the commute will be longer (if from ct, nj) etc. it just depends on the lifestyle you're aiming to achieve. There's no way you'll be able to get the space you have now in Manhattan. In the suburbs? Probably but your husband will have a longer commute and taxes will be higher.

Also depends on how much equity you have in your current home. If you can plop down 2 million on an apartment then you can make the 500k work for two kids in private. See how we can't tell you the answer?!?

There are many factors to consider and it's all very personal.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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?!

The question is, do you want to live in NYC? Can you give up the space and the yard? Do you want to have to send your kids to a private school? 500K in the metro area is completely do-able pretty much anywhere you want to be except Manhattan and Brooklyn.

We moved from NJ almost a year ago because I've always wanted to live in DC so when I had the chance to change jobs we took it.
I have to say EVERYTHING is more expensive in Bethesda than it was in NJ. Gas, groceries, income taxes, daycare, babysitters, after school activities, etc. FWIW - I hated NJ when I moved there from Chicago several years ago.

I commuted into lower Manhattan and yes, the commute stunk, but not nearly as bad as the traffic in D.C. I am currently 6.2 miles from my office and my commute is still 45 minutes door to door, an hour if I take public transportation. I long for the days of being able to sit on a train and read.

So, yes, the property taxes in NJ are incredibly high. You can find a really decent house in many lovely towns for 700K, often less. If you want the McMansions for 1-5 million, they are also available. The thing about it is that the 800k houses are almost always going to be houses you'll want to live in instead of tear downs or that need major renovations. Essex and Bergen county generally speaking have the highest property taxes. Oh and you'll be amazed that you aren't "snowed in" for a week while you wait and wait and wait for a plow to clear your street.

I moved from Cranford, NJ which is a LOVELY town with completely affordable housing and good schools. Millburn has some of the best schools in NJ. Chatham too. The 'best' school districts have the highest property taxes. There are many gold and silver school districts for substantially less. The commutes from Millburn, Summit, Chatham, Westfield are all about an hour or so.

I too am saying,
"when can we move back?"

Sorry but the state tax rate in MD is 5.75%, in NJ it is 8.9%
http://www.money-zine.com/financial-planning/tax-shelter/state-income-tax-rates/

Car insurance rates in NJ are t he 3rd highest in the Country, Maryland is 9th.
http://www.insure.com/car-insurance/car-insurance-rates.html

[Anonymous]

Anonymous wrote:OP here. Just wanted to say that I am carefully reading all your posts. Thank you again. Just wanted to let you know this is not a zombie thread.

On a tangent. does anyone have an idea of how much more salaries are in NYC vs DC? I know there's no perfect answer, but any kind of grounding would be helpful. I'm wondering if a 400-500 step up isn't really enough to keep up the standard of living.

Of my college friends who live in CT, they all commute to the city, and I don't k ow for sure, but if guess they make at least 7 figures.

[Anonymous]

Anonymous wrote:Move to Queens before it turns into Brooklyn.

Too late!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Look at garden city or Plandome on Long Island.

Barf.

Plandome is barf? Are you kidding? It's on the water, has beautiful homes, good schools, on the LIRR and a cute downtown. So much better than Shirlington or some such crap around here.

OP, Google Plandome and look at the images. It's a good choice if you can afford it.

You're leaving out the fact that you will be surrounded by people from Long Island. No amount of money is with that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Look at garden city or Plandome on Long Island.

Barf.

Plandome is barf? Are you kidding? It's on the water, has beautiful homes, good schools, on the LIRR and a cute downtown. So much better than Shirlington or some such crap around here.

OP, Google Plandome and look at the images. It's a good choice if you can afford it.

You're leaving out the fact that you will be surrounded by people from Long Island. No amount of money is with that.

What's wrong with Long Island?

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. Just wanted to say that I am carefully reading all your posts. Thank you again. Just wanted to let you know this is not a zombie thread.

On a tangent. does anyone have an idea of how much more salaries are in NYC vs DC? I know there's no perfect answer, but any kind of grounding would be helpful. I'm wondering if a 400-500 step up isn't really enough to keep up the standard of living.

You can't really compare salaries. First off, there are many jobs in NY that don't exist in DC and vice versa. Some jobs even pay the same! I make the same as I did in NYC.

You need to figure out what life would entail for you in NY. Do you have kids you need to educate? If so you probably can't afford to live in Manhattan on 500k since private school is 50k a kid. But we have no idea if your kids are in public here or if you're already paying for private on your 400k. Or maybe grandparents are paying? Or maybe you don't care about education and you'll send your kids to a crappy overcrowded school in Manhattan without AC?

Wow.