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

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[quote=Anonymous][quote=Anonymous]For NJ, the best area is [b]Bernardsville, Peakpack, Gladstone, Far Hills, also, Basking Ridge, Mendham & Chatham. [/b]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! [/quote]

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)

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