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

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[quote=Anonymous]My college best friend married guy and moved to Manhattan. I stay at her place (she now lives in Caribbean)... but keeps her NYC place.  Hers is 2 bedroom 3 bath (unheard of in NYC) and beautiful views of everything .. high floor and doorman building.  I see families in there .. upper west side (best family place).   Back 10 years ago, she paid 6-7k a month in mortgage, maintenance, cable, etc.

No idea what that place would go for now.. she bought in 97.

No car, etc ... so factor in all the activities, meals, etc in NYC.  Nice dinner for 2 runs about $300 with wine.

We lived in Morristown NJ and I commuted in... moved there in 2004 and houses were about 600k to start.  We couldn't afford and moved into 450k condo.  Taxes, as you know are unbelievable.. I think ours were 6k a year.

I would say 1.5 million is cheapest to live in NYC for family on home... 700-800k is probably cheapest home near NYC (not in most expensive areas.. they are way more). Nannies, babysitters, food, car insurance, everything else is crazy high.

Go online and look at houses.. that will give you idea of what your mortgage (biggest expense) will be.    I think you will be fine o 500k a year... but won't live like your rich, for sure.[/quote]

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