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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So amusing reading a thread where ppl say you can't live in NY for 500k. [/quote]

What would you say is the minimum for a family of four to live comfortably? 
[/quote]

Well, let's start with the fact that no one needs $400k to live comfortably in the DC area. In fact, it's quite possible to live MORE than comfortably in the DC area on half that amount. (I know, since I do it.)[/quote]

So $200k works in DC.  How about NYC? 
[/quote]

Well considering the median family income (not including singles or married people without children) in Scarsdale, NY, one of the wealthiest and toniest suburbs in Westchester County is 291K, I would hazard a guess that a lot of people live even in rich suburbs of NYC on less than 500K a year.[/quote]

Not people who are just buying houses. [/quote]

THIS.

It's like the people who love to tell you how they get by in DC on 150k or less in the money forum only to find out that they bought their house back in the 90s before the Bubble! Um, yeah, great advice, let me just hop in my time machine out back  :roll:

I know it sounds like "rich people" whining but the fact remains, if you are used to a lifestyle of 400k in Arlington, moving to Manhattan or Brooklyn or a ritzy suburb like Greenwich and trying to buy a place on 500k will feel like a big step down. It sounds crazy but it is reality.

Go ahead and try it. You will see. A friend of mine was just complaining to me that they've been priced out of their Hamptons rental. $45k for August and the owners want to raise the price next year. Those are the kind of people you will be living among.[/quote]

Omg her life is so hard!!![/quote]

But there are also homes in nice towns for well under a million (but they will be smaller, modest homes). So if you don't compare yourself to others, you can easily live in a nice town on $400K or much less - but you might live in a condo home or small home with a kitchen from 1980 (no granite countertops, etc) instead of something large. and you may not take a summer vacation (although many of these towns have really nice rec areas with pools etc so summer vacations are less of a big thing there anyway) and drive to VT to ski. All the while you will be surrounded by people with millions who are taking crazy vacations and sending there kids to summer camps that cost more than $12K per kid (http://www.businessinsider.com/what-its-like-at-raquette-lake-sleepaway-camp-2012-7). If you are the type that will compare yourself to others and feel envious, then even $800K/year won't be enough -- if you can be happy living a modest life in one of these towns, then you can do it for much less than $400K. [/quote]

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