Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We are potentially moving from outside of Boston and while it's expensive to live here, I know it in no way compares to NJ/NYC.
Would a $500k/year salary in NYC be sufficient for a family of 4 to live in NJ for the following:
- Excellent public schools
- ~1 hour commute into Manhattan
- Ability to get at least a 2,000 sq/ft house (minimum 4 bed, 2 bath) with a yard
I've been searching threads and looking at real estate but am still a but lost as to what it will actually take. The property tax aspect alone scares me!
Thanks in advance for any insight.
Without question.
That said, you will not be living the ultimate high-life, maximum lifestyle, unlimited, etc., in Saddle River, Alpine, etc. You won't be buying a multi-million dollar home with a maximum mortgage.
However, you can certainly live in a beautiful, upscale, affluent community, in a home larger than 2000 sq. feet, well within a one hour commute to/from NYC, with excellent public schools, or even private school options...on $500k per year.
Start number crunching. Sit down with an expert, truly qualified, top notch financial advisor. Same with a CPA. Look at what a house will cost, the down payment, the mortgage, taxes, and so on. Make smart decisions and you will be more than fine.
That said, you will not be living the ultimate high-life, maximum lifestyle, unlimited, etc., in Saddle River, Alpine, etc. You won't be buying a multi-million dollar home with a maximum mortgage.
Unless you're part of the oligarchy, sure there's always someone with more, and $500K isn't going to buy you a yacht with dual helipads. That said, you'd be 2%er and less than 10K off of being a 1%er. So if you're not living comfortably pretty much anywhere something has gone dreadfully wrong!
We are potentially moving from outside of Boston and while it's expensive to live here, I know it in no way compares to NJ/NYC.
Would a $500k/year salary in NYC be sufficient for a family of 4 to live in NJ for the following:
- Excellent public schools
- ~1 hour commute into Manhattan
- Ability to get at least a 2,000 sq/ft house (minimum 4 bed, 2 bath) with a yard
I've been searching threads and looking at real estate but am still a but lost as to what it will actually take. The property tax aspect alone scares me!
Thanks in advance for any insight.
If you're the sole provider could be tough. But there are spots where you could make it work and if you're willing to cut back in certain areas.
The answer is definitely yes. but, if a person is asking if $500k/yr is enough to have those things, I would be led to assume that they may not be that good with money, so maybe the answer is no. while Halffull was a tad mean, he's also not wrong. When i read the OP i immediately thought it was a trolling post.
Depending on what you are spending on your house there might not be much leftover for private school. Pingry is $35K/year x 2 kids that's $70K. $500K is really $350K after taxes. Take out 20% savings toward retirement and you are at $250K. Figure a $1MM home will carry monthyl payment of about $7K including property taxes(That's $84K/yr plus maintenance is almost $100K). Now you are down to $150K. Spending half your money on Private school when you have access to Public schools that are almost equal in stature seems silly.
Maybe, maybe not. Take a look at college placement at Delby vs Ridgewood.
Maybe, maybe not. Take a look at college placement at Delby vs Ridgewood.
I'm just anti private as long as there are high performing public options.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
