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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!
$500K is plenty to get by on here. Even in the wealthiest towns you'd be in the middle to high end in terms of affluence. Just like Boston that income would put you in about the top 2% of earners in the Northern NJ area so yes you'll be fine. Towns with an hour commute with excellent schools and affordable(for a 2500 sqft house) with a yard would be: Ridgewood, Short Hills, Summit, Madison and Chatham. Shortest commute,lowest taxes and best rated schools would be Short Hills.
Before looking at "Where" to buy, I would look at where to school.
But at 4yo its impossible to tell how High Functioning he will be, so look at the special ed Option at the various school districts in your target area first.
Most NJ school are ending now/soon, so alot of the Special Ed folks will be out for the summer, or many of them gone and/or on vacation for parts of the summer.
So this is something to do first before they are gone, Have copies of your Son's IEP PDF'ed so you can send it to them, and see what school district can best serve your Son's needs.
With that kind of income you should be looking at private schools and all the advantages they offer. Pingry, Delbarton, etc.
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.
Last edited by Goldendoodle1969; 06-18-2015 at 08:22 AM..
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