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Old 05-16-2012, 10:07 AM
 
Location: Chicago
5,559 posts, read 3,674,450 times
Reputation: 2181

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Hi,

My wife and I want to move back to the Northeast after living in Chicago for 40 years. I am from Brooklyn and she is from Ottawa, Canada (originally Hong Kong).

We retired early at 50 and were pretty set until Bernanke decided that all retirees who live off their savings should get negative interest on their savings. So, while we are not hurting, we do have to be somewhat careful about how we spend money (which is coming entirely from principal at this point) until the economy changes.

We are primarily looking in the Metropolitan NYC area (N.J., Westchester, Queens) but the cost of living is high. Manageable (we have a very simple lifestyle and are both very healthy) but still high. We are active, but in a self-sufficient sort of way, e.g. walking, tennis, reading in a coffee shop or in a park, having friends over, etc.

If anyone anyone has any suggestions on how we might go about finding our retirement setting, we would greatly appreciate it. Hints about Metro NY or any other areas we might want to consider would be appreciated. Also, ways of reducing costs in the NY area or any other area that you might think is appropriate. Thanks for the help!
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Old 05-16-2012, 10:09 AM
 
Location: Las Flores, Orange County, CA
26,346 posts, read 82,968,211 times
Reputation: 17508
Buffalo
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Old 05-16-2012, 11:46 AM
 
Location: Vermont
530 posts, read 1,184,101 times
Reputation: 526
How much can you afford to pay in rent, or are you thinking about buying? You might want to consider Staten Island, especially now that they have good express bus service into the city. Do you feel priced out of Brooklyn and Queens? One good thing if you buy is that the property taxes are much cheaper in the boroughs than in Westchester or Jersey. I have friends in Nassau that pay around $12k in property tax on homes valued around $650k, and family in Queens with houses valued a bit higher that pay $2300 in taxes. Huge difference!
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Old 05-16-2012, 12:09 PM
 
570 posts, read 1,144,225 times
Reputation: 745
You may also want to try posting your request directly on the NY forum. There are a number of active, helpful members from the NYC metro area (Rockland, Westchester, inside the city etc).
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Old 05-16-2012, 01:15 PM
 
Location: Near a river
16,042 posts, read 18,967,079 times
Reputation: 15649
If you are going to buy a home, carefully check out the NYState property taxes. In key areas they are, for those watching their money, prohibitively high (use the real estate websites that show property tax for each listing).

How about the Berkshires on the Mass. side? Easy to get anywhere in New England and NYS, and a lot lower COL including housing/purchasing home.
Great Barrington, Sheffield, etc. recommended.


Quote:
Originally Posted by richrf View Post
Hi,

My wife and I want to move back to the Northeast after living in Chicago for 40 years. I am from Brooklyn and she is from Ottawa, Canada (originally Hong Kong).

We retired early at 50 and were pretty set until Bernanke decided that all retirees who live off their savings should get negative interest on their savings. So, while we are not hurting, we do have to be somewhat careful about how we spend money (which is coming entirely from principal at this point) until the economy changes.

We are primarily looking in the Metropolitan NYC area (N.J., Westchester, Queens) but the cost of living is high. Manageable (we have a very simple lifestyle and are both very healthy) but still high. We are active, but in a self-sufficient sort of way, e.g. walking, tennis, reading in a coffee shop or in a park, having friends over, etc.

If anyone anyone has any suggestions on how we might go about finding our retirement setting, we would greatly appreciate it. Hints about Metro NY or any other areas we might want to consider would be appreciated. Also, ways of reducing costs in the NY area or any other area that you might think is appropriate. Thanks for the help!
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Old 05-16-2012, 01:22 PM
 
Location: Virginia
18,717 posts, read 26,898,941 times
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You could live in Greenport and take the train into NYC, yet also have the benefits of living in a small artsy town near a lot of wineries.
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Old 05-16-2012, 02:23 PM
 
12,825 posts, read 20,126,238 times
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We are looking at the Mid Atlantic, SE PA / South Jersey, and RI.

If we decide in the end to go East: Like you we want at least some of the NYC type of vibe but at a lower cost. We want to be on the NE Corridor rail network.
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Old 05-16-2012, 02:32 PM
 
4,571 posts, read 7,053,444 times
Reputation: 4217
Just curious, are there really that many advantages to uprooting yourself from one giant urban city to another? The weather is about the same..and NY taxes are horrendous. You'd be better of moving to the Boston area, or even Philadelphia, which is not cheap but still less expensive than NYC area. There are alot of quaint towns right outside Philly, so you could still be close to city life, and PA taxes are more favorable. You might even consider the Seattle area if you have to have urban.

You have like 40 years to make your money last, and I wouldn't count on the economy getting alot better anytime soon. If I were you, I'd be thinking about moving something cheaper than the NE.
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Old 05-16-2012, 02:54 PM
 
Location: Chicago
5,559 posts, read 3,674,450 times
Reputation: 2181
Quote:
Originally Posted by Charles View Post
Buffalo
We were thinking of Toronto but too much headwind (literally and figuratively). Buffalo is interesting and we will consider it. But I think the winters are even more difficult than Chicago which would be tough on us .. though we are both quite hardy. Thanks.
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Old 05-16-2012, 02:59 PM
 
Location: Chicago
5,559 posts, read 3,674,450 times
Reputation: 2181
Quote:
Originally Posted by jenny1951 View Post
How much can you afford to pay in rent, or are you thinking about buying? You might want to consider Staten Island, especially now that they have good express bus service into the city. Do you feel priced out of Brooklyn and Queens? One good thing if you buy is that the property taxes are much cheaper in the boroughs than in Westchester or Jersey. I have friends in Nassau that pay around $12k in property tax on homes valued around $650k, and family in Queens with houses valued a bit higher that pay $2300 in taxes. Huge difference!
It looks like Westchester will be about $2800 rental for the type of place we are looking for and maybe $450,000 to purchase a condo/townhouse in the locations that would suit us. Brooklyn and Queens have their challenges. My brothers live in Brooklyn and we have family in Queens but it doesn't look like there is a neighborhood that anyone can recommend that will be suitable for us and still in our price range. Taxes is a huge consideration but if the neighborhood doesn't suit us then there is no way to get passed it. Every neighborhood that we thought of has been shot down by family for one reason or another. Maybe they just don't want us nearby or may they are tired of NYC themselves. Thanks for the suggestions. We'll keep looking into the boroughs for possibilities.
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