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I live in California. The Bay Area. It is really not that costly aside from housing. I own my house, don’t have a great property tax situation - 9k a year - but at least increases are limited.
Aside from housing, it’s relatively cheap on the coast. Heating/cooling costs are low. Food costs were actually lower than NH, and the cost of services, thanks to all the illegals, can be cheap. Ie.... my lawn maintenance costs here are a third what they were in NH, even though there was snow on the ground (and thus snow removal costs) half the year in NH.
I spent 30k last year. I bet it wouldn’t be much more if I owned a place in NYC.
our rent is 22k here and our apartment is stabilized . although close to market after 35 years . almost 1/2 of all housing is stabilized since nyc and the boroughs are loads of multi family buildings .
30k would not cover rent and our health insurance ha ha ha.
we are thinking of buying a co-op next year since homes start at 1 million where we are in queens and go up from there .
while buying the co-op would be 6k cheaper a year than renting the fact is the money we would buy it with would give up 12-15k in income decreasing cash flow . so we are on the fence on buying .
nyc can be pretty expensive unless you get subsidies or don't do much . we can't walk out the door without it costing 50 bucks at the least .
we were at the bronx zoo the other day . it can cost 11 bucks in tolls to get to the bronx and about 30 bucks a person to get in without a membership . same at the ny botanical gardens . museums are typically expensive .
we went to see brian culbertson at the new sony hall last week . it can cost 40 bucks for the train since we need the lirr , we do get a senior rate thankfully , 2 tickets were 170.00 and since you sit at tables you have to order drinks so that was another 85 bucks .
to really take advantage of life here can be pretty costly and being retired time can cost money and you got plenty of time .
our typical retirement budget is 130-150k a year and last year we went over by 35k as we bought a new car and my wife had 15k in dental .
so life here can cost as much as you can muster . for a working couple 140k a year is really not a lot living here and being retired can cost a lot more since it is not just weekends that you can do things or go places ..
Last edited by mathjak107; 04-14-2018 at 03:12 AM..
Crime in New York City is not bad at all. It hasn't felt nor been recorded as particularly troublesome probably since after the 1970's.
I didn't find crime bad at all when I lived in NYC a few decades ago, and not during my about 40 trips to NYC after living there.
I hope you are right. Since my NYC condo will not be my only home in retirement, and since I am constantly traveling (which I hope to continue in full retirement), I just could not bring myself to spend a huge amount on a NYC condo that will be housing primarily my books and audiovisuals, while housing me less than 50% of the year..., so, I took a chance on a tiny condo (a studio) in a working-class area of the Bronx (with good access to Manhattan). While I have otherwise no problem with a working-class area, I do remain concerned about crime. I would feel safer if I lived in a senior enclave, or an inexpensive university/educational enclave, but that seems not to exist in NYC... unless it somehow gets created somewhere by people interested in the same type of thing.
we can't walk out the door without it costing 50 bucks at the least .
...to really take advantage of life here can be pretty costly and being retired time can cost money and you got plenty of time .
Hah! This is so true, I live in an modest area in Queens & last night I ordered takeout wings & french fries for 2 from the bar at the corner & on the way stopped by the grocery for a few very basic items & a 6-pack of good IPA: total damage a bit over $70 for that short walk.
You sound exactly like me! I like being in the center of things and especially love being walkable to a library!
Yeah, but it seems we aren't exactly alike, since you live in Chapel Hill, NC :-). I tried places similar to your domicile (university town), and nearly died of misery. I need a huge cosmopolitan megalopolis around me, and it is hard to find a safe AND economically priced place to live in such cities.
The conveniences NYC offers such as public transportation, taxis, plenty of nearby restaurants (most deliver), all types of events, entertainment, and other things at your doorstep can be quite attractive.
That said, the COL can easily offset these advantage.
Hah! This is so true, I live in an modest area in Queens & last night I ordered takeout wings & french fries for 2 from the bar at the corner & on the way stopped by the grocery for a few very basic items & a 6-pack of good IPA: total damage a bit over $70 for that short walk.
You have to be mindful.
Isn't there a Costco or BJs in Queens? Probably similar in price to elsewhere.
The local bar takeout? not gonna be cheap anywhere as well as local shops or 7/11s
There are choices
No tax to spouses. 4.5% to children. Doesn’t seem particularly excessive. I wouldn’t let the fact that my children would only receive 95.5% of my inheritance tax-free preclude me from retiring in PA.
0 percent on transfers to a surviving spouse or to a parent from a child aged 21 or younger;
4.5 percent on transfers to direct descendants and lineal heirs;
12 percent on transfers to siblings; and
15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax.
Property owned jointly between husband and wife is exempt from inheritance tax.
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but what is painful is i think this is from dollar one , no exclusion once it hits , yes ? . ny has no estate tax on anything under 5 million or so to anyone .
nyc can be pretty expensive unless you get subsidies or don't do much . we can't walk out the door without it costing 50 bucks at the least .
we were at the bronx zoo the other day . it can cost 11 bucks in tolls to get to the bronx and about 30 bucks a person to get in without a membership . same at the ny botanical gardens . museums are typically expensive .
Many outings can be done cheaper, though. I'm early retired in Upper Manhattan and don't really spend much on entertainment. Wednesdays are free for the zoo or to walk the grounds at the botanical gardens. The Met is still pay as you wish for NY residents. I have a Movie Pass and can see multiple movies every month for around $10/mo. We went to see Groundhog Day on Broadway before it closed when the lottery was easy to win - about $40/person. I won tickets to see Hamilton by buying a few raffle tickets from a charity. We have some friends who are actors/actresses - sometimes they give us free tickets to see their latest off-Broadway shows. Travel from NYC can be cheap, especially if you combine with credit card points and frequent flier miles. Our co-op puts on interesting events/readings occasionally, too. This city offers good choices for many income levels, as far as I'm concerned.
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