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Why the fk* does anyone still live on long island...?
Long Island:
Mortgage: 770k (400k home)
Taxes: 792k (12k starting, 52k ending, average of 26.4k at 5% increase yoy due to public sector salary)
Total: 1.562M
Home Worth at end: 1.729M
Cashout After Capital Gains 15%: 1.13M
Net Profit: -432k
NYC Queens/Bronx:
Mortgage: 966k (500k home)
Taxes: 330k (5k starting, 21.6k ending, average of 11k at 5% increase yoy due to public sector salary)
Total: 1.296M
Home Worth at end: 2.16M
Cashout After Capital Gains 15%: 1.41M
Net Profit: 114k
Difference: NYC beats LI by 546k.
Moral of story: A house 20% more expensive in NYC than in LI is a MUCH better deal.
...This is for first 30 years. After this home is paid off, you get even more taxes in LI. It would be 80k more costly per year on average for years 30 to 60. STAR and VET and AGED benefits work in both counties, so no need to deduct from calc.
Now tell me, why the hell do you guys live in LI island? Is your yard really worth paying 546k more? Is it really your yard if you pay 546k more? I'm pretty sure you can buy a plot of land for 546k and even start a farming business that generates income with that kind of difference in profit.
PS: City tax of 3.6% is ~ the commute cost to the city due to LIRR cost + additional MTA + Car Gas To Station + Car Parking under LIRR (if you even get it LOL).
You may see it as just a yard but suburban life is more than that. Do I really need to get into details? Well the biggest thing to me is how inactive city kids are and for good (bad) reason. Same thing with their social gatherings. Compare the 2, no competition.
Decisions aren't only financially driven. Plenty of people voluntarily make the move despite the stupid-high tax differences. I'd love to move away, but after my kids are done. Then there's no reason to pay these taxes anymore. I can find suburban utopia somewhere further away from this blood-sucking state full of selfish public-sector employees. And I'll be leaving with a good chunk of change from the sale no problem.
I'd like to know how old are your kids? Maybe that will explain a lot.
BTW, you couldn't pay me $546k to live in the boroughs. Been there, done that. Every time we're there for whatever reason, I look down upon the lifestyle. Couldn't care less about your worth. Just being honest. Plenty of people are in the city only for convenience.
You may see it as just a yard but suburban life is more than that. Do I really need to get into details? Well the biggest thing to me is how inactive city kids are and for good (bad) reason. Same thing with social gatherings. Compare the 2, no competition.
Decisions aren't only financially driven. Plenty of people voluntarily make the move despite the stupid-high tax differences. I'd love to move away, but after my kids are done. Then there's no reason to pay these taxes anymore. I can find suburban utopia somewhere further away from this blood-sucking state. And I'll be leaving with a good chunk of change from the sale no problem.
I'd like to know what's your age and how old are your kids?
I was raised in Brooklyn and every day at 3 am I wake up because a nice man in a chevy tahoe pulls up with his music and shares it with the walls of every home in a 1 mile radius. After heading out to long island over the weekend, I realized I missed the constant fighting on the subway, fighting for parking, and fighting with everyone over everything. I went to the most hood schools and while I cant say I learned a single thing, I managed to get a good job, like most people in New York.
I see why you guys want peace and quiet, but at what price? 500k = heck no lol.
People remain in this suburb because it's close to NYC where the jobs and close family are. There's no requirement to choose LI. People willingly pay more to be here because they consider that their dual incomes allow them to do so, for the benefit of their kids too.
Why the fk* does anyone still live on long island...?
Long Island:
Mortgage: 770k (400k home)
Taxes: 792k (12k starting, 52k ending, average of 26.4k at 5% increase yoy due to public sector salary)
Total: 1.562M
Home Worth at end: 1.729M
Cashout After Capital Gains 15%: 1.13M
Net Profit: -432k
NYC Queens/Bronx:
Mortgage: 966k (500k home)
Taxes: 330k (5k starting, 21.6k ending, average of 11k at 5% increase yoy due to public sector salary)
Total: 1.296M
Home Worth at end: 2.16M
Cashout After Capital Gains 15%: 1.41M
Net Profit: 114k
Difference: NYC beats LI by 546k.
Moral of story: A house 20% more expensive in NYC than in LI is a MUCH better deal.
...This is for first 30 years. After this home is paid off, you get even more taxes in LI. It would be 80k more costly per year on average for years 30 to 60. STAR and VET and AGED benefits work in both counties, so no need to deduct from calc.
Now tell me, why the hell do you guys live in LI island? Is your yard really worth paying 546k more? Is it really your yard if you pay 546k more? I'm pretty sure you can buy a plot of land for 546k and even start a farming business that generates income with that kind of difference in profit.
PS: City tax of 3.6% is ~ the commute cost to the city due to LIRR cost + additional MTA + Car Gas To Station + Car Parking under LIRR (if you even get it LOL).
Your have massive gaps in your logic. First being that an income tax is not the same as commuting costs... assuming one even needs to commute to NYC. Supply and demand my friend. There must be something driving people to pay these inflated home prices and astronomical taxes to live in the suburbs. (Hint: It's the privilege of not living in NYC)
Is that really how fast taxes increase in LI? I thought it was 2% a year max? That means $12k turns into $21k after 30 years. Also, NYC has an additional income tax. Also, where can you comfortabley send your children to public schools in the city unless they get into one of the gifted schools. No thanks...
I worked in NYC for almost 30 years. 25 full time and the rest part time in NYC/LI. I loved to work in NYC for the vibe as you call it. BUT, I was so thrilled to escape that vibe and go home to LI. I lived on the Oyster Bay line, the forgotten step child of the railroad and despite bemoaning that trip daily, I still preferred to live there.
Guess also coming into play is if you enjoy the city. I was not a theater person, museum person or shopper, to name just a few, so anything I needed could easily be found on LI. I would, on occasion go to a concert or maybe a coffee house as they were called then, but, life in NYC for me, held no draw.
LI was settled by people looking to escape the noise, dirt and chaos of the city. And people who commuted into the city were happy to come home to a quiet oasis. Some places on (yes it's ON Long Island, not IN) are getting a little noisier but people still have their own slice of the pie to call their own without sharing common walls and recreation areas. I'm not sure I agree that city kids are less active than their NYC counterparts...I'm sure they do a helluva lot more walking for starters. My own dad went to college on a basketball scholarship and learned to play in NYC playgrounds....but most people would probably want to have a yard. If you don't, stay in the city. Why do you even care?
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