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My husband and I are looking to purchase within next year. Our budget is only 500k could be a little more but we want to still live. We currently live in Brooklyn and have twin girls 3 years old. One of the kids is Autistic, she is in special program right now and is doing well.
If we stay in Brooklyn we have tons of families around to help, yes we will likely end up only in 1500 square foot home with no real back yard but we are familiar with the area and again have tons of families close by. On the other hand the schools are not so good and likely over crowded so we might end up putting kids in private school
Or we can go to suburbs and get a decent size home with back yard for kids The schools are better, so we wont have to pay for private school so that is a plus. The down side is families will be about an hour away from us, so if we wanted to have alone time we have to travel just to drop the kids off.
Your input will be greatly appreciated, anyone in this situation moved and was happy in the suburbs? We really dont want to move and move again the kids needs stability so I'm just trying to make comparisons to make sure we are making the right decision.
The schools are better, so we wont have to pay for private school so that is a plus.
You may want to check this assumption. Conditions in suburban schools may be better than city public schools, but they are unlikely to be better (in terms of academic standards) than private schools like Poly Prep, Packer and even Brooklyn Waldorf. If you move there expecting suburban schools to be at par with the city's private schools, you might just end up sending your other kid to private school anyway.
You are likely to pay $15,000/yr OR MORE in property taxes on a $500,000 house in the suburbs as opposed to maybe 5,000/yr property taxes on a $500,000 house in NYC.
The school issue definitely depends on what city neighborhood or school you are comparing to what suburban school system.While it's true that most of the NYC schools are not great, don't assume that any suburban school is automatically better than any NYC school.There are plenty of good schools available in NYC ,depending on where you live and there are plenty of not so great/problem ridden suburban school systems.And the really good suburban school districts are the ones where property taxes can be $20,000 and even 25,000/yr !
And the really good suburban school districts are the ones where property taxes can be $20,000 and even 25,000/yr !
Well let's not get too crazy here. They don't have to live in Bergen County. There are areas in Rockland where you will in no way be paying that much, and still have good schools.
My husband and I are looking to purchase within next year. Our budget is only 500k could be a little more but we want to still live. We currently live in Brooklyn and have twin girls 3 years old. One of the kids is Autistic, she is in special program right now and is doing well.
If we stay in Brooklyn we have tons of families around to help, yes we will likely end up only in 1500 square foot home with no real back yard but we are familiar with the area and again have tons of families close by. On the other hand the schools are not so good and likely over crowded so we might end up putting kids in private school
Or we can go to suburbs and get a decent size home with back yard for kids The schools are better, so we wont have to pay for private school so that is a plus. The down side is families will be about an hour away from us, so if we wanted to have alone time we have to travel just to drop the kids off.
Your input will be greatly appreciated, anyone in this situation moved and was happy in the suburbs? We really dont want to move and move again the kids needs stability so I'm just trying to make comparisons to make sure we are making the right decision.
The "right" decision? That is subjective and personal to YOU!
Financially, the consideration is, the cost of private school vs the higher tax cost of the suburbs.
Figuring the taxes is relatively easy. Figuring private school costs is dependant upon what school you choose. So, which do you have in mind? Are you talking Catholic school private, which is relatively affordable; or, Poly Prep, Friends, Berkeley or another 'downtown' school, which are relatively expensive? Can you realistically afford the tuition and associate costs? Or, are you considering one of the lessor known private schools in some of the middle class black areas, which are more affordable, and have considerably lower 'associate' costs?
Also, 500K is about the 'median' for a Brooklyn house, so what are you really affording and what neighborhood are you considering? Additionally, with stability in mind, I would seriously consider what the neighborhood, in 5 and 10 years from now, will be like. ALL Brooklyn neighborhoods are in some state of 'flux' and 10 years in the future will be, to varying degrees, different than today.
Carnarsie is an example, who ever thought it w/b what it has become. The neighborhood changed significantly in 5 years, and in 10 years has become unrecognizeable to what it was. Certainly, at least one other neighborhood will follow the same pattern. Same for Flatlands.
Similarly, Park Slope is not the same neighborhood that it was 10 years ago and more. Park Slope has been a gentrified neighborhood for a few decades, but was always more racially, socially and economically diverse. Today that prized diversity is virtually extinct, and very much has become an extinction of Manhattan. Same for neighboring Prospect Heights. So, neighborhhods in Brooklyn can change significantly quickly.
I suggest you sit down with family and friends and have a discussion about your common futures, and perhaps make some common decisions.
You are likely to pay $15,000/yr OR MORE in property taxes on a $500,000 house in the suburbs as opposed to maybe 5,000/yr property taxes on a $500,000 house in NYC.
The school issue definitely depends on what city neighborhood or school you are comparing to what suburban school system.While it's true that most of the NYC schools are not great, don't assume that any suburban school is automatically better than any NYC school.There are plenty of good schools available in NYC ,depending on where you live and there are plenty of not so great/problem ridden suburban school systems.And the really good suburban school districts are the ones where property taxes can be $20,000 and even 25,000/yr !
of course nyc has an income tax that can drain almost 4% of your income a year to make up for the lower property taxes. if you reap any nice capital gains the tax in nyc can be quite substantial too .
on the sale of one of our properties the difference in city tax compared to if we lived in long island was a whopping 35,000 bucks difference. that would have covered quite a few years of property taxes right there.
i grew up in canarsie but was out of there by mid 1970's. just on a whim i took a ride back to tour the area and show my wife where i grew up last year.
i have to admit i was surprised as to how well kept everything looked. ave L looked just as it always did except for the stores changing. the homes all looked the same and on most blocks just as well kept.
if it wasnt for the folks outside having changed i wouldnt have thought anything happened to the area.
of course while the outside looked the same behind the scenes canarsie can be quite a different place ,with gangs, crime and drug issues running quite high
Last edited by mathjak107; 11-09-2011 at 03:17 AM..
Hi all, we were looking in the old Milbasin areas in terms of purchasing. Suburbs we were thinking about was Lynbrook Long Island, Melville ect. For Westchester Yorkstown, cordtland Manor ect.
I sat down with hubby yesterday and we did some research and found we can put one of our kids in Catholic school that is very affordable and that includes after school program as well. The autistic child can go to any school that has the best special needs program which is great all we have to do is get her on the waiting list for two years from now. she is currently in a good school so either way it is win, win situation.
We currently live in Canarsie and love it but the schools ae not so great. While there are some areas of Canarsie that are not so great where we live is actually very clean and beautiful and quiet so who knows we might end up getting our second home there but right now we are looking more towards Old Milbasin, Marine Park. We really wanted to end up in Sheapshead Bay but prices are in insane and with only 500k to work with that is pretty much coop or condo or a shack LOL.
The plus of all of this is we have our families around which we think is quite important for all of our well being. Mommy and daddy need some time alone sometimes and it really helps to have people around that can watch the kids while we have our personal time.
thanks guys for your input it was truly appreciated
ONLY half a million? I wonder how many people posting in this forum can actually relate to your circumstances.
Having 500k to spend on a home for you and your family in NYC in the face of million dollar studios in Brooklyn and 700k 1BRs in Bushwick, is not a wealthy man's dilemma my friend. We may have more disposable income, but the city doesn't cater to the middle class as much as it doesn't cater to those under more severe financial constraints. Also, for most of us, that 500K is a hypothetical mortgage loan and not cash sitting in the bank...
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