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As my company will be moving my wife and me to NYC in a few months we have faced the obvious truth that owning a car in NYC is a pain in the butt.* However, seeing as this move was a bit unexpected, we had both finally disposed of our college clunker cars and purchased new 2012 vehicles (civic and camry).* We are both the “buy and hold” type of car owners so buying new wasn’t a problem as we had expected to have these for 5-10+ years.* However, moving to NYC is an opportunity we do not want to turn down.
While we are thinking that we would like to at least try living the Manhattan lifestyle for a year, we are not so sure that we will want to live there much past two years (having previously lived in a medium-size city of about 1 million where driving is required to do just about anything).
Realizing this is a HIGHLY OPINIONATED question to ask – do most young couples coming from a smaller city get their fill of fast-paced Manhattan and move into another borough within a few years?* Where is it most common for young professional couples to live outside of Manhattan (just trying to explore my options while keeping the urban excitement..etc.)? If so, would a car likely be required to live there or could you get away with using mass transit?* Do most people who take the train in from NJ or other areas get to the station by bus or is driving a much better option?
I’m just trying to figure out if it make sense to keep at least one car (storing it outside of Manhattan)?* We are a young couple with a combined income of about $80k ,approx. 27 years old, and enjoy going out on the town -* (although we are certainly not the non-stop party type).* I would hate to take the loss of selling both new cars and then re-purchasing another car in just a couple of years if we end up wanting to live in another borough.*
*
We realize there’s endless living options out there but are just trying to get a feel for what makes the most sense.
NJ you would need a car and most of Queens. Otherwise, no.
Also bear in mind taxes will eat 30% of your paycheck, so do the math on that, and then budget accordingly. Because chances are, Manhattan might be a little too high for you unless you want to live in a studio or a changing neighborhood. (At 80K gross, and using the 40x rule, the most you can afford in rent is 2k, your after taxes take home will be about 4700 monthly)
You will want to at the very least get rid of 1 car, as 2 will be overkill. Not to mention the cost of insurance here is insanely high.
Well, the VERY first thing you need to realize is that $80K, in NYC, is NOT a lot of money!
Realizing the reality of this, the fact that your income (or lack thereof) will dictate where you live and the quality, as well as whether you can afford a car.
To answer you're question regarding the cars, it is highl unlikely that you can afford to make the payments and insurance of two NEW cars in NYC. It is also unlikely that you could additionally afford to "store" one of the cars as well. Assuming a $300 car payment, $200 (perhaps more) for insurance, $150 (give or take $50l for "storage", that is $650 for just one car per month, and it could cost more (maybe less).
Add to that $2000 to $3000 (maybe more) for 1 bdrm rent in Manhattan, and I hope you can see how that $80K salary can quickly be absorbed.
Another thing, "urban" does NOT mean just Manhattan. It is also the five boroughs and some off New Jersey just across the Hudson. The urban vibe exist outside of Manhattan as well. Don't think living in the boroughs and/or NJ is living in the boonies or even 'car country' it is not.
Generally, the further from Manhattan the easier it gets to keep a car, and the greater the necessity. You can live in most of the five boroughs, as well as near NJ w/o a car. Yet, if you are a car person you might not want to.
At first, it is probably a good idea to ditch the cars. If you can swing the finances, and you can "store" them with friends, relatives, or pay to garage them, in our present cit, that *might* be good for 6 months while you get a feel for NYC. Then make the decision re cars later. Just a thought. Storing them there will be a lot cheaper than here!
Living in NJ for the majority is a suburban experience, and living in the suburbs requires a car. Depending on where one lives there is the option of commuter rail or bus. Depending upon where you live, you may have to drive to the station or buss stop/pick up. In some cases, one can live close enough to be able to walk to the rail or bus. When I lived in NJ, the bus stop was right across the street, and so was a shopping center, and a few fast food places. The location was a deliberate choice, and we lived w/o a car for most of the time.
NJ also offers a number of communities directly across the Hudson river. Again, accessible to Manhattan by rail and bus.
Common places are, Newport, Jersey City, Hoboken (very popular), Boulevard East (which traverses a number of small towns), and a few other places. You can keep a car in man instances, but parking is roughly $200 per month and rent is NOT cheap!
Brooklyn and Queens are the most popular non Manhattan option. In the most desirable areas (close to Manhattan), rent can be quite costly and parking is VERY difficult and, again, quite costly. Your income w/b stretched in these neighborhoods, and a car w/b a prohibitive expense. Though, again, the deeper into the boroughs, the lower the rent, and the cheaper it gets to keep a car. It *may* be possible to find free street parking, but that does come with issues. Cars must be moved for street cleaning. Failure results in ticketing and possible towing.
Of course, living in the suburbs is the most convenient and cheapest car option; and of course you will NEED the car(s). Also, you're income is likely to go furthest in the suburbs (NJ or Westchester county, NY).
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As to what couples do after a year or so? The answer is VERY varied!!! It all depends upon who and what they are; why they came to NYC, and most of their incomes!!! NYC is about money money money. Without a good deal of it, your choices are very much dictated to you. Living in NYC is ALL about choices and compromises, and compared to most of the country, life here is difficult. For many, the benefits of NYC make the tradeoffs worth it. For others its a bit 50/50. Still others seek the nearest exist after a short or long time here.
Fact, to live in Manhattan for the long term will require you to bump your income a good bit. To live in Manhattan and have a family will require a serious bump in income. To be minimally comfortable in the long term, an income range of $150K to $300K w/b necessary.
Now, some in this forum will comment that that is not necessary, but do realize that some of the folks around here have less than an average middle American standard. Many feel living in NC is worth whatever it takes, and so compromise severely upon their lifestyle in order to maintain themselves here. Choices which you may or may not agree with. Living 'frugally' in NYC means less than a middle class standard.
Lastly, as far as going out on the town, $100 w/b a minimum average of NON extravagance. Just dinner and the movies. It is VERY easy to spend 2 or 3 times that in an evening. Now, some people will balk at those numbers, and claim they can have a great evening on $20!! Sure, maybe the can, but as I said, some have compromised to live a less than middle class standard. One w/b luck if $20 bucks got you a taxi ride home at 1am! Like I said, it is all about who you are, what you are and why you are here.
I suggest you start working a budget, perusing some of the "budget"/"how much" threads will be a start. Also, it is STRONGLY suggested you make a visit before moving, simply to determine the housing quality and what you can and choose to afford. It is the most important decision and will dictate all others, including the cars.
If the cars are owned outright, keep the car that you prefer, and see if you need it. If you are making payments, I don't know that I would commit to continuing that expenditure, especially if you want to live in Manhattan. Also, factor car insurance, as Brooklyn will have very high insurance and Manhattan is lower, so talk to your insurance agent to see what may happen with your rates if you were to take one or the other vehicle to NYC. Garages in the city vary widely, but are not inexpensive, unless you find a garage in Nothern Manhattan or the far west side.
Personally, I keep a car in the city, but that may not be ideal for everyone, especially if you can get by with a ZipCar or Hertz membership. In a couple of years, you may very well have to buy another car if you move to Queens, but would you get the benefit of ownership and high expenses during the intervening months such that it would make financial sense? $80k is not the same in Manhattan as it is in an outerborough, so if you were to move to Queens or The Bronx now, for example, then it would make sense to keep a car, because a similar apartment would cost less once you are out of Manhattan.
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All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
Queens you would need a car. Brookklyn and most of Bronx you don't.
One does not need a car if one lives in Central Queens where actually having a car is hassle if one needs to park it in the street (with street cleaning twice a week) and one has good public transportation.
Midwood/Kensington is a good place to settle in Brooklyn. Safe, reasonable price, lots of space for parking, in between the city and the beach. Money goes a longer way without compromising your living quality.
Queens you would need a car. Brookklyn and most of Bronx you don't.
Even in Queens it depends what part. LIC, astoria, jackson heights to a an extent, you don't need a car...
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