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I do have serious concerns where this thread is authentic or not.
However, I'll bite:
If you're on $200,000.00 50% of that will go to taxes, leaving you with $100,000.00. Assuming you have $1,000,000 in the bank, you should be easily able to find a home in New Jersey with good public transport links to Manhattan, try Hoboken and Jersey City.
You aren't going to be able to provide your kids a private education, nor are you going to be able to provide the high life, such as having a Mercedez Benz and going to fancy diners in Manhattan every week.
I am looking at spending $3,000,000 on a 2 bedroom condo, however, I still have to figure out how to pay the $2,500/mo in property taxes and commons charges (Long story, bitcoin, yadha yadha). If I had a family, like an American Dream family of a wife, 2.5 kids and a dog and cat, and wanted to live in Manhattan, you'd need at least $3.2M for an actual house or brownstone in a sketchy non-gentrified area of Upper Manhattan, or if you're willing to diversify, you could easily get a better quality neighborhood in Brooklyn Heights for the same price.
Add in the fact you want two "luxury" cars, such as an SUV and sedan, private education at $50,000 per year per kid, and eating out at fancy diners and living the Manhattan High Life, then you'd need at least $10,000,000 (8 figures) to establish yourself here and have a household income of $500,000.00 ($250K per year after tax) to continue that.
Harsh reality, but this place is expensive if you want to live like a king.
I do have serious concerns where this thread is authentic or not.
However, I'll bite:
If you're on $200,000.00 50% of that will go to taxes, leaving you with $100,000.00. Assuming you have $1,000,000 in the bank, you should be easily able to find a home in New Jersey with good public transport links to Manhattan, try Hoboken and Jersey City.
You aren't going to be able to provide your kids a private education, nor are you going to be able to provide the high life, such as having a Mercedez Benz and going to fancy diners in Manhattan every week.
I am looking at spending $3,000,000 on a 2 bedroom condo, however, I still have to figure out how to pay the $2,500/mo in property taxes and commons charges (Long story, bitcoin, yadha yadha). If I had a family, like an American Dream family of a wife, 2.5 kids and a dog and cat, and wanted to live in Manhattan, you'd need at least $3.2M for an actual house or brownstone in a sketchy non-gentrified area of Upper Manhattan, or if you're willing to diversify, you could easily get a better quality neighborhood in Brooklyn Heights for the same price.
Add in the fact you want two "luxury" cars, such as an SUV and sedan, private education at $50,000 per year per kid, and eating out at fancy diners and living the Manhattan High Life, then you'd need at least $10,000,000 (8 figures) to establish yourself here and have a household income of $500,000.00 ($250K per year after tax) to continue that.
Harsh reality, but this place is expensive if you want to live like a king.
Eh not 50% maybe 40% taxes are complex plus family size.
Can't afford to live in the city with a 200k salary and seven figures in the bank? lol.
Ignore the 7 figures in the bank. That money should stay in the bank. Only base his housing situation on 200k salary and it is very difficult to live in Manhattan. After taxes 200K is about 120K. You don't want most of your income going to rent.
Move to Riverdale. You can get save so much if you bought a 3-4 bedroom apartment in a top notch doorman building. You can take the express bus or metro north to work (in addition to the subway). The elementary schools are good. You can get a 3 bedroom in a really nice doorman building for 500K.
Keep the money in the bank for your future and for your kids. Try to increase your income over time and then maybe you can buy a place in manhattan when your kids leave and you don't need bigger than a 2 bedroom.
Eh not 50% maybe 40% taxes are complex plus family size.
Include Federal, State and City Income Tax, Social Security, Medicare and Family Health Insurance (High Quality) along with property taxes, taxes associated with vehicles, and you easily hit 50%.
It's all a catch-22. What husband and wife works 40 hours a week each and pull in that type of money???? when you making six figures you work long hours and don't see your family
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Wow, didn't know the market in Brooklyn had bounced back this much, thought it was just the brownstones, the only close to decent one for that kind of money is the one in Queens on 75th rd
Why don't you look uptown? Hamilton Heights has been changing FAST and is a 10 min ride to Midtown on the express train. I'm in the middle of a co-op conversion and am buying my 2 bedroom for a small fraction of what a shoe-box studio will cost you downtown. And personally I like it more uptown than downtown these days.
Up here you can buy an amazing, beautiful 6 bedroom brownstone for $1.5 million. And I mean one with a large kitchen, 5 working fireplaces, a back yard, etc.
New restaurants are opening every day. If you buy in now, i'm sure you'll double your investment in no time.
Good luck!
Last edited by WhyRUMad; 03-30-2014 at 11:24 AM..
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