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The operative factor here is their income. $1m would put the OP in the highest of the city's tax bracket and unless they are good at hiding taxable income, they cannot control the enormous amounts they will be paying to the city's coffers (over and above state and federal income taxes). They will also be paying property taxes if they buy an apartment. At least in a suburb like Larchmont, Harrison/Purchase or Hastings-on-Hudson (both near enough to allow a reasonable commute), they can have some control by not buying homes that are likely to have high assessed values and they will still have access to good municipal services. Financially speaking, they are better off living in a good suburb and they will have plenty of neighborhoods to choose from.
Last edited by Forest_Hills_Daddy; 02-08-2015 at 06:24 AM..
They should be able to afford the taxes if they really want to live in the city. If they really couldn't care less about living in the city but want to be close by to their income source, then its time to check out the 'burbs.
They should be able to afford the taxes if they really want to live in the city.
Recommend they talk to a CPA and do a calculation. Roughly speaking, they could be paying >$36K/year in city taxes (assume no deductions). RE taxes in Larchmont/Rye/Harrison/Hastings are not cheap but there are options where they would not have to pay anywhere near the same amount, have 100% guaranteed placement in the neighborhood PS through high school and good municipal services. RE taxes in suburbs could be as low as 1/2 the city income tax. Maybe they can afford to shell out >$36K/year to the city but money will go much further if they live outside.
Last edited by Forest_Hills_Daddy; 02-08-2015 at 06:53 AM..
For day to day recreation there are parks of all sizes, some with mammoth playgrounds, sprinklers, etc. fully stocked with kids to run around and play with. The thing is someone has to be there with them, as opposed to just letting them out to play like you might do in the burbs or country. Living close to a good park makes this a bit easier. There are pools, skating rinks, schools for any thing your kids might be into sprinkled around. Plus good sledding hills in Central Park.
Like any place else there is the occasional creep, especially if you have girls, but the playground configuration, parents, nannies, and other caregivers are diligent and do a good job of keeping an eye on them.
$140 buys a basic annual family membership to the natural history museum. It includes admission, discounts for shows, food, gift shop, and you don't have to wait in the huge lines to get in. It's a lot of fun although for my girls all roads lead to the gift shop.
I haven't been to the best public schools in the city but growing up in a nice suburb and seeing what I've seen of the schools in the city leads me to believe that a well-funded suburban school system has an embarassment of riches compared to what you'll find in the city. Private schools are a different matter, of course.
The elementary public school your kids will go to will be in your neighborhood, probably a few blocks away at the most. So in general, the better the neighborhood, the more involved the parents are, and the better the school is. How diverse your elementary school is will depend on how diverse your neighborhood is.
You apply to the middle (grades 6-8) and high schools. This is a huge difference from the suburbs where you just move from one school to next. Between all the test prep, testing, selecting which schools to apply to, the 'rules' regarding how to apply for what school, what their peers are doing, doing the actual application, interviews, visits, and whatnot, it's a pretty crazy time.
I was in my place for 12 years before having kids so my neighborhood going from merely the place where my apartment was to a community my family became a part of was pretty interesting.
My husband and I are thinkng about moving to Manhattan or Brooklyn. We have 3 young children. Can anyone offer any advice about what it's like with kids in the city? What are the pros and cons? Thanks in advance.
I am from Brooklyn originally. I have also lived in Westbury long island (a burb) and in Miami Florida. I have a pre teen that I am currently raising in NYC.
People will argue that kids need to be able to go out and play. To them I say get off your lazy arse and take the kids to the park. I also take my kid to world class museums, cultural events and everything else the city has to offer that he didn't have access to when we lived in Burbs. You will need to teach your kid to have street smarts, and to always been on their guard. I instilled that in my kid from young though, so moving back to NYC didn't require much of a talk track on my part. He already knew what time it was in terms of dealing with people, taking the train, the bus etc. I think your children will be fine as long as you are willing to do your part as a parent. Plus look at it like this, almost 8 million people live in NYC and the surrounding area and many of these people are raising kids here, and successfully so. So its not like you are reinventing the wheel. People do it all the time. I am a product of NY and I think I turned out fine.
Thank you for all the responses! Our kids are young, ages 4,2, and 9 months.. All girls. I'm wondering how it will be to bring a stroller everywhere, ie up and down the subway stairs. Yes, I will take them to the park and musuems. However, I could imagine it would be quite difficult walking 3 young children on slushy, icy sidewalks or taking them to the park when it's freezing out and worse with the wind chills.
If we do send them to public elementary school, will it be difficult for them to get into private middle/high school?
And will they grow-up too fast in the city?
Is it too transient? Finally making friends and then they'll move?
But we do love the city and know there will be many pros.
Which neighborhood is best for the schools and to raise 3 kids?
If we do send them to public elementary school, will it be difficult for them to get into private middle/high school?
No, if you are not targeting the "elite" private schools like Mandel, Dalton, Ethical etc. Private schools are businesses also and there are many takers for families willing and able to pay.
The operative factor here is their income. $1m would put the OP in the highest of the city's tax bracket and unless they are good at hiding taxable income, they cannot control the enormous amounts they will be paying to the city's coffers (over and above state and federal income taxes). They will also be paying property taxes if they buy an apartment. At least in a suburb like Larchmont, Harrison/Purchase or Hastings-on-Hudson (both near enough to allow a reasonable commute), they can have some control by not buying homes that are likely to have high assessed values and they will still have access to good municipal services. Financially speaking, they are better off living in a good suburb and they will have plenty of neighborhoods to choose from.
We are raising twin 2-yos in Prospect Heights, Brooklyn. It's a wonderland for small kids! And older ones too. Within about a 5-10 minute walk we have a huge park (prospect park) which has a zoo, a carousel, a botanic garden, several playgrounds including a new 'natural playground', an brand new ice rink which in summer is a splash pond for small kids, tennis courts, a huge library with many toddler events, and an art museum where my kids take toddler art classes. That's not even to mention the myriad of other playgrounds that are located outside the park. We have a big group of supportive mom friends who we've had playdates with since they were born, and new friends since they started preschool. There's a huge halloween parade, there are always seasonal festivities and a strong sense of a diverse community. There is basically every kind of toddler/child class you could imagine--music, art, gym, cooking, language etc so you will never be bored and you'll never want for mom friends either.
Sometimes it's a pain schlepping the stroller if it's super icy/heavy snow but 99% of the time it's a pleasure walking and I prefer it to driving. When wind is bad I use a rain cover which keeps them warm. I don't take them on the subway much though, I do drive them when we go into manhattan. Most of my friends do take their toddlers on the subway, and I'm sure we will do that more now that they're getting older.
So for families I guess Park Slope, Windsor Terrace, Brooklyn Heights, Prospect Heights are all great areas. Also Williamsburg has many great things to offer families, but I prefer to be close to Prospect Park.
Downsides...there are super cool events like the 'Touch a Truck Rally' held annually in Park Slope but they can get really crowded! Also, we are only looking at private schools, not public, so that's expensive.
Good luck and I'm happy to answer more...I'm not even sure what the heels comment means. I grew up in CT and knew plenty of entitled rich kids, and I feel the city can offer my kids opportunities for playing a part in the world outside the 'bubble' of school.
It is a deciding factor whether or not one is obsessed. That's roughly $36K/year income taxes vs. <$20K/year RE taxes in Larchmont, Hastings or Rye (even less so in Harrison). Basically OP will be paying the extra $18K for something that gives her no added value. And it could go up if de Blasio moves ahead with his plan to raise the tax rate on those earning >$500K. There is a big difference tax wise between someone earning $150K vs. 7-digits. Something good to know and think about, even if it does not swing the decision.
Last edited by Forest_Hills_Daddy; 02-08-2015 at 08:14 PM..
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