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Question: ther than individuals or a married couple who are in the highest end of the upper middle class or else in the upper class in income & asset level (i.e., who can easily afford to hold onto what type of single-family home in their senior years), how common is it that other persons NOT in those economic categories, upon or near retirement, would choose to hold on to a single-family home or even acquire a new single-family home (or even ANY type of owned home, even owning a multifamily home) in their senior years?
That is, to take it upon oneself to pay utility bills each month that are in the hundreds of dollars + all the costs and labor incurred in constantly maintaining said house and property it is on + paying the high property and other taxes and fees inherent in owning a home, etc. etc.? In other words, the question is: Does just about every individual or married couple who is not otherwise in the very high-end income and assets bracket, choose, in their senior years, to instead live in condos or even in rental apartments (so as to not take on all those other financial and labor burdens mentioned earlier)?
Another question: Is owning a condo or even a single- or multifamily home in New York City proper (wherever in the 5 boroughs . . . or let's say in any of the boroughs not including Staten Island) less burdensome TAX-WISE than owning in the suburbs outside NYC proper (in Nassau or Suffolk Counties, in Westchester, in northern New Jersey, in southwestern Connecticut such as in Fairfield County)?
Another question reflecting my inexperience in this area of concern: But even for those who buy a condo in a condo building, don't they ALSO have to pay the same high property taxes as the single-family home owner would? Or is it that they do pay some level of property taxes but at a notably lower level that a single-family home owner in the same area would? In other words, how much in overall day-to-day, month-to-month, year-to-year living costs does a CONDO owner save over a SINGLE-FAMILY OR MULTI-FAMLY HOME owner?
It is not a huge secret that in order to retire in NYC you need some careful planning before that date arrives.
It is not also a huge secret persons have been fleeing NYC/NYS at retirement for ages. Heck now that gay marriage is legal in Florida even *THEY* are making tracks for that state.
Go down to Florida, North Carolina, South Carolina, Atlanta, etc... and you'll see plenty of retirees as both full and part time residents.
When you look at taxes in NYC/NYS including property and estate most do the sums and realize they are better off some where else.
This is mostly true for those that are funding their own retirement. OTOH if you are poor, living on welfare etc... then you are probably better off retiring in NYC/NYS. No where else will you find such a vast and expansive "safety net" system from housing to healthcare.
I think there is a vast difference between NY State and NY City in any such comparison.
Living in Manhattan compared to living in Massena is like comparing Paris with Bangladesh.
As for taxes, Since New York is an income tax run state, once you retire it becomes a non-entity.
Health care? Please! Manhattan has doctors on every City block and probably more hospitals than any City in the world.
So yeah, I agree with then posters who said that magazine comparisons like this are a waste of time.
Like mathjac, I too sold a Pennsylvania home I inherited when I realized that I could not live such a sterile retirement, and I was REALLY getting sick of driving and driving and driving as every trip became more and more of a traffic jam.
New York City is the perfect retirement place if your housing doesn't put you behind the financial eight ball. New York State? No thanks.
I think there is a vast difference between NY State and NY City in any such comparison.
Living in Manhattan compared to living in Massena is like comparing Paris with Bangladesh.
As for taxes, Since New York is an income tax run state, once you retire it becomes a non-entity.
Health care? Please! Manhattan has doctors on every City block and probably more hospitals than any City in the world.
So yeah, I agree with then posters who said that magazine comparisons like this are a waste of time.
Like mathjac, I too sold a Pennsylvania home I inherited when I realized that I could not live such a sterile retirement, and I was REALLY getting sick of driving and driving and driving as every trip became more and more of a traffic jam.
New York City is the perfect retirement place if your housing doesn't put you behind the financial eight ball. New York State? No thanks.
You are so wrong.
New York State has a vast and bewildering array of taxes that will affect your happy behind just from living here, regardless of retirement.
Property taxes on your home be it a rental or owned.
Estate/Death Taxes after your death
If your income post retirement is large enough and depending upon its source, yes you will be paying taxes.
Everything your purchase and or use from a gallon of milk to electricity is effected by NYS/NYC taxes.
Once again why do you think so many retirees even with pensions (civil or private) high-tail it out of NYS/NYC. Their income and savings will go much further in say Florida or Georgia than New York. Now if your situation is like *that* and such things don't cause worry then that is another matter.
New York State has a vast and bewildering array of taxes that will affect your happy behind just from living here, regardless of retirement.
Property taxes on your home be it a rental or owned.
Estate/Death Taxes after your death
If your income post retirement is large enough and depending upon its source, yes you will be paying taxes.
Everything your purchase and or use from a gallon of milk to electricity is effected by NYS/NYC taxes.
Once again why do you think so many retirees even with pensions (civil or private) high-tail it out of NYS/NYC. Their income and savings will go much further in say Florida or Georgia than New York. Now if your situation is like *that* and such things don't cause worry then that is another matter.
Many high tail it out of here because they can't afford it. That's the true bottom line. If your house isn't paid for by the time you retire, many can no longer afford to service the mortgage. And if they never bought property upon retirement may cannot afford to pay the RENT.
Retirees with sufficient amounts of money stay in NYC. Bloomberg and Giuliani aren't given up their NYC residences. An old person with a fully paid for house isn't given up their NYC resident. A retiree whose retirement income and assets are sufficient to cover their mortgage isn't leaving NYC.
Does income go further in Georgia than in NYC?
On a daily basis when you have to buy food, pay utilities, DRIVE (and deal with all the auto related costs, including insurance)?
NO!
The only way you might make out is if you bought property in a part of NYC before gentrification and sold post gentrification. Yes you could then buy cheaply in the South. Have fun driving an hour or two to go the doctor. The cheap places in the South are far from everything (you get what you pay for). Have fun driving long distances just go to the grocery store. And what happens when you're too old to drive (but you can still walk and take care of yourself?) It's straight to a nursing home as you cannot stay home alone if you are homebound (unless you have a younger relative taking care of you).
Nobody leaves a place because of the taxes IF they can afford to pay taxes (along with other expenses) and maintain a quality life. NYC dumps it's old poor people out of the state (have fun paying out all those medicaid expenses when those old people get really sick Florida!)
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