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Aren't property taxes higher outside of NYC though?
Yes and no.
In general much of Westchester does have higher property taxes but as one of the above linked articles you cannot just let that be the only factor.
Anyone who has lived or wants to live and raise a family in NYC knows the deal; you can pay less in RE property taxes (including sewer and water) and live in the City, but then you'll have to deal with often horrible schools or pay to send your kids to private. OTOH you can move to parts of Long Island, Westchester or New Jersey and perhaps pay higher taxes but your kids can attend excellent K-12 public schools.
Equally as pointed out in the above post there are great places in Westchester with "so-so" school systems *and* lower RE taxes. If you do not have children and do not plan to these may work out well.
Many assume that Westchester is some far off place that takes hours to commute into Manhattan by car or train. The reality is you have some *great* areas under one hour or even just about 30 minutes by Metro North. By car the commute can be about the same depending what time you hit the road. The expansion of dedicated bike lanes in NYC in particular on the Westside has some even taking their bikes down from Westchester or even from New Jersey.
Problem is everyone and their mother seems to want "family sized" apartments atm. Something with two or three bedrooms at a minimum.
Such units never made up a bulk of apartment stock in Manhattan at least. Yes, you had "junior six" and other pre-war units but outside of certain areas (UES, UWS, Harlem, etc...) they were always difficult to find and are even more so now.
Land and other prices mean new construction of such units is going to cost more than the one to two or so million many families mentioned above have/are willing to spend. So they are forced to look either outside of Manhattan to the boroughs or just leave NYC all together.
Now know plenty of parents with one, two or even three kids living in Manhattan. If they are lucky home is a two bedroom where the parents have one and the kids all bunk together. You also have some very odd arrangements were a couple rent two apartments in the same building with one being used mainly for bedrooms.
To the last bit know of at least three couples who met while living in RS apartments of the same building. After marriage husband and wife both kept their apartments and again one is used for "living" the other "sleeping".
Aren't property taxes higher outside of NYC though?
The co-op maintaince is about the same as right here in queens and includes real estate taxes. Taxes on homes though are very high. 20k is a starter home like my son bought.
but lots of things are cheaper. utilities , home insurance , car insurance , no city taxes , if you are in to it things like pistol permits, they are just a few bucks instead of hundreds.
we put hundreds in parking meters a year going to the gym every day as well as hundreds in tolls going to see the kids .
Last edited by mathjak107; 06-14-2015 at 04:39 PM..
Problem is everyone and their mother seems to want "family sized" apartments atm. Something with two or three bedrooms at a minimum.
Such units never made up a bulk of apartment stock in Manhattan at least. Yes, you had "junior six" and other pre-war units but outside of certain areas (UES, UWS, Harlem, etc...) they were always difficult to find and are even more so now.
The people in the article can afford to buy 4-5 bedroom townhouse in Harlem (Manhattan), LIC (Queens), and Park Slope (Brooklyn). However that is beneath their elite status to associate themselves with the people in that area.
Quote:
“I’m ready to leave,” says Michele. “We needed space and we knew what we could get in Manhattan.” (On average, $1.2 million will only buy you a one-bedroom in a decent NYC neighborhood.)
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