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in theory, living on the other side of the hudson on the riverfront seems like a good option, but in reality, it isn't. i did that for a year, and that River road in NJ, edgewater/west new york strip is flat out depressing.. once you get home from NYC, everything is different, there's nothing to do on the waterfront, no real stores, no culture, nothing.. just a big target and strip mall, and cookie cutter condo construction.. the congested 2 lane traffic all weekend really sucks hairy.
there are some nice brownstone options in hoboken, and that would be the only place in NJ i'd consider given the path train is far superior to damn bus or ferry.
having said that, i decided to pay up 50% more for a lifestyle in nyc that can't be relicated anywhere else if you have the means and $550/year is way more than enough.
I lived off of River Road in Weehawken for about 2 years. I can't stand NJ as a whole, but given the drastic difference in quality and size of what you get at that price point (and assuming we're only talking about the NYC vs. NJ waterfront distinction), I'd still pick the Jersey townhome and deal with the commute across the river. The ferry isn't that bad, it's clean and it sure beats the NY subway, PATH train or NJ light rail.
When I was living out there, I didn't spend much time in NJ anway. It was a 10 min ferry ride to Midtown so apart from the occasional trip to Target or whatever, I did most errands in Manhattan. Granted, I didn't get the bragging rights of telling everyone I *lived* in Manhattan but at the end of the day, I preferred having twice as much living space in a much newer (and less crowded) building.
I'm not advocating that anyone move to NJ, just pointing out the rather drastic difference in purchasing power for a relatively short hop across the Hudson.
Hey vladlensky, if you had $550K a year, would YOU stay in NJ?
Absolutely not! Which is why I live about 20 miles north of the city now.
But, given the hypothetical choice between either Manhattan or the immediate Jersey waterfront (limited to say, Hoboken, Weehawken, West New York and Edgewater), I'd still pick the Jersey waterfront and spend my time in NY because I value living space/quality over location and can deal with a 10 minute ferry ride and no bragging rights.
Yet we still can't really afford to buy. Why is that?
Moving here has always been something i've dreamed of, but the real estate market is bringing me down. I guess we're just going to have to do with renting?
Looking at 3 bedrooms and the good ones are over $3.5 million.
Broker says it will be like this for a while since inventory is really low which keeps prices sky high. Is renting a thing most people in my income bracket do? I'm not sure how they afford to buy.
Go take your fancy smancy monopoly man money and diamond eye glass somewhere else mr alec 500k. *spits at the street but hits one of the 59k sleeping bums accidentally*. Do you think your better than me?
In all seriousness and sadness, you probably have more money than all 59k bums in ny, including all their pocket lint and fish skeletons at the bottom of their wallets combined. Ill bet you either 59 cents or 500 cents that you do. Your move, city slicker.
I have a friend who makes around $250K a year (finance), owns in Chelsea and is living a pretty damn nice life. If you can't figure it out with $550K then you are either in way over your head in debt or are trying to live a Gilded Age lifestyle in the year 2016.
This thread was a pretty good laugh. What I don't understand are people who move to NYC trying to find 3,000 sq ft places to live in when most homes aren't even that big in most parts of the country first off. Then, they complain they can't live in NYC like everything is 10 million to buy, every restaurant offers $100 meals, and they would only be content if they can have private driver. I guess every single person that lives in NYC must make over a million then???? lol Move to North Carolina get a 3,000 sq ft place for 400k. Problem solved! Most people can't afford to live that lifestyle in NYC.
This thread was a pretty good laugh. What I don't understand are people who move to NYC trying to find 3,000 sq ft places to live in when most homes aren't even that big in most parts of the country first off. Then, they complain they can't live in NYC like everything is 10 million to buy, every restaurant offers $100 meals, and they would only be content if they can have private driver. I guess every single person that lives in NYC must make over a million then???? lol Move to North Carolina get a 3,000 sq ft place for 400k. Problem solved! Most people can't afford to live that lifestyle in NYC.
Where did it say 3,000 square feet? I only read they were looking for a 3 bedroom.
Where did it say 3,000 square feet? I only read they were looking for a 3 bedroom.
I wasn't saying them in particular, I was just saying that as an example. They can live in Manhattan for 550k, they just can't live how they want to live, is the point I was making. What people really mean when they say "I can't afford" is "I can't afford what I want where I want or how I want." Not everyone who lives in NYC (or Manhattan specifically) is a millionaire.
You people just don't get it. Queens, really? New Jersey? LOL. Rich people love Manhattan.. for a reason I wouldn't expect the type of posters here to understand. New Jersey and Queens are ok for regular people though. But OP is pretty wealthy and obviously wants the sophistication of Manhattan and wants to live with his kind.
On 20% down, 4% flat interest rate, monthly payments on a $3,500,000 condo or house are about $15,000, or about $180,000/year. A lot of money, to be sure, but completely doable on $550,000/year (which should be somewhat over $300,000/year post-tax--$330,000 assuming an effective tax rate of 40%, which is about as high an effective rate as anyone in this country pays).
Even with 20% down that's more than a 5x multiple of annual income. So again - who's going to get that mortgage? Its not a matter of whether one can theoretically pay the monthly amount - is what mortgage you can get. I earn close to that amount - never have I been near a 5X multiple mortgage.
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What I don't understand are people who move to NYC trying to find 3,000 sq ft places to live in when most homes aren't even that big in most parts of the country first off. Then, they complain they can't live in NYC like everything is 10 million to buy, every restaurant offers $100 meals, and they would only be content if they can have private driver. I guess every single person that lives in NYC must make over a million then???? lol Move to North Carolina get a 3,000 sq ft place for 400k. Problem solved! Most people can't afford to live that lifestyle in NYC.
