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I am moving from Boston to NYC for work. . .in Jersey! I need help thinking about the numbers. My office is a 45 minute commute from Penn Station to New Jersey. Here is the question: Economically, is it cheaper to live in NJ or Manhattan given that my job is in NJ? Here are the things I am thinking matter, but I suspect that some New Yorker or New Jersian (?) knows these issues more intimately:
*personal income tax differences (NY state and city tax vs. New Jersey state tax alone)
*cost of rental (East side for example vs. a Jersey city or a Hoboken, etc)
*other expenses I am not thinking about it?
Ultimately, what is the effective tax rate for someone earning a lower six figure salary and living in Manhattan vs living in Jersey given that the employer is in Jersey? Can someone help me think about this?
You'll get much more for your money housing wise in New Jersey than Manhattan. Jersey City and Hoboken both have Path trains and ferry service into Manhattan for trips in and nice skyline views. There are a ton of new buildings going up in Jersey City and the areas along the river are upscale with a huge shopping mall right there on the downtown light rail. Gasoline is cheaper there as well as sales tax. I wouldn't even think of having a car in Manhattan in case you were going to ask.
Look into Williamsburg Brooklyn.
If your from Beantown you may really dig it. The area has made an amazing comeback its like Greenwich Village in the 60's
(Around Lormer st and Greenpoint Ave)
L train (subway) 5 minutes to Manhattan reasonable rents (but that won’t be for long).
Hoboken is nice to but the dual train fair will cost you over $12 a day. Hoboken is good if you work in the Village/ lower Manhattan area and don’t need the subway.
Thanks, but this is not what I am asking about. I am asking about INCOME TAX differences. I just don't know the laws and was hoping someone could help. I already know about the social stuff. I want to to know about Uncle Same differences!
Thanks, but this is not what I am asking about. I am asking about INCOME TAX differences. I just don't know the laws and was hoping someone could help. I already know about the social stuff. I want to to know about Uncle Same differences!
nyc income taxes can be sustanial depending on your salary. we live in nyc and our son is in new jersey. we sold a jointly owned property last year and we paid an aditional 35,000 in local taxes. yes jersey has higher property taxes put depending on your income that can be a bargain
You will definitely have an income tax advantage in New Jersey. Go to paycheckcity.com and enter your income for both NJ and Manhattan.
If you're working in NJ, it may turn out to be a real hassle to live in Manhattan. Unless you enjoy commuting. Where in NJ will you be working?
New Jersey does have higher property taxes, but I believe 100% of your property taxes are deductible. I have lived in both states as a renter and am not completely sure about the details. I'm currently considering a move back as a homeowner, so am researching this myself.
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