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Our family of four is thinking of packing it up and moving to Manhattan, probably to the UWS. We both work in healthcare, hospital ER's specifically, and make a little over 100K/year.
First question: I saw someone here post a couple of times about having to spend the $$ for private school for the kids. Why? Aren't there any decent public schools?
Second question: Is raising kids in Manhattan an insane idea? Surely millions of children have grown up there...
Last question: Is there a better part than the UWS to be raising a family?
Whether you're a native or not, I would love to hear any and all stories/suggestions and please feel free to PM me!
There are some good schools in the city, for sure, but there are also problems that come along with large city schools that are not like what one finds in the suburbs. Many use private schools because of the unknown factor at the higher grades, especially, but there are some good schools to be found in the city, though they can be competitive at the high school level.
I am assuming that you each make $100k, because the UWS can be expensive for a family and $100k would not stretch too far with what you would need to pay in rent/mortgage for a family apartment in the better school districts. There are parts of Brooklyn, Queens and the Bronx, in particular, that are popular with families and have good proximity to Manhattan. Some neighborhoods such as Forest Hills, Kew Gardens, Riverdale, Bayside, Douglaston, Park Slope, etc. are popular with families, especially when schools are factored. And, while none of these areas could be classified as inexpensive, the values are better compared to what you can get in Manhattan for the same amount of money.
Look at Insideschools.org for some insisght into the schools in the city.
Living on the UWS will be hard even on 200K. You'll want a bigger place with room for kids. Some of the public schools are amazing others are beyond awful. You'll want to hook up with other parents and find a school with a good active parent body.
Private schools are between 10k and 28K per year. Some people can't be bothered to look for a good public school and be on the PTA and whatnot so they do that.
Kids in the city? Not crazy at all but you need a network of parents who share your values-- in the end your kids friends will have the biggest impact. That's true in any town.
I keep reading over and over about how 100K won't get you far, blah blah blah, etc. Yet if a 2 bedroom rent is about 3K/month that leaves 3-4K/month left over for other expenses but that won't get you very far? I don't get it.
There is no car payment, no car insurance, no mortgage insurance (as far as I can understand, living in NYC)...just to walk around the city or to the park is free for cryin' out loud. How would 3 to 4 thousand a month not go very far?
I have no student loans, very little credit card debt, excellent credit and don't lead an extravagant lifestyle by any stretch of the imagination.
Please, for the love of God, help all of us non-New Yorkers understand!
And thank you.
P.S. Frankly, I just don't understand how anyone can possibly live in Manhattan because just how many people make even over 100K a year?
P.P.S. Hearing all this only makes me want to do it more.
Everything costs more, food, clothes, dry cleaning... everything. On the UWS the stores charge so much for everything! It's true you don't need the car, but I have a similar income and decided that the south bronx would be better. We don't have kids yet, but I'm an ex-teacher I know the school system and I'm ready to work it. For the first time since I moved to this city there is NO PRESSURE to make rent/mortgage. It's no fun to have some great job but still feel under the gun every single month.
If you spend 3000 on rent then you're putting 36% of your income in to rent. That's more than 1/3. I think 1/4 is ideal... or less if you can hack it.
Move to Brooklyn or the north bronx (marbel hill?) Inwood or something.
I lived on the UWS and I did not like it!
If I made 500k I'd move down to the Financial District, but beyond that you can keep Manhattan.
"Frankly, I just don't understand how anyone can possibly live in Manhattan because just how many people make even over 100K a year? "
Lots and lots and lots of people! There are rich people in this city and richer people-- it's like there's not ceiling! In Ohio, where I was born 100k is rich-- here you're "middle class" --
In a good school district, $3k a month will be small, somewhere around 900-1000 square feet of space, and it can be difficult to find 2BRs in that range in good districts. And, the rule of thumb is 40x income to determine affordability that most landlords and management companies use. NYC also has taxes that are levied on income, and food/necessities are generally more expensive in the city than other areas of the country.
Assuming $100k with 2 exemptions, the net pay would be in the region of $69k. So, you'd be spending $36k in rent and then be left with $33k for a family of four, which would be very tight in Manhattan.
Many people in Manhattan do make over $100k, and it really can be very tight, since you need a good school district.
Frankly, I just don't understand how anyone can possibly live in Manhattan because just how many people make even over 100K a year?
Wow. Actually.....quite a few... Even Executive Assistants can make that after a few years if they work in the financial sector.
Yes, you're right. I stand corrected. Many people in Manhattan DO make over 100K/year.
Fortunately for us though we made that much right out of school and only work 3 days a week. Who else can say that?
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OK, help me out here...seriously
