Where to live if the job is in SoHo, but not with the SoHo budget? (rental, credit)

[bmwguydc]

Neighborhoods that have had historically higher demand will continue to do so, and the rent prices may not fall much, if at all, in these areas. However, in the transitional areas that have been gentrifying, there could be a reduction in sales and rental prices since the areas may lose favor in a weakened economy. You're not going to see places coming on the market on 5th Avenue, for example, for the same price as one would pay to live in the outer reaches of a transitional zone currently, but there might be a slight reduction in the better neighborhood and the less desired area could have something more akin to a collapse. It all depends upon the inventory levels, and in desired neighborhoods, there is still a high level of demand that has been fostered for many years by a housing shortage, which in turn caused the spill-over to gentrify other areas, some of which have not fully turned a corner to a higher sustainable desirability factor.

[Moderate Guy]

Originally Posted by bmwguydc

Neighborhoods that have had historically higher demand will continue to do so, and the rent prices may not fall much, if at all, in these areas. However, in the transitional areas that have been gentrifying, there could be a reduction in sales and rental prices since the areas may lose favor in a weakened economy. You're not going to see places coming on the market on 5th Avenue, for example, for the same price as one would pay to live in the outer reaches of a transitional zone currently, but there might be a slight reduction in the better neighborhood and the less desired area could have something more akin to a collapse. It all depends upon the inventory levels, and in desired neighborhoods, there is still a high level of demand that has been fostered for many years by a housing shortage, which in turn caused the spill-over to gentrify other areas, some of which have not fully turned a corner to a higher sustainable desirability factor.

In my opinion, a very well put and accurate analysis of what's happening/will be happening in the near-term rental market in NYC.

[joninaz]

Originally Posted by Miles

joninaz, are you averse to renting outside Manhattan?

Not at all. As long as the commute is reasonable and the area is somewhat safe and engaging, then I'm open to all possibilities. I'm old enough to not really care that much about being where it's hip, but also not too old or established in my ways (or needs such as kids/schools) to have very distinct boundaries... if that makes sense!

[Moderate Guy]

Originally Posted by joninaz

Not at all. As long as the commute is reasonable and the area is somewhat safe and engaging, then I'm open to all possibilities. I'm old enough to not really care that much about being where it's hip, but also not too old or established in my ways (or needs such as kids/schools) to have very distinct boundaries... if that makes sense!

There are many safe, beautiful areas in the outer boroughs. Only you can decide if the choice is relocate to Manhattan or not relocate at all vs. relocate to one of the outer boroughs/work in Manhattan/recreate in any of the five/take a little longer to travel to work or entertainment in Manhattan but still be able to enjoy Manhattan as an outer borough person.

As a longtime New Yorker, I daily encounter Manhattan-centric New Yorkers from all five boroughs who believe that unless you live in Manhattan you are on a lower stage of the NYC pecking order. That attitude however does not pay one's rent, allow one to achieve one's American dream, save for one's future - if one's budget cannot accommodate living in Manhattan. Many lovely people live in Manhattan - but so do many others of equal loveliness in an outer borough.

In the final analysys, the decision is yours. And who knows, jon, you can start out in an outer borough, and as the years go by, your income might increase, and if your desire to live in Manhattan is unabated, you may quite well still be able to then relocate to Soho and walk to work. Or you may end up like me - loving an outer borough so much for its less hectic pace, more open spaces, neighborliness feel, variety of housing options, facility in owning a car if so desired, etc.

Good luck, and if you stay in Arizona. That's not too bad either. My sister actually relocated from NYC to Tempe with her boyfriend, who is from Milwaukee, and they both are crazy about Arizona! See, different strokes for different folks. It's all good to go!

[cmw2133]

Originally Posted by Miles

As a longtime New Yorker, I daily encounter Manhattan-centric New Yorkers from all five boroughs who believe that unless you live in Manhattan you are on a lower stage of the NYC pecking order. That attitude however does not pay one's rent, allow one to achieve one's American dream, save for one's future - if one's budget cannot accommodate living in Manhattan. Many lovely people live in Manhattan - but so do many others of equal loveliness in an outer borough.

Not to discriminate, but I've noticed the people that think New York ends at the East River tend to be the transplants from NJ and other states, etc. Pretty idiotic opinion since there are parts of Queens and Brooklyn that put most parts of Manhattan to shame: more of a neighborhood feel, super-safe, quiet, vibrant, etc.

[clevedark]

Queens doesn't seem very glamorous to the outsider (about as glamorous as New Jersey), but I don't know how you could say that about Brooklyn! It's more popular than Manhattan, it seems.

[Joe Bama!]

Originally Posted by clevedark

Queens doesn't seem very glamorous to the outsider (about as glamorous as New Jersey), but I don't know how you could say that about Brooklyn! It's more popular than Manhattan, it seems.

You sound like your not from here. Or you've been away a long time.

[SeventhFloor]

Originally Posted by Miles

With that budget, do Queens, Brooklyn, The Bronx, Staten Island if you want to be alone or roommate it in Manhattan. Good luck!

good job on mentioning staten island miles.
to the OP, you might want to try looking at st. george, staten island. you might be able to get a 1 bdrm in an elevator bldg for $1000 p/month within walking distance to the ferry if you search hard enough. then from the ferry, you can take the 1 train to work. maybe a 30-45 min commute....if you have 10 min walk, 20 min ferry ride, and 10 min train ride.

[tommyc_37]

All signs point to Downtown Jersey City. Especially if you are single and in your 30's. There are plenty of restaurants, cafes, and bars all over the area, but if that's not exciting enough for you, you have 24-hour access to Manhattan via the Path train (it's essentially a simplified subway system).

Check out the Grove Street area, Van Vorst Park neighborhood, Paulus Hook, Hamilton Park...all of these are very nice and desirable brownstone neighborhoods in Downtown Jersey City. For hi-rise, look into Newport and Exchange Place...these are the skyscrapers that you see from the West Side Highway in Manhattan.

[joninaz]

One more question. What's the income tax situation if one crosses state lines between NJ/NY? For example:

- if working in NYC, is there a major difference in taxes if you live in NJ?
- if living in NJ, is it cheaper to stay working in NJ? For example, if we had one office in NJ and one in NY, would it be better to try and be "based" at the NJ office?

I've always lived out west, far from any state border, so this would be a new concept to me!