Where to live if the job is in SoHo, but not with the SoHo budget?

[LynnePatrice]

I live in JC and work in NYC. Both my husband and I didn't really notice much of a difference in our taxes. They will take NYC taxes out of your check but they will be credited to NJ if that makes sense. We did not feel a pinch at all.

[tommyc_37]

Originally Posted by 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!

I believe there is a small amount of NY taxes taken out if you live in NJ but work in NY. It's negligible. Just as an FYI, about half of NYC's workforce lives in the state of NJ.

If your company has an office in Exchange Place in Jersey City, then yes, if you lived in Downtown JC then you could walk to work, and it'd definitely be a cheaper commute.

[wisnowbird]

Originally Posted by joninaz

- 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?

- If you live in NYC, you'll have to pay CITY taxes as well as state & federal. In my case, it adds up to about 3.5% of my gross pay that I would save if I lived in Jersey instead of in the city (you pay it if you live in any of the five boroughs). I'm not real sure about the state tax rate differences, but I know a friend of mine who works in NYC & moved to JC saved thousands in taxes by moving to Jersey just by not having to pay those city taxes anymore.
- It wouldn't matter for you to work in the NJ or NY office. It only matters where you live & which state you pay income taxes to.

[adambos]

Originally Posted by joninaz

I'd be curious to know if the Wall Street/Banking probs are starting to impact rental costs.

First off, no. Rental prices usually move opposite of home prices, which have been begining to slide in the Manhattan market. Compared to the rest of the country NYC has not seen the same levels of depreciation. The quotes you're recieveing for studios in the west village and soho are fairly accurate. 2000 for a studio and up. One beds beneath 23rd st can be pretty rediculous. I have friends paying 3500 for one beds. There are deals. If you are working on the west side look uptown from there. Everything is pretty pricey until west harlem, and the heights. I would recemend VISITING these neighborhoods first. Wash Heights is 100% dominican and for a white male like myself, you definitly do not feel at home or comfortable. I have had a few friends live up there. People leave you alone, but don't necesarily welcome you either. Besides being VERY far from much of the city, it is sketchy east of broadway. The word is that west of bway is gentrifying....sort of. I still had trouble ordering a slice and a coke. 168th and broadway is the most gentrified. My friend had a 2 bed that was huge by NY standards for 1800 per month. Way less than I pay for my one bed in the upper east side. Check out the Upper west side too. Its pricey, but great. West 80's behind the natrual history museum are fantastic. It can be very tough moving to NYC, but jump in. Get your financials ready! It's a trip. Feel free to ask any questions. I went through it al too. Once you're here it's the best. Greatest city in the world.