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I am retired in NYC, but after researching some, decided to move to Ditmas Park, Brooklyn and rent my place (I have a comfortable, albeit basic 2BR apt for about 1300/mo) If you invest the money you get from the sale of your home into a secure account (I would avoid the market right now-keep it in a bank like ING, with a high rate of return) rather than spending it on a condo or co-op (both of which have hidden fees like maintenance, holiday gifts to the Superintendent and Staff, and property taxes that can total in the ten to twenty thousand per year range) you will be able to spend a reasonable amount to rent your place, and not have to worry about any of those pesky repair costs, as your landlord will take care of them. Additionally, in an apartment building in NYC, the Landlord pays your heating costs in the winter, as well as your hot water all year round. When you factor all this in (and food purchasing costs in Brooklyn are pretty reasonable if you ask me) and realize your grocery, laundry, etc all can be delivered for a nominal charge (grocery $1.50 plus tip here, laundry is done by pound at about $0.70/LB) the cost of living becomes more reasonable. I do not keep a car here any longer (even though I parked on the street) because insurance costs in NYC are prohibitive. Renter's insurance costs me about $18 a month, with a $500 deductible, and that keeps me well covered.
There are several neighborhoods worth looking into, as they are rising in popularity, and will soon be out priced for "average" renters:
-Washington Heights, Manhattan
-Inwood, Manhattan
-Country Club, Bronx (near the water, and you could keep your car)
-Pelham, Bronx
-Soundview, Bronx
-City Island, Bronx
-Riverdale, Bronx
-Spanish Harlem, Manhattan (RAPIDLY gentrifying)
-Ditmas Park, Brooklyn (Great neighborhood, quiet, beautiful century old Victorian homes and tree lined streets, but a 25 minute subway ride away from 14th ST in Manhattan)
-Brighton Beach, Brooklyn (If you would like to be near the ocean this is a GREAT option)
-Midwood, Brooklyn
-Roosevelt Island (technically Manhattan)
As I said, I would suggest renting, as ownership in NYC is difficult and expensive. Most of the financial planners I have spoken to suggested that I begin to transfer assets to my children, or create joint accounts, to avoid estate taxes for them.
There are some great Queens neighborhoods, as well, but I am not as familiar with them.
The seasons are one of the biggest reasons I moved here from my hometown of Miami many years ago. I do not now, and never have regretted my choice.
we retired here in bay terrace queens ... yeah , it is expensive but it has everything we would want or need ..
we had a house in the poconos we thought we would retire to . but when the time came we realized just how much it lacked .
if i couldn't drive there was no public transportation .
winters were long , icy and colder than here .
there was little to do in the winter as you aged .
even the summers were boring already after 5 years of part time life .
if i wanted to work in retirement there were only low wage jobs .
there were few specialists or medical facilities .
so we realized right where we were in queens was a good choice .
ny is tax friendly too . social security is not taxed , state local federal pensions are not taxed , the first 20k in ira money is not taxed , ny gives us a 1600 dollar state tax credit for having our nys partnershp long term care policy . all our treasury interest is not taxed by ny .
we pay very little in state and local taxes despite a 6 figure retirement income .
we retired here in bay terrace queens ... yeah , it is expensive but it has everything we would want or need ..
we had a house in the poconos we thought we would retire to . but when the time came we realized just how much it lacked .
if i couldn't drive there was no public transportation .
winters were long , icy and colder than here .
there was little to do in the winter as you aged .
even the summers were boring already after 5 years of part time life .
if i wanted to work in retirement there were only low wage jobs .
there were few specialists or medical facilities .
so we realized right where we were in queens was a good choice .
ny is tax friendly too . social security is not taxed , state local federal pensions are not taxed , the first 20k in ira money is not taxed , ny gives us a 1600 dollar state tax credit for having our nys partnershp long term care policy . all our treasury interest is not taxed by ny .
we pay very little in state and local taxes despite a 6 figure retirement income .
My friend had an asthma attack while visiting with me for my sister's wedding in Blakeslee PA, and it was a super long drive to the nearest hospital. NYC would be 20 minutes top.
My friend had an asthma attack while visiting with me for my sister's wedding in Blakeslee PA, and it was a super long drive to the nearest hospital. NYC would be 20 minutes top.
For many things you can go a few blocks to a walk in place and get help here ..we have a new northwell emergency walk in clinic near us that is pretty well equipped
You don’t need to be rich ,,but you may need as much as you were living on while working at the least .
Our retirement incomes are nothing special for a working couple ...
OK, my wife wants you guys to talk me out of this, but I am considering retiring to NYC in 5 years. We love the city and would want to be in the thick of it. Anywhere around Central Park or below, so cross off Harlem, the Bronx, New Jersey, etc. Would love some insight on living in Hell's Kitchen/Clinton, Chelsea, Tribeca, Gramercy, etc.
We will net out about $450,000 from the sale of our home and according to the realtor web sites, that would get us a plain but nice one-bedroom condo in NYC. So other than any maintenance fee, our housing costs would be zero. Then we’d have about $3,500 a month from IRA and Social Security. Fortunately, we don’t have any expensive hobbies like skiing or racing yachts. Just want to be able to explore Manhattan, eat out at a nice restaurant once a month, a Broadway show once or twice a year, and so on.
She thinks moving from a house with 7 acres in to a condo in a city will be too much of a culture shock. We are planning on accumulating a lot of vacation time and then renting a condo for a full month to see how we handle it.
So talk me in to or out of this!
NYC is considered a good place to retire. But if the reduction of space may be a shock, the rental is a great idea.
Retirees living in stabilized apartments may be exempt from all future rent increases in nyc under scrie if they meet the requirements.
More than half of all rentals here are stabilized ....there are stabilized apartments available all over ....many apartments may be at or close to market for new tenants but if you qualify for scrie you qualify.
There are plenty of apartments available where we live
I'm in NYC right now looking for a co-op to purchase. Going home tomorrow, as I didn't find anything this time (my agent "forgot" I had to have "pet-friendly" and took me to a place I absolutely loved but . . . the dog thing . . .
Also, there are many co-ops in Manhattan that allow pied a Terres - so that is a possibility, but maintenance fees probably average around $1,000 per month (on the lower end of the market units I have been viewing).
I'm in NYC right now looking for a co-op to purchase. Going home tomorrow, as I didn't find anything this time (my agent "forgot" I had to have "pet-friendly" and took me to a place I absolutely loved but . . . the dog thing . . .
Also, there are many co-ops in Manhattan that allow pied a Terres - so that is a possibility, but maintenance fees probably average around $1,000 per month (on the lower end of the market units I have been viewing).
Maintenance fees are murder in Manhattan but you get what you pay for (at least that's how it's supposed to work).
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
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