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Which Westchester towns can I live well in that has good schools, good neighbors? I want a single family house and the commute must be within 90 mins. of Grand Central. I have an income of 120,000 yearly.
Which Westchester towns can I live well in that has good schools, good neighbors? I want a single family house and the commute must be within 90 mins. of Grand Central. I have an income of 120,000 yearly.
Think north of 287. Hate to break it to you but around these parts that's what the help earns. Remember to factor in real estate taxes of 15k per year.
I think you need to figure out what price range of a house you can afford based on income and how much you have saved. There are houses in many towns in the 500,000 range but you would probably need a substantial down payment to afford them. My siblings both live in North Salem and that is affordable as well as Somers. Their taxes are fairly low for Westchester standards. Also, you can consider Yorktown and Plesantville but they have higher taxes.
Have you looked at Katonah? They have a lovely village center, their schools seem well regarded, and there is a metro north station right there. We don't live there but our family goes up to Muscoot Farm (a great outing for the kids!) every couple months and we always look forward to strolling the Katonah village when we do. I know there are also some river towns up north but haven't heard enough on their schools. I recommend checking out the greatschools.com website to look up schools in any areas you are considering.
It isn't really a matter of income, so much as what you can afford to spend. How big is your down payment? What other debts do you have? Etc., etc. You need to come up with a max sales price (and tax range) and then you can think about towns. It really depends on what type of house you want and what type of setting you want--in this market you should be able to find something decent in almost any town for around 500K (depending on your definiton of "decent," that is). And I don't think there is anywhere in Westchester that is more than 90 minutes from GC.
An income of 120K is above the median westchester income 96K for a family of 4. This means that in principle you can afford something better than the median house in westchester. Some towns, like Bronxville have a higher median income 145K so you are not too far away from the richest towns either. Due to the real estate bubble, however, house prices were disconnected from income so you need to wait while the correction is over (prices are continuously decreasing). Also westchester town liabilities are increasing and property taxes are getting higher and this will factor into pricing so prices will be depressed further.
So my advice is wait and assuming you keep this income you can afford any town in westchester.
Have you looked at Katonah? They have a lovely village center, their schools seem well regarded, and there is a metro north station right there. We don't live there but our family goes up to Muscoot Farm (a great outing for the kids!) every couple months and we always look forward to strolling the Katonah village when we do. I know there are also some river towns up north but haven't heard enough on their schools. I recommend checking out the greatschools.com website to look up schools in any areas you are considering.
oops...I got your post mixed up with gwenrn's string...which had also posed a question for a family looking for a home w/a $120k HHI. So, I thought you were looking in the $500k range, which is what I based the above on. As another posted noted, you will be able to find a range of homes all over Westchester. My above note was based on (incorrectly) thinking you had given a $500k range...and I think up in that area you may find more inventory at that range than lower Westchester. And, your flexibility in commute really opens things up for you. Good luck.
It isn't really a matter of income, so much as what you can afford to spend. How big is your down payment? What other debts do you have? Etc., etc. You need to come up with a max sales price (and tax range) and then you can think about towns. It really depends on what type of house you want and what type of setting you want--in this market you should be able to find something decent in almost any town for around 500K (depending on your definiton of "decent," that is). And I don't think there is anywhere in Westchester that is more than 90 minutes from GC.
120k gets approved for a 300k mortgage when you factor in 15k in taxes. That doesn't get far even after the bubble has burst. If you have 200k or more to put down, you'll have a lot of choices.
Median income is meaningless. Anyone who makes 120k but bought their house before 1997 is living like a Saudi Prince, making an $800 mortgage payment with oodles of disposable income.
Best is to look for bargains re: taxes -- houses that haven't been reassessed, houses in the school district but not the village.
120k gets approved for a 300k mortgage when you factor in 15k in taxes. That doesn't get far even after the bubble has burst. If you have 200k or more to put down, you'll have a lot of choices...
I was thinking it would get you a 400K mortgage, and then assuming 100K down. But I was just guessing. If the OP's max is closer to 400K, that limits choices. But he/she will still have options.
You need to pick the areas you're interested in and then see what your buck will buy you there. Once you know what you want you can start to look for the affordable version of it.
Median income is meaningless. Anyone who makes 120k but bought their house before 1997 is living like a Saudi Prince, making an $800 mortgage payment with oodles of disposable income.
Well someone with a median household income of today (100K) who bought a house 1997 and carries a mortgage of $800, pays $1200 for taxes, and $500-1000 for maintenance, utilities and repairs. This is half of the take home salary JUST for home expenses. It's not a life of a prince. Also no savings means no retirement.
There is a reason that prices in westchester are going down and have not found a bottom yet.
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