Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am house hunting and while the spring felt strong, suddenly it feels like things are quaking a bit all over the county. Not sure why it would suddenly be happening now, but these things do tend to have a snowball effect. I'm wondering if lower tax towns (e.g. White Plains) won't be affected as much, but you never know.
I am house hunting and while the spring felt strong, suddenly it feels like things are quaking a bit all over the county. Not sure why it would suddenly be happening now, but these things do tend to have a snowball effect. I'm wondering if lower tax towns (e.g. White Plains) won't be affected as much, but you never know.
I’m in the same boat. The Spring market was strong because parents were stlll trying to get their kids into schools. Closing takes about 2 months so by the end of June, all of those buyers bought already. Whatever is left on the market will probably have to wait until the Fall market starts up after Laborb Day. If the seller’s don’t adjust their prices accordingly, those houses might just sit until next Spring.
Rising interest/mortgage rates combined with Trump’s tax law changes capping state and property tax deductions have put a stop to the market’s fast rise. How much we correct is the big question.
Lower tax towns like Harrison have limited inventory below $1.5mm due to what I mentioned above.
but for your true "rent" in the suburb, you need to add the additional time to commute, and the cost of living in such a boring lifestyle.
Quote:
Originally Posted by mlamb93
We did basically the same analysis as JaRuss01.
Your "rent" in the city is equal to what you're paying for your apartment plus your NYC income tax. In terms of a house, your "rent" is your mortgage interest and property taxes. The principal on your mortgage can be viewed as forced savings. You can also use mortgage interest as a tax shield
In all seriousness though I bought somewhere I plan to live for 20 years so I'm less concerned with weakness in the next 2 years. The math was still favorable to me to get out of the city. My after-tax cost of the house will still be better than equivalent rent in the city plus city tax. And then when you include private school costs in the city it becomes a no-brainer for me to be in Westchester.
I don’t understand why everyone emphasizes the schools. All schools but private ones run the same program. Yes they are less crowded but to me they are so not worth the 25-30K tax price tag. Plenty of schools in the city are very good. There are also GT programs. I don’t know I just feel like too many people want to justify their taxes with education. Unless of course you are in HS and you need those AP classes. Many of my friends I know even in Scarsdale would get a private tutor.
just cannot figure how you math works. a one million dollar house in Scaresdale would easily cost you 4000 in mortgage, 3000 in tax, and you need to factor into additional maintenance cost and cost of commuting, that is like another 1000 per month. So your cost is 8000 per month. average 2 bed apartments in the city cost only 4000
Quote:
Originally Posted by LeavingNYCfast
So glad I bought in January!
In all seriousness though I bought somewhere I plan to live for 20 years so I'm less concerned with weakness in the next 2 years. The math was still favorable to me to get out of the city. My after-tax cost of the house will still be better than equivalent rent in the city plus city tax. And then when you include private school costs in the city it becomes a no-brainer for me to be in Westchester.
just cannot figure how you math works. a one million dollar house in Scaresdale would easily cost you 4000 in mortgage, 3000 in tax, and you need to factor into additional maintenance cost and cost of commuting, that is like another 1000 per month. So your cost is 8000 per month. average 2 bed apartments in the city cost only 4000
Tough to find a good 2 bedroom apt in manhattan for $4k. Even Long Island City costs more than that now. Plus if you have 2 or more kids, you will likely want a bigger place than 2 BR.
You are also forgertting to factor in NYC income tax. The average person moving to Scarsdale makes at least $100K per year, taxed at 4% NYC City tax is $4K per $100k of income per year. Some families make a combined $500k or more so that’s $20K in NYC City tax per year.
You can easily find a non-luxury 2 bedroom in Manhattan under 4000. In outerboros, you can rent a two bed for 2500 in a nice neighborhood. Even you factor into city tax, it still costs much less in the city.cost aside, the suburban lifestyle is simply out of fashion. that is why you see the price in suburbs is moving downwards, while the price in the city keeps climbing
Quote:
Originally Posted by Dabaomb
Tough to find a good 2 bedroom apt in manhattan for $4k. Even Long Island City costs more than that now. Plus if you have 2 or more kids, you will likely want a bigger place than 2 BR.
You are also forgertting to factor in NYC income tax. The average person moving to Scarsdale makes at least $100K per year, taxed at 4% NYC City tax is $4K per $100k of income per year. Some families make a combined $500k or more so that’s $20K in NYC City tax per year.
You can easily find a non-luxury 2 bedroom in Manhattan under 4000. In outerboros, you can rent a two bed for 2500 in a nice neighborhood. Even you factor into city tax, it still costs much less in the city.cost aside, the suburban lifestyle is simply out of fashion. that is why you see the price in suburbs is moving downwards, while the price in the city keeps climbing
The principal portion of your mortgage can be viewed as long-term savings. So your "rent" in the suburbs is the interest on your mortgage plus the property tax. The interest is also a tax shield.
Rent is a 100% an expense. And you also owe city tax.
What it comes down to is that people with multiple kids need space. You don't get space in the city for a reasonable $/sq foot.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
