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True but assuming you are sending your kids to public school in Westchester, you have to factor that in. A lot of ppl who live in the city would otherwise send their kid(s) to private school.
Agree, of course there's all the additional home expenses, car expenses, etc but this is where the math can really make sense even considering insane property taxes- especially if you have multiple kids.
Agree, of course there's all the additional home expenses, car expenses, etc but this is where the math can really make sense even considering insane property taxes- especially if you have multiple kids.
It's all individual. I bought a co-op so my taxes are low. I don't (nor will I likely) have kids so school expenses are moot. And in Queens I already owned a car. Everyone's situation will be different.
I added up all of my expenses as a renter in Queens, and projected what I expected them to be as a co-op owner in Westchester.
Net net, when all is said and done, I am paying less every month to live in Westchester as a homeowner than I did in Queens as a renter. Plus I have more space, and feel a sense of pride and ownership blah blah lol that I never did renting.
Your paycheck will definitely go up as soon as you change your address in your employer's HR system (which will trigger them to stop withholding the NYC income tax). Your overall tax burden may very increase via higher property taxes, but that obviously has nothing to do with your actual paycheck.
Perfect. I'm doing a line by line comparison. I have all of the additional expenses, property tax, etc. We live in 950 SF with 2 kids, so the city was never going to be our plan long-term. Especially given the rents for an extra bedroom push us out of a price zone we are comfortable with (even when you factor in all the additional costs that come with home ownership).
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