Park Slope Versus The Burbs
New York has a reputation for being an expensive town, which of course it is. But the high housing prices and rents don’t tell the whole story. You see, New Yorkers don’t necessarily need cars. And our property taxes are pretty low. Which is why a Times story this weekend comparing the cost of living…
New York has a reputation for being an expensive town, which of course it is. But the high housing prices and rents don’t tell the whole story. You see, New Yorkers don’t necessarily need cars. And our property taxes are pretty low. Which is why a Times story this weekend comparing the cost of living in Park Slope versus Orange, NJ found that a family of four with a household income of $170,000 could actually live more inexpensively in Brooklyn than Jersey. In fact, monthly expenses were $1,285 cheaper in the County of Kings. “Specifically, each month, the suburban family needs to lay out about $5,668 to run their home and commute to work in Manhattan, compared with $3,852 for the urban family,” said The Times. “That includes most relatively static expenses — from the mortgage, property taxes and homeowner’s insurance, to transportation, utility bills and, for the house, landscaping. ” The major caveat: If you want to send your kids to private school, fuhgettaboutit. You’re better off moving to the burbs.
High-Rise, or House With Yard? [NY Times]
Photo by Betty Blade
“Case Shiller doesn’t count co-ops or condos.
Or about 90% of the housing in NYC.
How is that relevant?”
It’s indirectly relevant. Coops, condos or 2+ fams are not directly included in the index data but the index data is directly influenced by coop, condo and 2+ fam prices. Both sets of numbers are ultimately driven by the same market fundamentals, income (from the same metro area) and rent.
As I said @ 10:44, the NYC metro area is one RE market. You can break it down into its tri-state, city and neighborhood parts but that does not erase the relevance.
Any other explanations/theories for why BOTH the index AND overall NYC/Brooklyn prices tripled in value trough to peak?
***Bid half off peak comps***
Sorry, benson, about my history as a stereotype. You like the suburbs? Fine, go live there! Not for me.
Roberta
RF;
I think you and 11217 make a poor case for your side. All you are doing is referring to tired, negative stereotypes of the suburbs.
You just don’t see this as a case of a lifestyle choice, in which there are pro’s and con’s that must be weighed by each family. Nope: the suburbs are filled with intolerant, hateful, consumptive people, and you and your family are better than “them”.
tybur6 I am not making any assumptions – nor am I assuming “one business center” (NYC has at least 4 – Lower Manhattan, Midtown, Downtown Brooklyn and LIC).
But again you started your rant as being against the development model of NYC – ok so provide an example of an EXISTING model that is better – and remember we are talking about 12-15M people
It’s so much more simple than all that. People started living in the city again because they were sick of commuting 2 hours each way to work. And yes, you gotta count it door to door. Not just how long it takes once you’re on the train and it’s moving. Commutes that long mean you basically see your kids only on the weekends and your nanny pay is at least 10 hours per week higher because you have to leave for work earlier and you return later. This article doesn’t discuss that either. I do think the suburbs are a good option for those who work from home and have more than one child. BUT, why New Jersey? There are better schools and lower property taxes in CT and NY. I never get the NJ thing.
By benson on July 6, 2010 11:50 AM
“my daughter has much more of a world view living in the city than she would outside. And she knows it.”
Oh please. Look, if you are pleased with the lifestyle choice you’ve made for yourself and your family, good for you. Please do not turn it into some type of virtue, however.
Oh please. I grew up in Hicksille when it was filled with Italians and Irish fleeing the city. My father was an airplane mechanic. It was very uncomfortable being Jewish there–there were several years at Hicksville Junior and Senior High School where the principal recited the Lord’s Prayer every morning on the PA system. My father now lives in Seaford. So it’s not like I am unfamiliar with the burbs. We have plenty of friends there too.
For me and my daughter, it’s a good life in the city.
BHO, get inside with some AC. You’re suffering from heat stroke or some sort of stroking.
Case Schiller is not very applicable to properties in Gravesend, but I would suspect it has a pretty good Beta to the rest of NYC, albeit with some time lags.
“Typical superiority complex of the recent NYC arrivals thinking that they are “living the dream” and that everyone else must be miserable because they are not.”
Yeah, cause none of us know or have family or friends in the burbs anymore.
And I’m not a recent arrival.