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
Good thread (don’t feel like reading the article as I already know the math). People tend to isolate home prices from the net tax effect and the need for a car or two in the overall comparison. In general, The $1,285 discrepancy noted above is probably closer to zero.
The whole metro area is one RE market more or less competing for the typical Manhattan professional. This is why Case-Shiller is so relevant to NYC/Brooklyn.
***Bid half off peak comps***
fsrq —
I would love to agree with you IF we were only talking about the “near suburbs” and everyone commuted to Manhattan by public transportation. Have you ever seen a bridge, tunnel or highway leading to New Jersey or Long Island?
Not to mention this CITY (not just suburban folks coming to the city), but this CITY is based on everyone working in Manhattan. This is *not* idea. And if the outer boroughs are urban and walkable… I’m not sure what is!
Well, except maybe for the toilets that are manufactured in Trenton.
You’re all forgetting that if it weren’t for NYC, there’d be no NJ.
“What if I work in the community in which I live? (Like I do now… I don’t even use the subway for my commute!) What if this was the standard? It would mean healthier communities, a healthier environment, and a city that doesn’t concentrate ALL of its resources on the island with only 1/7th of the population! ”
Mostly wrong – while your point about having people commute from far flung suburbs is true to an extent (if the suburbs are densely populated, pedestrian oriented and commuters use mass transit – think Rockville Center for example than it is reasonably environmentally conscious.)
BUT having the majority of workers, work “in their own community” is a recipe for disaster, unless the community is very urban where people can walk.
Essentially NYC, the outer boros and the near suburbs happen to be about as environmentally sound development as you will find anywhere. (mainly because it was build based on mass transit); if the rest of the country was developed this way, humans environmental footprint would be minimal, carbon use would be much lower (and controllable by economies of scale) and we’d all be alot healthier.
There are some OK public schools in Brooklyn – our kids attended some of them. But there is simply no comparison in terms of resources, facilities, or class size, with what you get in most suburban school districts.
(p.s. it’s $2.25 or $4.50 round trip if you don’t have a monthly pass like me… the subway is EXPENSIVE. Since I already have a car, it makes *not* driving everywhere — other than Manhattan — a tough sell.)
stuyvesanthgts – “It is extremely difficult, if not impossible, to get your kids into a good private school that late [middle school]”
difficult maybe; impossible = hardly
and while I agree the comparison has alot of holes, it also compares Park Slope (like it or not, one of the most desirable (nee expensive) neighborhoods in NYC with South Orange NJ – which is a nice neighborhood – but not the suburban equivalent by a long shot. Make the same comparison and instead try Windsor Terrace or Riverdale or Pelham Manor or Bay Ridge etc, etc, (there is more to NYC than Park Slope)
“If you have kids, a car is a necessity, even in the city. One kid is bad enough, but when you have 2 kids, watch out.”
We have two kids and are happily car-free since 1989. Also there are a lot of very good public schools which welcome parental involvement in Brooklyn. That said, we can’t afford to move out of our 1-1/2-bedroom coop unless some major windfall comes our way.