Another Reason We're Glad We Left Manhattan
According to Forbes, $500,000 a year after tax is required to support an “affluent lifestyle” for a family of four in Manhattan. On the checklist of requirements: 2 cars, 2 private school tuitions, primary home cost of $3.9 million, second home cost of $1.9 million, and three vacations a year. Not everyone agrees that half…
According to Forbes, $500,000 a year after tax is required to support an “affluent lifestyle” for a family of four in Manhattan. On the checklist of requirements: 2 cars, 2 private school tuitions, primary home cost of $3.9 million, second home cost of $1.9 million, and three vacations a year. Not everyone agrees that half a million dollars after tax is enough to qualify for affluence. “I think $500,000 will give you a comfortable lifestyle, not an affluent one,” said Dolly Lenz, a top real-estate broker with Prudential Douglas Elliman. “To live affluently, not extravagantly, you’d have to make at least $2.5 million a year.”
But how about Brooklyn? What does a family of four who is just buying a house now–say for $1.5 million–need to be comfortable (not affluent)? On a $1.2 million mortgage, call it $70K or so after tax for mortgage, taxes, insurance alone. Public versus private school decision is probably the next biggest factor–chalk up $30K for the latter if so inclined. So we’re up to $100K before you eat your first meal or make a lease payment on your car (we seem to get by with one car just fine). Granted a lot of people find ways to defray these costs considerably, most obviously by renting out a portion of their house as we plan to do or sending their kids to public school if they’re in a decent district. But still, it’s a little scary how fast the number can creep up and how quickly one can become a prisoner of one’s own mortgage, isn’t it?
Getting By On 500G [NY Post]
As a matter of interest, if one is seeking to discuss issues of class warfare, what is the right blog?
Brownstoner is right. I’m evidently posting on the wrong blog. Apologies to all.
This seems dumb. You seem to be happy to be far away from those Manhattan types, but if you turn around you’ll see half of the rest of the country shaking their heads at you with your 1.5mm house and $18k 1st grade tuition bill.
People in this town make a lot of money. Good for them. I wish them well. I wish I had a house on the beach too.
(PS, my brooklyn co-op certainy does NOT allow family contribution to apartment. I had to supply MONTHLY bank statements going back 3 years to show that my money was money I earned and not a deposit made from Mummy and Papa.)
Let’s please try to avoid this discussion devolving into classist warfare as has happened a number of times in the past. Presumably the fact that some people can and do choose to send their children to private school is not breaking news. There’s no reason to take out your anger–however justified/entitled to it you are–at the readers of this blog. A little respect and tact is all we ask.
And, by the way, those people who are buying the expensive homes in Clinton Hill & Bed Sty are paying the property taxes that fund the public schools. If anyone has the right to be mad, it is the people who have to double pay for schools. Once through property taxes. And twice through the cost of private schools. Unfortunately, throwing more money at the public schools doesn’t make a difference in the quality of education because the NYC Board of Education itself is not capable of providing a quality education.
Why get mad because someone else is making more money than “many families in Clinton Hill / Bed Sty”? I don’t understand that other than to mark it up to envy. On a similar note, why does it anger you for people to discuss issues that are important to them even though it may not be important for you?
i’m going to chalk this post up to another reason why i’m glad to be leaving Brooklyn. It’s changed so much I can’t stand it anymore.
i’m reading these posts and feeling my blood pressure rise. the “conservative” estimate of private school cost for 2 kids posted here probably exceeds the total income for many families in Clinton Hill / Bed-Stuy who have no choice but to send their kids to the public schools.
BigBubba,
Are most co-ops requiring 20% down these days or has there been a creep upwards with the bull market?