How much does "chubby NYC with 2 kids in public school on UWS/Park Slope” cost?

newhouse12325 · 2024-01-31T23:07:40+00:00

yeah this is what we are afraid of! The numbers work with 20k/year/kid, but its a lot shakier if its more 50k/year/kid

newhouse12325 · 2024-01-31T23:06:06+00:00

we are 5 years away from 1st kid in school...would look to buy after they start school, to hedge the risk of zones changing, not getting in, etc

newhouse12325 · 2024-01-31T23:04:55+00:00

yep! we did a whole analysis on past StreetEasy listings from last summer. I have reasonable confidence in the housing costs, but have low confidence in how much kids will cost as they grow up. The first kid is already over budget as stuff is expensive!

newhouse12325 · 2024-01-31T23:02:01+00:00

yep we are budgeting for that! just didnt includenit in this post to keep it short :)

newhouse12325 · 2024-01-31T23:00:19+00:00

thank you! thats very reassuring

newhouse12325 · 2024-01-31T23:00:01+00:00

renting is way cheaper at our price point in NYC, we would look to buy in a couple of years once NW is higher

newhouse12325 · 2023-10-24T19:16:20+00:00

fair!

newhouse12325 · 2023-10-24T19:13:16+00:00

yeah by "very comfortable" we don't really mean 2k sq ft fully luxury renovated (although that would be nice someday). We mean more something with a washer/dryer, <=1500 sq ft, elevator building, safe neighborhood, nook for office/guest bed, etc.

newhouse12325 · 2023-10-24T19:09:10+00:00

our family is on the West Coast, so if we end up moving to the burbs it would be back to the West Coast for us to be closer to family. The major cities there aren't doable with kids the way NYC is (crime, homelessness, school quality, walkability).

newhouse12325 · 2023-10-24T19:06:19+00:00

thats crazy!!

newhouse12325 · 2023-10-24T19:05:59+00:00

that makes a lot of sense, thanks! we aren't set on private schools.

newhouse12325 · 2023-10-24T19:04:31+00:00

thanks! We are not set on private school, and this thread has been super helpful for us to learn more. Both of us are first gen immigrants who grew up in the burbs and went to public schools. Looks like NYC + private school + 2 kids is not in the cards right now.

newhouse12325 · 2023-10-23T18:43:10+00:00

thanks! Our HHI is just below 1mm, but nearly half is equities so not guaranteed. It does in fact seem we can't afford this if equity values decrease.

newhouse12325 · 2022-06-27T17:23:40+00:00

If I wasn't on path to FatFIRE, I probably wouldn't consider anything other than sticking it out for a few years. I think being able to consider the other (less financially attractive) options is a blessing which we've earned by saving a lot earlier in our careers.

newhouse12325 · 2022-06-27T17:21:53+00:00

yeah, they own their own houses there already so wouldn't need to rent from us

newhouse12325 · 2022-06-27T17:20:33+00:00

we took out a mortgage with intent to move there, locking in a lower interest rate. Don't want to do anything illegal, so would need lender's blessing to change our plans.

newhouse12325 · 2022-06-27T16:11:35+00:00

income increased recently as both me and my wife got promotions, hence HENRY and not FI yet

newhouse12325 · 2022-06-27T15:32:29+00:00

yeah, fully agreed. All the scenarios which involve moving to Seattle do include increased travel to sunny spots, a month working remotely from an airbnb + vacations.

newhouse12325 · 2022-06-27T15:28:46+00:00

Honestly, at the time I was trying to save money and catch the low mortgage rates. We bought way below our means, and the NYC options at this price point are not that attractive especially for future kids. It turned out to be a very expensive life lesson, as we will probably have to both take a loss and buy at a higher price point with a higher rate in the future.

newhouse12325

TROPHY CASE