Yes, New York City is that expensive

By
Real Estate Agent with William Pitt Sotheby's International Realty CT RES.0783448

One of my past clients is now affiliated with my office here in Danbury,CT. Unannounced to me, she is was an agent in the New York City, as I dealt with her husband only when I represented them on their purchase.  She is still active in New York, and I finding out a lot more information about the real estate market there than I knew before.

For example, they used to rent in very close to Morningside Park. A one bedroom in an Avalon complex that starts at $3800 per month for a 1 bedroom that is about 800 square feet. A very similar property in Danbury for a one bedroom would go for about $1350 at most.  In addition, I recently helped a growing family relocate to the area from the southern end of Queens. They told me their mortgage & property taxes for their new 4 bedroom home on an acre in an established neighborhood in Bethel was less than what they were paying in rent for a modest apartment, and this was purchasing their new home with a relatively small down payment.

The overall cost of housing in New York City is just so much higher than Danbury, only being 60 miles away. The average rent for a 2 bedroom apartment in Manhattan has risen to $3900 a month per Streeteasy. If you don't have parking, it's around $400 per month in Manhattan. It's not just Manhattan, the overall New York City rent prices grew at almost twice the pace of income between 2000 and 2013. In Manhattan, the median price for a resale home across the board rose 31% between 2005-2015, and per Douglas Elliman Q1 report for 2016 the average apartment in Manhatten was $1,137,000. Per curbed, the average sales price is Queens is $670,000 and $980,000 in Brookyln. Imagine what type of mortgage and home that could get you in the Danbury,CT area. 

In addition to housing, the overall cost of living will effect your budget. The sales tax in New York state is higher than CT. Residents of New York City not only have to pay state income tax, but also an addition 3-4% income tax for living in New York City.A trip to the grocery store will cost you between 28 percent and 39 percent more than the national average.The cost of for insurance is considerably more favorable here in Connecticut than New York..The city keeps getting more congested and there is no where to escape if you want peace and quiet. A specialty drink out is about $5 more per drink than in Danbury & the cost of dining out is 35-40% higher than similar places in Danbury.

I'm in the the city three times at year at most, and I'm not all that impressed. Its very crowed and I find it being taken over by the same chain stores and restaurants that we have here in Danbury. If you are thinking of moving to the Northern Fairfield County suburbs of New York City, I would love to hear from you. Contact me directly or begin your home search here


Posted by

Jonathan Hall, Realtor Serving Greater Danbury & Candlewood Lake
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This information is provided by Jonathan Hall,Realtor  with William Pitt Sotheby's International Realty in the Greater Danbury & Candlewood Region of CT. For additional information, please call him at 203-417-0523,203-796-7700X305 or email me at danburyrealestate@gmail.com . Unless indicated, all content is the property of Jonathan Hall. If you would like to use any of this information, please contact me for permission. He is a licensed CT Salesperson License #RES.0783448 with William Pitt Real Estate LLC License # REB.0751698. His office is located at 112 Federal Road,Danbury CT 06811.

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