Housing for NY Big Law with Wife + Kids

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Anonymous User
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Housing for NY Big Law with Wife + Kids

Postby Anonymous User » Sat May 18, 2013 1:38 pm

I'm married, and will have at least one kid by the time I finish law school - likely two.

I know there have been all sorts of discussions about NYC housing on this forum, but I'm specifically interested in what people do if they have a family and end up at a firm in NYC. Obviously, you can get a 2 bedroom apartment in the nearby suburbs on big law salary, but are there any other options? I'm assuming an hour+ commute isn't reasonable, given the hours, but two bedrooms isn't much with multiple kids.

And how about, just for fun, no one suggests not doing NYC big law with a family.

Mount Elbrus
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Re: Housing for NY Big Law with Wife + Kids

Postby Mount Elbrus » Sat May 18, 2013 1:48 pm

My brother in law is an investment banker with JP Morgan. He works in manhattan and commutes from westchester county. It works for him, wife and two young kids. Long hours but the amount of house you can get outside of the city is insane. Westchester is expensive still, but nothing like the city. Public schools are generally really good, you can save a lot of dollars over private schools. Metro north is pretty reasonable and if you have to work really late there is always a car service.

NYstate
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Re: Housing for NY Big Law with Wife + Kids

Postby NYstate » Sat May 18, 2013 1:49 pm

Anonymous User wrote:I'm married, and will have at least one kid by the time I finish law school - likely two.

I know there have been all sorts of discussions about NYC housing on this forum, but I'm specifically interested in what people do if they have a family and end up at a firm in NYC. Obviously, you can get a 2 bedroom apartment in the nearby suburbs on big law salary, but are there any other options? I'm assuming an hour+ commute isn't reasonable, given the hours, but two bedrooms isn't much with multiple kids.

And how about, just for fun, no one suggests not doing NYC big law with a family.


You can get a two bedroom in manhattan on abiglaw salary. What are you talking about? You will just have to pay more in rent and less on loans if you have any. The Glenwood buildings are upscale and good for families. One on 77th is next to a park. Im not necessarily recommending glenwood- just giving you an example.You can find places to live that you can afford- your rent is just going to be more. With two small kids you can even have a one bedroom and turn the dining room into a bedroom.

I'm not sure what you are asking? You are going to have to expect less space than you may be use to and expect to pay more. Believe it or not many people in the city have children on less than what you will make. The debt burdene people here worry about the cheapest place to live so they can max out loan payments, you have different concerns.

I have no idea why you would want to live in the suburbs. The city is a great place to raise kids. But that is your choice obviously.

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JamMasterJ
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Re: Housing for NY Big Law with Wife + Kids

Postby JamMasterJ » Sat May 18, 2013 2:04 pm

If you work in the FiDi: Park Slope has good schools and is extremely family friendly.

If you work in Midtown: Astoria or if you must have Manhattan, go with Upper East/West Side

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commoner
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Re: Housing for NY Big Law with Wife + Kids

Postby commoner » Sat May 18, 2013 2:38 pm

A lot of people commute from NJ it is not far away from downtown Manhattan.

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courtneylove
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Re: Housing for NY Big Law with Wife + Kids

Postby courtneylove » Sat May 18, 2013 3:19 pm

look in Dumbo, Ft. Greene, Brooklyn Heights, Cobble Hill. Lots of subway lines only a stop or two from FiDi.

lots of nice places on the upper west side, manhattan valley / morningside heights (columbia side of the park) have good deals.

don't move up to westchester and be a slave to metro-north.

Anonymous User
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Re: Housing for NY Big Law with Wife + Kids

Postby Anonymous User » Sat May 18, 2013 3:27 pm

NYstate wrote:I'm not sure what you are asking? You are going to have to expect less space than you may be use to and expect to pay more. Believe it or not many people in the city have children on less than what you will make. The debt burden people here worry about the cheapest place to live so they can max out loan payments, you have different concerns.

I have no idea why you would want to live in the suburbs. The city is a great place to raise kids. But that is your choice obviously.

OP here. I'm in complete agreement with you that the city would be a great place to raise kids, but my wife grew up in suburbia and would make my life miserable if I tried to squeeze her + kids into a 2 bedroom.

To the other posters: I had been looking into NJ and Westchester, but I can't seem to find anything decent to rent with more than 2 bedrooms for under about 4k.

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courtneylove
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Re: Housing for NY Big Law with Wife + Kids

Postby courtneylove » Sat May 18, 2013 3:34 pm

Anonymous User wrote:
To the other posters: I had been looking into NJ and Westchester, but I can't seem to find anything decent to rent with more than 2 bedrooms for under about 4k.


there are definitely neighborhoods in nj where you can find a nice, several-bedroom place for less than that. you should also look in long island off the LIRR. are you willing to drive to a train station and commute into the city that way? you have to be willing to seriously commute. yonkers/riverdale might be worth looking into as well.

jayman12
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Re: Housing for NY Big Law with Wife + Kids

Postby jayman12 » Sat May 18, 2013 3:52 pm

staten island baby

imchuckbass58
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Re: Housing for NY Big Law with Wife + Kids

Postby imchuckbass58 » Sun May 19, 2013 9:05 pm

Here's another thing to consider: Schools.

Public schools in many areas of the city have....not the best reputation. Many are downright terrible. Unsurprisingly, the good public schools tend to be in very expensive neighborhoods. The alternative is private school, which can cost over $30k per child per year.

I am not endorsing this view necessarily, but there are many people who believe you should not raise children in the city unless you can send them to private school. Regardless of whether you believe that, the public schools in many suburbs (Scarsdale, Chappaqua, Englewood, Greenwich, etc.) are much better than most public schools in the city.

Just something to consider.

Anonymous User
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Re: Housing for NY Big Law with Wife + Kids

Postby Anonymous User » Mon May 20, 2013 11:00 pm

I live in queens with wife and kids but and that's already an hour plus commute easily to my firm. Unless you are shelling out manhattan prices, under an hour doesn't really work.

I've thought about it, but even on big law salaries, unless you make partner, your going to need to make some significant sacrifices in other areas. Maybe you can consider jersey? If your close to the nj transit or path on both ends its a quick commute and less tax.

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Re: Housing for NY Big Law with Wife + Kids

Postby Anonymous User » Mon May 20, 2013 11:13 pm

imchuckbass58 wrote:Here's another thing to consider: Schools.

Public schools in many areas of the city have....not the best reputation. Many are downright terrible. Unsurprisingly, the good public schools tend to be in very expensive neighborhoods. The alternative is private school, which can cost over $30k per child per year.

I am not endorsing this view necessarily, but there are many people who believe you should not raise children in the city unless you can send them to private school. Regardless of whether you believe that, the public schools in many suburbs (Scarsdale, Chappaqua, Englewood, Greenwich, etc.) are much better than most public schools in the city.

Just something to consider.


Englewood is an... odd... inclusion that list. I grew up there. The public schools are the weakest in Bergen County, despite the town having some obscenely rich areas. Maybe you confused it with Tenafly?

Anyway, it sounds like schools aren't an immediate concern for OP if he's just going to have an infant and a pregnant wife when starting. They don't start "real" school for a few years, and most elementary schools, both in the city and in the suburbs, are okay. It's high school quality you really have to worry about, middle school to a lesser extent.

OP, where is your office? We can give specific recommendations based on commute time that would fit in your budget.

Anonymous User
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Re: Housing for NY Big Law with Wife + Kids

Postby Anonymous User » Tue May 21, 2013 1:00 pm

courtneylove wrote:look in Dumbo, Ft. Greene, Brooklyn Heights, Cobble Hill. Lots of subway lines only a stop or two from FiDi.


I would agree with this although Brooklyn Heights might be as expensive as a lot of parts of Manhattan, and I would never suggest DUMBO to anybody. Would also throw in Carroll Gardens and Boerum Hill—I would choose either of those over Fort Greene.




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