Where to live for job by Grand Central Station in NY

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NJPitcher
Posts: 146
Joined: Wed Jun 25, 2008 2:29 pm

Re: Where to live for job by Grand Central Station in NY

Postby NJPitcher » Tue Jul 16, 2013 2:12 pm

imchuckbass58 wrote:Just FYI, it's not actually $6000 you'll save. You're right that your NYC taxes will be ~$6000, but this is offset by the fact that you can deduct that from your federal taxes (savings = $1700). You'll lose this deduction if you don't pay NYC taxes, so the net tax advantage is actually about $4300. Also, assuming living in NJ requires you to buy both a monthly metrocard and a monthly path pass, that's an extra $900/year cost you wouldn't have if you did metrocard alone. So it could be closer to $3500.

As to your actual question, I think it's really personal preference. 40 minutes isn't so ridiculous as to be undoable, but it's long. I personally would not do it (partially because of the commute time, partially because I prefer having easier access to NY bars / restaurants), but it sounds like you're leaning towards it, and I think that's totally reasonable.


So figure you're working 5.5-6 days a week, 275-300 days a year. $3500/275, would you pay ~$13 a day for 50 minutes more time at home?

Anonymous User
Posts: 273478
Joined: Tue Aug 11, 2009 9:32 am

Re: Where to live for job by Grand Central Station in NY

Postby Anonymous User » Tue Jul 16, 2013 2:22 pm

NJPitcher wrote:
imchuckbass58 wrote:Just FYI, it's not actually $6000 you'll save. You're right that your NYC taxes will be ~$6000, but this is offset by the fact that you can deduct that from your federal taxes (savings = $1700). You'll lose this deduction if you don't pay NYC taxes, so the net tax advantage is actually about $4300. Also, assuming living in NJ requires you to buy both a monthly metrocard and a monthly path pass, that's an extra $900/year cost you wouldn't have if you did metrocard alone. So it could be closer to $3500.

As to your actual question, I think it's really personal preference. 40 minutes isn't so ridiculous as to be undoable, but it's long. I personally would not do it (partially because of the commute time, partially because I prefer having easier access to NY bars / restaurants), but it sounds like you're leaning towards it, and I think that's totally reasonable.


So figure you're working 5.5-6 days a week, 275-300 days a year. $3500/275, would you pay ~$13 a day for 50 minutes more time at home?


Once he broke down the tax info for me, it definitely makes more sense to do LIC/UES

Sup Kid
Posts: 557
Joined: Sat Oct 23, 2010 2:49 pm

Re: Where to live for job by Grand Central Station in NY

Postby Sup Kid » Tue Jul 16, 2013 6:53 pm

JamMasterJ wrote:
Anonymous User wrote:
Sup Kid wrote:
Anonymous User wrote:^^

Def better deals than Manhattan, but comparable prices to Jersey City. The apts I'm looking at right now in the LIC waterfront area are about $2,800 for a 1 bedroom, but I'm sharing with someone else who will be paying about $800 of that. So definitely manageable. Also considering the new building one stop further by Court Square, since it was something like $2750 for nearly 800 square feet, with a crapload of amenities for no additional charge.

Oh, and thanks to the poster who clarified the NYC income tax info. Helps me justify LIC a bit more since the $$ savings isn't quite as huge living in NJ.

Just my two cents, but I live basically in midtown east (ie, walking distance to Grand Central) and pay $2700 for a one bedroom (650 sq ft.) -- to me, $2800 for a slightly larger apartment outside of Manhattan doesn't seem worth it.


What kind of amenities do you get for $2,700 in Midtown? Just curious.
this seems about par for the course
http://streeteasy.com/nyc/rental/104926 ... l-new-york

I'm north of Murray Hill and have full-time doormen, but yeah, pretty basic amenties like that (elevators/doormen/laundry, no gym/pool/etc).

NYstate
Posts: 1566
Joined: Thu Jan 31, 2013 1:44 am

Re: Where to live for job by Grand Central Station in NY

Postby NYstate » Tue Jul 16, 2013 7:37 pm

NJPitcher wrote:
imchuckbass58 wrote:Just FYI, it's not actually $6000 you'll save. You're right that your NYC taxes will be ~$6000, but this is offset by the fact that you can deduct that from your federal taxes (savings = $1700). You'll lose this deduction if you don't pay NYC taxes, so the net tax advantage is actually about $4300. Also, assuming living in NJ requires you to buy both a monthly metrocard and a monthly path pass, that's an extra $900/year cost you wouldn't have if you did metrocard alone. So it could be closer to $3500.

As to your actual question, I think it's really personal preference. 40 minutes isn't so ridiculous as to be undoable, but it's long. I personally would not do it (partially because of the commute time, partially because I prefer having easier access to NY bars / restaurants), but it sounds like you're leaning towards it, and I think that's totally reasonable.


So figure you're working 5.5-6 days a week, 275-300 days a year. $3500/275, would you pay ~$13 a day for 50 minutes more time at home?


It isn't just 50 minutes more time at home. It is much more than that if you are working in biglaw and need to try to get a few hours sleep before going back to the office. I would go for UES, but the train is very crowded, if you can get near an express stop you will be standing, but not for very long. I know plenty of people who walk to work in the morning too.

I highly recommend making your commute to work as fast and easy as possible. The $13 money isn't as important when you just need to get home to shower and change.

Anonymous User
Posts: 273478
Joined: Tue Aug 11, 2009 9:32 am

Re: Where to live for job by Grand Central Station in NY

Postby Anonymous User » Tue Jul 16, 2013 7:40 pm

NYstate wrote:
NJPitcher wrote:
imchuckbass58 wrote:Just FYI, it's not actually $6000 you'll save. You're right that your NYC taxes will be ~$6000, but this is offset by the fact that you can deduct that from your federal taxes (savings = $1700). You'll lose this deduction if you don't pay NYC taxes, so the net tax advantage is actually about $4300. Also, assuming living in NJ requires you to buy both a monthly metrocard and a monthly path pass, that's an extra $900/year cost you wouldn't have if you did metrocard alone. So it could be closer to $3500.

As to your actual question, I think it's really personal preference. 40 minutes isn't so ridiculous as to be undoable, but it's long. I personally would not do it (partially because of the commute time, partially because I prefer having easier access to NY bars / restaurants), but it sounds like you're leaning towards it, and I think that's totally reasonable.


So figure you're working 5.5-6 days a week, 275-300 days a year. $3500/275, would you pay ~$13 a day for 50 minutes more time at home?


It isn't just 50 minutes more time at home. It is much more than that if you are working in biglaw and need to try to get a few hours sleep before going back to the office. I would go for UES, but the train is very crowded, if you can get near an express stop you will be standing, but not for very long. I know plenty of people who walk to work in the morning too.

I highly recommend making your commute to work as fast and easy as possible. The $13 money isn't as important when you just need to get home to shower and change.


As I mentioned, I'm much more inclined to choose LIC over UES, but you are right that both are more convenient than Jersey City at this point, and the tax savings doesn't justify the additional commute.




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