How rich do you have to be to live in monsey?

amother

Bronze

Sat, Apr 25 2015, 8:49 pm

Currently we live in brooklyn. Nice apt, decent rent (living in it for many years).

But we want to buy a house. And houses here are close to a million.

For years we scrimped and saved and we now have a nice down payment. We always like something about monsey.

The lawn, backyard, lower house prices, and maybe more down to earth living.

Now we really got serious about it. We even bidded on a house. The thing is I am seriously getting cold feet.

The property taxes are VERY high. Also tuition is higher. Very different than a community school that works with you if necessary. And commuting costs too.

I figured out we would need an extra thirty to forty thousand a year for all that.

The question is how does the average monsey family deal with those costs?? Do you end up in the poor house instead of saving money?

So confused. Any insight would really help. THANKS!!

amother

Aquamarine

Sat, Apr 25 2015, 11:32 pm

The cost of living is cheaper in Monsey - food is cheaper, transportation is cheaper, but wages are also lower. The property taxes are very high, especially for what you get. A small home in Spring Valley (1,500 SF) can pay up to $12,000 or even more in property taxes. Depending on where you buy, the homes may be pretty expensive too. Streets like Walter and Edwin have homes for over a million because of the zoning, while other areas are pretty much $600-$800. There are some lower priced homes in Spring Valley, and even lower outside in areas like Chestnut Ridge, Airmont, New Hempstead, and the like. You can buy an expensive mansion here too. You do get more bang for your buck when buying a home. There are less social services in Monsey, and expenses that come along with home ownership like gardening which you would not have in the city. Maybe you should look at other areas like OOT which can be even cheaper than Monsey. Good Luck with whatever decision you make!

amother

Jetblack

Sun, Apr 26 2015, 12:16 am

Food is more expensive in Monsey than in Brooklyn. But we have Target and Walmart, and the malls are pretty close by.

Housing can be under $400,000 plus taxes, you have to be careful there. $800,000 is a mansion in Monsey and taxes can be alot. I know people that purchased affordable livable houses and then slowly fixed it up. No reason to rip out the kitchen and bathroom just because. Check out the community connections.

If you do move to the outskirts, you may need 2 cars. There are plenty of car services, but you cant walk from Chestnut ridge to main street in monsey. I dont know anything about the buses, but we have them.

I cant compaire tuition to brooklyn , but day camp can be way cheaper since we have lots of backyard camps. The bigger camps are in public school, and I assume thats why they can afford to have lower prices as well.

So many people commute to the city for work, there is monsey trails.

Regarding maintaining the outside of the house, a lawnmower isnt to expensive, and cleaning the lawn is a great family project. It only needs to get done a couple of times over the summer. Depending where you live, there are teens looking to make extra money and would mow your lawn.

If you are a first time home-buyer, look into programs helping you purchase your first house.

amother

Bronze

Sun, Apr 26 2015, 12:20 am

Food is cheaper in monsey than brooklyn? I didn't know that.

When you say transportation do you mean car service or school bus?

I hear you about moving out of town but we have a business closer to monsey than oot so it's not an option.

What kind of wages are lower?

I am also curious how it feels day to day in monsey. Is it lonely if you have a house on a half a acre? Do you interact daily with neighbors? How do you walk around if there is no sidewalks??

amother

Jetblack

Sun, Apr 26 2015, 12:31 am

amother wrote:

How do I find such a program?? That would certainly help.

I did it many years ago with CEPTCO (sp?) while I lived in brooklyn and purchased in monsey. They helped us get the lowest interest rate without points.

I saw that there is a bank First meridian that advertised in the Front Page about having a meeting soon helping homeowners with purchasing a house.

amother

Bronze

Sun, Apr 26 2015, 12:35 am

amother wrote:

Do you mean costco?

Scrabble123

Mon, Apr 27 2015, 10:12 am

amother wrote:

Do you mean costco?

I'm not that amother, but no.

amother wrote:

How do I find such a program?? That would certainly help.

Anyways, you should contact a mortgage broker to see what programs you may qualify for as a first time home buyer.

amother

Coral

Mon, Apr 27 2015, 12:05 pm

amother wrote:

I work in a mortgage office- and there are no real FTHB programs here in Monsey.

Also in the mortgage industry in the Monsey vicinity. I second that.

OP - the streets in Monsey that do not have sidewalks aren't as busy traffic wise like the streets in the city. So you can walk places regardless.

I have a friend that moved out from Boro Park and bought a semi-attached home because she was afraid to live 'so far' from a neighbor. Fast forward five years - she's ready to buy a private home already. It's just a matter of getting used to it.

amother

Pewter

Thu, May 07 2015, 9:41 pm

OP- u sound exactly what I sounded a little more than a year ago. We moved to Monsey from Flatbush. That was one of my concerns- that I wldn't see any neighbors and will have a forest in my backyard. Fast forward a year. We are B"H very happy here in Chestnut Ridge and have lots to do with my few frum neighbors- but then again we are part of a whole community- so it's really nice and u don't feel like u are living in your own world- which we did feel when living in Flatbush.