NYT Satire?
By TARA SIEGEL BERNARD
Published: July 2, 2010
The question starts to hang in the air sometime after the children arrive, and the apartment in the city begins to feel a little tight: Should we consider moving to a house in the suburbs?
But that would mean leaving friends behind, along with easy access to work, the theater, great ethnic restaurants and just the general stimulation of urban living. The prospect of more space, however, is tempting — a bedroom for each child, a lawn to stretch out on. And there’s the luxury of simply pulling into a driveway and a reputable public school just around the corner.
Which to choose?
Ultimately, deciding which lifestyle best suits you — and where to buy — comes down to personal preferences. But if the deciding factor is the relative cost of each, the answer is quantifiable, even if it not immediately obvious given the different tax rates and other variables.
So we set out to do the math, based on an apartment and a house in the New York metropolitan area. Here’s what we found: a suburban lifestyle costs about 18 percent more than living in the city. Even a house in the suburbs with a price tag substantially lower than an urban apartment will, on a monthly basis, often cost more to keep running. And then there’s the higher cost of commuting from the suburbs, or the expense of buying a car (or two) and paying the insurance.
But the one big caveat in all the calculations is private schooling. If the city dwellers decide to send their children to private school — say when their children hit middle-school age — that expense would instantly make the suburbs a bargain.
“At some point, the benefits of the city are not worth the things you need to give up,” said Jessica Buchman, a senior vice president at Corcoran, a New York real estate brokerage, for instance, when five people have to share one bathroom, or there’s no outside space.
While our analysis was by no means scientific, our goal was to recreate the type of decision a hypothetical family of four earning $175,000 a year might encounter. We chose an upper-middle-class income because that’s generally what our family needs to earn, conservatively, to afford a median-price home in Park Slope, a section of Brooklyn that is family-friendly, has good schools and is generally more affordable than Manhattan.
More at: http://www.nytimes.com/2010/07/03/your-money/03compare.html?_r=1&ref=business
