How much will it cost to go from a New York City rental to owning in Westchester?
Let’s say you’re moving from a $3,000 apartment in NYC to a $650,000 house in Dobbs Ferry, and you work a 5-day/week job in the city. Let’s say you’re sending your child to a private preschool like the one we sent ours to on the Upper West Side for a 5-day 9am-3pm schedule and that you’re hoping to find a comparable school in Westchester. Let’s assume that you need the plumber to come every few months to do something to your plumbing that always costs about $400 (not that I have any experience with that.) And then let’s take all your expenses and list them by their monthly cost (for example, preschool in NYC could be $24,000/year, which is $2,000/month.)
Here’s a brief comparison:
If your kids are going into kindergarten, are you in a school district in NYC you’re happy with? If not, then add in the tuition for private school. If you live in a town like Dobbs Ferry (or Hastings, Irvington, Ardsley, Larchmont, Scarsdale, Pelham, Rye, etc.) you’ll feel confident in the public schools.
If the cost of owning in a place like Dobbs Ferry is scary to you, think of the other ways you’ll save:
- Babysitters cost a little less
- Kids’ classes (ballet, karate, etc.) cost less
- Christmas trees cost less
- Target costs less
- You can probably cut down on your therapy sessions now that you’ll no longer live in a city that’s making it increasingly hard to raise kids in.