Many urban dwellers have fantasized about moving to a larger suburban property with a home office or two. And, of course, a huge backyard. Especially during this long year of staying at home. Even better, many city dwellers believe that everything will be cheaper in the suburbs. Figuring out whether to relocate to the suburbs or remain in the city is a recurring topic of discussion for many New York City families. This talk is typically centered on commute times and housing expenses. Now that the epidemic has altered so many aspects of life in New York City, there is a renewed push to find homes with additional space for working from home, attending an online school, and enjoying private outdoor space. We at professional movers Brooklyn are here to answer all of your questions. In the next few paragraphs, you’ll find out all about the costs of moving into the suburbs.
What is the cost of moving into the suburbs?
While there may be new reasons to relocate to the suburbs, weighing the economics of moving to the suburbs vs living in New York City remains critical. If you are already calculating the cost of living in the city versus the suburbs, just note that it is very personal and a not one-size-fits-all thing. In case that you are firm in your decision to move into the suburbs, consider using our excellent moving services Brooklyn. We have it all, from residential to commercial to specialized moving services. There are, nevertheless, certain fundamental cost issues. An excellent place to start this journey is to consult with a professional financial planner and run cost analysis.
Your biggest costs will be:
- housing costs
- maintenance costs
- transportation costs &
- property taxes
Housing costs in the suburbs
In the suburbs, you may increase your square footage while receiving a greater return on your investment. According to The Elliman Report, the average price per square foot in Brooklyn was $1,067 in the second quarter. It’s closer to $300 in Montclair. Many real estate brokers verified that when it comes to square footage, the suburbs always win. In the suburbs, you can obtain double the square footage for half the price. That equates to a savings of between 25% and 50% if you buy in the suburbs rather than in the city.
Property maintenance and upkeep
Naturally, all that outside space—even if it lacks a tennis court or a pool—requires maintenance. Lawn upkeep, house repairs, and snow removal all require budgeting. Anytime you purchase a home, there is the possibility of repairs and yard maintenance. Pool care costs around $3,000 per year, whereas landscaping costs on average $10,000 per year. This includes mowing the yard, shoveling snow, and spring and autumn clean-ups. Some individuals spend upwards of $50,000 a year on their yards. You can make use of our moving truck Brooklyn if you’re looking to move to the suburbs.
Property and income tax bills
The suburbs often have higher property taxes. In New York City, the effective tax rate is less than 1%, whereas, in the suburbs, it might be doubled or even tripled. Barrett notes that it varies significantly in every school district. State and municipal budget decisions will have an effect on property taxes and the area’s business district’s viability. Local government websites provide information on property tax rates. On average, you should budget between $9,000 and $20,000. On average, the cost of moving into the suburbs pays off in five to six years.
