Relocating to NYC Suburbs Saves Families Over $70K Annually Versus Living in the City
By Christen Tien
Finding the perfect home to raise your kids can be an overwhelming endeavor. Parents concern themselves with far more than just home details when house hunting. Relocating to a family-friendly, low-crime community is paramount, and other important factors include quality schools and plenty of green space to enjoy the outdoors. The other major decision revolves around cost of living in the city versus the suburbs – essentially, the price you’re willing to pay to avoid a commute.
Turns out, living in major cities across the country is substantially more expensive than opting for the suburbs. For families with two kids in child care, living in the suburbs costs $9,073 less than living in the city. However, depending on your location, that value can vary dramatically, according to a study by Care.com and Zillow.
The New York City metro has the widest cost-of-living gap between those in the suburbs versus the city, with a dramatic savings of $71,237 annually in the burbs. Chicago is the runner up, with just $18,472 in suburban savings. When breaking down the data, housing in New York City is significantly more expensive than in the burbs, and homes tend to be 276 square feet smaller in the city.
If you’re budgeting for a move near New York City, cash in on that extra $70,000 and enjoy the added living space by shopping for homes in these six suburbs. Get a quote from a professional mover, and feel confident about your finances and the home you’re providing for your family.
SUBURBS EAST OF NYC: LONG ISLAND
About 18 miles from the Big Apple is the small village of Valley Stream. The community has extremely low crime compared to the city, and buyers face only moderate competition when shopping for a home. The median home value in Valley Stream is $440,800, about $250,000 less than in the city. Fortunately for buyers, 12.7 percent of current sellers dropped the prices of their listings, creating more enticing sale prices.
Residents enjoy Valley Stream State Park, which offers walking trails and picnicking, Arthur J. Hendrickson Park with a public pool and playground, nearby Hook Creek Wildlife Sanctuary and North Woodmere Park with numerous playfields.
In the town of Oyster Bay is the smaller region of Massapequa, about 33 miles from New York City. The median home value in Massapequa is $476,900, approximately $218,000 less than in New York City. Buyers benefit from 13.7 percent of the listings cutting prices and a healthy amount of inventory, which reduces extreme competition. Plus, the community is even safer than Valley Stream.
Outdoor attractions include the Massapequa Preserve, John J. Burns Park with a playground and sport fields and Marjorie R. Post Community Park with a playground and public pool.
Another hamlet within Oyster Bay, just 7 miles from Massapequa, is Plainview. The median home value of Plainview real estate is $547,300, a steep $70,000 higher than Massapequa but still about $148,000 less than the city. Buyers have the privilege of shopping in a highly safe market where 17.2 percent of listings underwent price cuts and buyer competition is limited.
Locals have plenty to do in Plainview, including visiting Manetto Hills Park, which offers tennis courts and a play structure, West Hills County Park with forested trails and Bethpage State Park with multiple golf courses and trails for hiking and biking.
SUBURBS WEST OF NYC: NEW JERSEY
The township of West Orange is about 18 miles from the city and offers the lowest median home value of these six suburbs, $358,400, almost half the value of homes in New York City. Bargain shoppers are drawn to these reduced values within such close proximity to the city, making competition fierce in West Orange. Families benefit from the community’s safety, comparable to Valley Stream. Even with limited inventory in West Orange and numerous buyers, 11.3 of listings underwent price cuts.
If you relocate to West Orange you can enjoy Eagle Rock Reservation with hiking trails and stunning views of Manhattan. Additionally, visit Turtle Back Zoo within the South Mountain Reservation, which also includes a sports arena, a pond for fishing and hiking trails.
The community of Wayne is about 25 miles from New York City, with home values similar to Valley Stream. At $435,100, the median home value of real estate in Wayne is roughly $260,000 less than the value in New York City. Competition is active in Wayne, but not as intense as in West Orange. Buyers benefit from the 13.9 percent of listings that experienced price cuts and an extremely safe environment – the safest suburb recommended.
Attractions in the area include High Mountain Reserve Park with trails for hiking and biking and the nearby Great Piece Meadows, a 7,100-acre freshwater swamp with peaceful hiking trails.
Just 7 miles from West Orange is the town of Livingston, with the steepest home values of all six recommended markets. The median Livingston home value, $568,800, is similar to the value in Plainview, but about $127,000 less than in the Empire City. Buyers are fortunate to shop in a highly safe market where 13.9 percent of listings underwent price cuts, but the overall inventory is limited, increasing buyer competition.
Residents in Livingston benefit from several of the same attractions as neighboring West Orange, such as Eagle Rock Reservation, South Mountain Reservation and Turtle Back Zoo. In addition, locals enjoy the vast green space of Becker Park and the adjoining Riker Hill Park.
Consider these suburbs to alleviate some of the budgeting pressure of house hunting for your family.