It’s a story that goes back to the time of Aesop. The fable of the Town Mouse and the Country Mouse represents the conflict between the lavish life of living in the city, which also includes drawbacks versus the simpler life of living in the country. The issue has grown more complicated in the last century with the rise of the suburbs, which combine some of the benefits and difficulties of both country and city living. In recent decades there has been much discussion about the costs and benefits of owning property in the city as opposed to owning a suburban home.
Cliffco Mortgage Bankers Helps Homeowners of All Types
At Cliffco Mortgage Bankers, we’re in the business of helping people become homeowners. We’ve had many clients buy property in both urban areas and suburban areas. We help all types of homeowners and we want you to know some of the factors you should be looking at before you decide whether to buy in the city or the suburbs.
Living in The City vs. The Suburbs
One of the first things to consider is your commute, but that encompasses many things. If you live in a city, odds are that you’ll have a shorter commute to work than you would from the suburbs. If you drive to work, sitting in traffic is going to take time away from your family. But there are other considerations. Investopodia points out that sometimes children have long commutes to school. This could happen if you live in the city and they have to take public transportation. Another consideration is ease of travel. In the suburbs you’ll be driving everywhere because there may be the only way to get around, while public transportation is more readily available in urban areas.
Education is also an important factor in choosing between the city and the suburbs. Huffpost recommends you check the quality of the school districts in the area where you’re planning on moving. If you move into an area where school districts are weak, you might have to send your child to private school which may be very costly and can also be extremely competitive.
Is Living in the City More Expensive Than the Suburbs?
Let’s face it. A lot of this comes down to cost. Is it costlier to live in the city or in the suburbs? A study by Zillow and care.com looked into the the costs of living in both situations. They looked at housing expenses, property taxes and child care costs in several major cities, compared to their outlying suburbs.
New York City was the most expensive to live in. It costs $71,237 more per year than it does in the suburbs. Other cities that are costlier than their suburbs include Chicago, Dallas, Washington D.C. and San Francisco. But in some areas like Philadelphia, Baltimore, Las Vegas, Pittsburgh and Providence suburban living costs more.
One thing to consider when looking at the high costs of New York City living is that there’s a disparity between the costs of living in Manhattan than in other parts of the Metropolitan area. According to Business Insider, the average monthly cost of living in Manhattan is about $4,500 per month while the cost of living in Brooklyn is $2,857 on average. The cost of living in Queens is $2,201 and the average monthly cost in the Bronx is $1,098.
Let Cliffco Help You Find the Right Property
There’s a lot that goes into buying property and a lot to consider. One of the biggest issues is finding financing and Cliffco Mortgage Bankers can help you figure out your options. Contact us today.