Moving to NYC

Old Sep 30th, 2004, 03:15 PM
  #21  
 
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Sorry vacation dreamer -

that was the original post. You response compares the diffrences - but thenseems to give the co-op no benefits.

Also, you co-op finances are off. They may apply to white glove buidlings. But many middle-class co-ops will accept you with only 10% down. And they do not require that you have 2/3 year's mortgage/maintenance payments in liquid assets. They do like to see some resonable assets - only some of which are expected to be liquid but not nearly that much. A strong salary/work history and expectd continued/increasing salary or income is equally important. We even acccept people who are self-employed (writers, musicians etc) in my buidling.

Sorry for the correction - but I would not like to discourage those with not quite so much in the bank.
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Old Oct 1st, 2004, 04:06 AM
  #22  
 
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Ryan and Suzanne,
Even if you live in NJ and work in NY state, you would still have to pay NY state tax, correct? So, what are the tax benefits of living in NJ?
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Old Oct 1st, 2004, 07:15 AM
  #23  
 
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On the financial requirements of a co-op, I was talking about the majority, but not all, buildings in Manhattan. I believe most people looking to buy don't realize how much money most places will require, not the other way around.

As to the tax debate in NJ, the difference is that everyone who works in NY pays NY state income tax, but if you live in the city you pay additional New York City income tax. If you don't live in the city, you don't have to pay it.

For the record, I live in a co-op in NYC.
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