THE BRONX LIFE – How Much Does It Cost To Live In The Bronx?

October 26, 2020

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In “THE BRONX LIFE – How Much Does It Cost To Live In The Bronx?,” we briefly compare the cost of living in The Bronx to Manhattan and then dive into the cost of living in the Bronx, which is our City’s most affordable borough! If you are considering moving to the Bronx (or NYC), this video will be extremely helpful to you!

NAME-DROPPED VIDEOS: 1) What Is Private Mortgage Insurance & How To Avoid It: https://youtu.be/hbNxLPpHcTM 2) Westchester Taxes vs. Bronx Taxes: https://youtu.be/0PLW1HhVpYc

WEBSITE: If you want more home buying advice, you can visit my website at www.justinsimmonsbronxhomes.com for more detailed information on the home buying process and find other real estate tips for buyers and information on the Bronx real estate market. Also, you can use the mortgage calculator here to do some of your financial planning for buying a house. Lastly, you can use this site to search for Bronx homes (and beyond).

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TEXT OF VIDEO:
How much does it cost to live in the Bronx? Well, stay tuned to find out. ‚ô™ Living in the Bronx, uh ‚ô™ Welcome back, and welcome home. My name’s Justin, your local Bronx real estate agent. And if you’re a first-time viewer and you wanna keep getting the real on real estate on a weekly basis, be sure to slam that subscribe button and the bell next to it, so you don’t miss anything. Now, as you’re probably aware, New York City is expensive. I ain’t gonna front. However, the Bronx is the most affordable borough in the city. Now just to compare Bronx and Manhattan for a quick analysis, I’m using the cost of living calculator from bestplaces.net, so you can go check that out at your convenience. But looking at what we have here, the Bronx has an overall index of a little over 150. The Manhattan cost of living index is over 250. So it’s a hundred basis points higher. The big reason that is, is of course housing. The home prices in Manhattan are on average significantly higher than the Bronx, and the cost to own a home therefore is significantly higher than in the Bronx. Now, just looking at the information we have here. If you have a salary of $70,000 in the Bronx and moved to Manhattan, you’re probably gonna wanna see that salary go up to about $133,000, so it can keep pace with the cost of living in the city. As we mentioned before, housing is the biggest driver of your cost of living. So we’re gonna do a quick example using a single family home in the Bronx to see what our prospective housing costs will come out to. If you like what you’re hearing so far, be sure to slam that like button for us. Turning to our trusted mortgage calculator we’re gonna use a purchase price of $542,000. That was the median sales price for a single family home in the Bronx in September, 2020. With that, we’re gonna put in a 5% down payment. Our interest rate is gonna be 2.75% because interest rates are ridiculously low right now. If you wanna know what the interest rates are at the time you’re watching this video feel free to reach out to me. Our loan terms we’ll keep at 30 years fixed rate. We’ll have $4,400 for property taxes, could be a little less, could be a little more. We’ll have 1% for our Private Mortgage Insurance. Now, if you’re not sure about what PMI is or have questions about how to avoid it, we have another video linked down in the comments and descriptions below that you can check out. And we’re gonna have homeowners insurance at $1,200. So once we’re adding everything up, we’re gonna see our mortgage payment is coming out to $2,997 78 cents. Now, depending on where you’re coming from, I hope that $3,000 doesn’t freak you out. This is New York City, baby. But you are getting a wonderful beautiful home in the Bronx at that price. Of course, you’re still gonna have your utilities and maintenance. You know, your NYC gas bill, electric, water, and upkeep for the house and maybe upgrading over time. So you still gotta factor those costs in as well. Now if you have any questions about the cost of living in the Bronx or numbers that you’re looking for on a specific property, drop them down in the comments below. I’ll get back to you as soon as possible or feel free to reach out to me direct. If you’re thinking of living in the Bronx, but not considering purchasing a home just yet or that’s not on your radar, average rent in the Bronx for a one bedroom is between about 16 to $1,700. You can scale down to a studio or room or you can scale up to a two bedroom or more from there. Now that we learn how much our housing is gonna cost us we can get into the thing we all love. Taxes. In New York City, we got a lot of taxes. In New York state, we got some taxes. So let’s talk about some of the common taxes you’ll encounter. Now, if you’re not familiar with New York City, this may come as a surprise to you, but, we have our own income tax, on top of the income tax we have from New York state. I know, but this is what we do here. Now for tax year 2019, the New York City income tax was 3.078% to 3.876%. The New York state income tax was 4% to 8.82%, depending on where your income fell. Our sales tax is 8.875%. Just to break that down for you, four and a half percent goes to New York City, 4% is for New York state. There’s also a .375% Metropolitan Commuter Transportation District surcharge. Hope I said that right, that applies to all of us in Downstate New York. So that’s Long Island, New York City and the Hudson Valley. That money is going to our MTA. That’s our public transit authority. Last tax we’ll talk about, I know you wanna hear more about taxes but we’ll end it here real quick, is our property taxes in New York City, which in our defense, are a lot lower than you’ll find in our neighboring areas of Long Island or the Hudson Valley you know, Westchester, Rockland, et cetera. If you wanna know more about how property taxes can affect your home purchase, check out the video I’ve got down in the comments and descriptions below. For my folks that are completely unfamiliar with NYC, we gotta talk about transportation. If you’re looking at a regular bus or train fare, it’s currently $2 and 75 cents. That is expected to go up as soon as next year. So stay on the lookout for that. Also we have our tolls for our bridges and tunnels. So you can see here the different prices that you’ll have for different bridges and tunnels. Of course, there’s a bunch of free bridges in the Bronx that people utilize all the time. There’s also a 12 part wikiHow on how to avoid paying tolls in New York City. So enjoy that at your own leisure. So the Bronx has the best New York City cost of living index amongst the five boroughs. We’re number one. So now that we’re considering living in the Bronx as homeowners or moving here for the first time and enjoying that wonderful Bronx life, I’ve got a set of videos that will help you purchase your home for the first time. So you can check that out up above. And of course if you know anyone that can benefit from this video, please be sure to share with them, sharing is caring. And lastly, make sure to slam that subscribe button, so you can keep getting the real on real estate. Thanks again, and I’ll see you next time.