Yesterday, the NYTimes had an interesting article about families to opt to stay in cramped quarters in Manhattan, rather than move to the suburbs (or even just outside the island) where they can afford bigger homes.
There’s the family of four who squeeze a queen sized bed, a crib, and a toddler bed into one bedroom.
Or the couple who gave up the only bedroom to their two kids, taking the walk-in closet for themselves.
I couldn’t help but cringe as I read the stories of these families. Sure, Manhattan has its charms. But it’s damn expensive as well.
Is it really worth it?
J and I chose to live just outside the city (just across the Hudson River) for the extra space. We always joke that we will move out of NJ before having kids, lest our kids become “New Joi-sians.” However, seeing as a decent two-bedroom apartment in Manhattan costs at least $1.2 million (with the average being $1.5 million), we’re highly doubtful that we will be able to save the minimum $240,000 down payment in time.
We hope to be able to afford a nice two-bedroom in Brooklyn or Hoboken in a few years. But even if our plans don’t pan out, our current 1,067 sqft condo with two bedrooms and two bathrooms allows us plenty of space for a little one.
I can’t imagine how full families choose to live in spaces half the size of our condo.
What about you? Would you sacrifice space for location?