According to a new study, New York is the most expensive city for families to live in relative to the surrounding suburbs. Families in New York pay upwards of $70,000 more than families who live in the surrounding suburbs of the Big Apple. Families in San Francisco, by comparison, only pay little over $12,000 more than those who live in San Francisco’s nearby suburbs. Suburban New York families are much more likely to actually own their properties than their counterparts in the city, where less than a quarter of all families own property.
- New York City is extremely expensive to live. It is cheaper to live in the suburbs.
- Urban living is usually more expensive than suburban living. This is mostly due to the cost of housing.
- Property taxes and mortgage payments are more expensive in cities than suburbs.
“Zillow notes that median property taxes and mortgage payments on urban homes are higher than those of suburban homes, at more than $22,000 a year, compared to $15,000 in the suburbs.”