Are you thinking of moving to the New York suburbs? Chances are you are looking at both Westchester County and Connecticut’s Fairfield County.
Should you live in Rye, NY or should cross the Connecticut border to Greenwich, CT which is only 8 minutes away? You know taxes are higher in Westchester County than in Connecticut but how much higher is it really?
Living in Westchester County vs. Connecticut
We decided to compare the cost of living between Westchester County and Connecticut by analyziing two scenarios. We priced out the expenses for a family of four living in Scarsdale, NY, and compared it to the expenses of a family of four living in Greenwich, CT. Is it more expensive to live in Westchester County or Connecticut?
In order to compare apples to apples, we kept both scenarios as similar as possible. Both families have 2 working parents, similar childcare arrangements, and similar commutes.
The only difference is the location of their homes. One family lives in a Scarsdale School District Home in Westchester County, and the other family lives in Greenwich, Connecticut. Both homes are around 3800 square feet and have similar price points.
In order to maintain consistency, we assumed that the dwelling replacement value and mortgage loan amount for both homes are identical. This ensured that the homeowner’s insurance and monthly payment amounts are comparable.
How Much Does It Cost for a Family of Four to Live in Greenwich, CT?
We are going to price out the cost of living for a family of four in Greenwich, CT. One child is in daycare and the other one is enrolled in the local public school.
The older child is enrolled in after-school enrichment activities 2x a week. The family has a housekeeper that comes in once a week.
They live in a 3 bed, 2 .5 bath, 1887 square feet home on a 0.38-acre lot. They have a 30 year mortgage on their $999,000* home (loan amount of $799,200) with taxes of $6,932 a year and homeowners insurance of $3000 a year.
They have 2 cars. Dad takes the Metro North train into the city every day while mom drives to her office in Greenwich. They have a family membership at a local gym.
According to our Greenwich Cost of Living Calculator, it will cost the family of four $11,346.16 per month to live in Greenwich.
*Home price, real estate taxes, square feet and lot size is based on an actual home in Greenwich, CT. We used a mortgage interest rate of 6.85%.
How Much Does it Cost for a Family of Four to Live in Scarsdale, NY?
Let’s price out the cost of living for a family of four in Westchester with one child in daycare and the other one enrolled in the local public school.
The older child is enrolled in after-school enrichment programs 2x a week. The family has a housekeeper that comes in to clean the house once a week.
They live in a 3 bed, 2.5 bath, 1690 square feet home on a 0.19-acre lot. They have a 30 year mortgage on their $999,000 home* (loan amount is $799,200) with taxes of $22,700 a year and homeowners insurance of $3000 a year.
They have 2 cars. Dad takes the Metro-North train and commutes into the city every day while mom drives to her office in Westchester. And they have a family membership at a local gym.
According to our Westchester Cost of Living Calculator, it will cost the family of four $12,620.60 per month to live in Westchester.
*Home price, real estate taxes, square feet and lot size is based on an actual home in Scarsdale, NY. We used a mortgage interest rate of 6.85%.
Is it More Expensive to Live in Westchester County or Connecticut?
You probably guessed it. It is more expensive to live in Westchester County than in Connecticut. Using our examples above, it costs $11,346.16 per month for a family of four to live in Greenwich, CT while it costs $12,620.60 per month for a family of four to live in Scarsdale, NY.
The difference is a hefty $1,274.44 per month. This is due to the high Westchester property taxes. For a similarly priced home, it costs the Westchester family $22,700 a year in real estate taxes while the Connecticut family only pays $6,932 a year in real estate taxes.
There is also a slight difference in Metro-North commute expenses (train ticket and train station parking expenses), it cost $400 per month for the Westchester family while it only costs $336 per month for the Connecticut family.
The commute to New York City may be shorter by 15-20 minutes each way from Westchester but you are paying much higher property taxes costing you an additional $1,274.44 per month or $15,293.28 per year!
Monthly Cost of Living Expenses | Westchester | Connecticut |
Metro North Commute | $400 | $336 |
Cars (2 cars) | $1278 | $1278 |
Housekeeper (1x a week) | $600 | $600 |
Daycare (1 child) | $2000 | $2000 |
After School Enrichment (2x a week) | $288 | $288 |
Family Gym Membership | $300 | $300 |
Mortgage (home price of $999,000 with loan amount of $799,200 at 6.85% for 30 years) | $5236.83 | $5236.83 |
Real Estate Taxes | $1891.66 | $578 |
Homeowner’s Insurance | $250 | $250 |
Home Maintenance | $375.67 | $479.33 |
Total Monthly Expense | $12,620.50 | $11,346.16 |
It is More Expensive to live in New York vs. Connecticut
In conclusion, it is more expensive to live in New York. This is because of real estate taxes. Real Estate taxes in Westchester are a lot higher than the real estate taxes in Connecticut. In our example above, real estate taxes in Westchester is more than twice the real estate taxes in Connecticut.
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