The Price of City Living
The price of city life can be pretty steep, especially for parents who want to send their kids to private schools. For instance, in Manhattan a private grammar school can cost $20,000 to $25,000 per year. Couples who want to live in a city must have a dual income of at least $300,000. Of course, not everyone who lives in a city can make that much money. But the type of housing can help reduce costs. You have the option of living in a condo, apartment or a co-op.
An apartment is a living space that you rent; there are no maintenance fees because the upkeep is included in the rent. A condo is a single family house where you own the deed. They’re smaller than co-ops and there’s usually no board of approval for ownership, though there might be a condo association you have to pay dues for. In a co-op, you don’t directly own the unit but you own shares in the corporation that owns the property. They tend to be restrictive because residents need to be approved by a board. They also often require that prospective residents have a net worth more than ten times the apartment’s value.