Are you earning money, but still feel broke? Do you own a house, but feel like the house owns you? Well you are not alone. The folks at Reclaim New York are convinced that Westchester home owners pay high “Wake-up” costs just to live in the county. Your taxes plus basic living costs, make it expensive just to wake up here. Is this true? Do we wake up broke?
Westchester has 976,393 people and a median household income of $93,422. Mount Vernon NY had 67,292 people according to the last census, with a median household income of $40,492. After income, property and sales tax and after basic expenses such as a mortgage, food, transportation, energy, water, insurance and data, Reclaim says the average Mount Vernon family is left with a deficit of $975.
A college grad earning $48,707 who rents in Mount Vernon will pay $44,081, leaving them $4,626 left or 9% of income. This is what remains to pay college debt, savings, retirement and anything else.
Westchester wake up costs of notable concern are taxes and transportation. Westchester has one of the highest effective property tax rates in the country. Additionally, many residents commute to NYC to work and play and this can be costly. According to the report, a family of four in Tarrytown pays $14,475 per year in transportation costs alone; 18.5% of their income.
Reclaim New York created an Affordability Calculator to analyze numbers in your town. The report purports to use many data points to back up the conclusions, but my Spidey senses were tingling when I saw the Heritage Foundation as a contributor. We do not endorse the study or the analysis, but we couldn’t deny that many working Westchester residents feel broke, and too many are broke. If you feel broke after your expenses, check out the study and contact your town. If you are looking to move…AskHollingsworth.
Image Source: http://www.reclaimnewyork.org/