For a Long Life, Retire in Manhattan
nytimes.com
nytimes.com
edit: Another characteristic of New York is the rate of change. Construction is never finished. I still keep in touch with my roommate on FB and she's constantly posting photos of decades-old restaurants and businesses closing shop, and she's been in the apartment for almost 30 years. I'd have that same disappointment/outrage when my favorite places shut down but -- as long as they aren't replaced by sterile condos -- I've loved the variety of new stuff that came in their stead. Living in NY definitely makes you realize that nothing is forever and just about everything can be forgotten or replaced, and you learn to be at peace with it.
This is one of the things I love best about the city. If I want to be alone, but out in public, I can be. I don't have to worry about running into some acquaintance and having to make small-talk when all I want to do is go for an urban nature-walk.
I am really not too sure how I feel about this.
Population by age range, SF vs LA:
20-24: 3.8% / 8.1%
25-34: 21.5% / 18.3%
35-44: 16.3% / 15.8%
45-54: 14.0% / 11.6%
55-64: 12.4% / 7.0%
65+: 15.2% / 9.7%
SF vs SD:
20-24: 3.8% / 9.0%
25-34: 21.5% / 17.7%
35-44: 16.3% / 16.2%
45-54: 14.0% / 12.1%
55-64: 12.4% / 7.0%
65+: 15.2% / 10.5% Population by age range, SF vs Manhattan:
20-24: 3.8% / 7.4%
25-34: 21.5% / 22.7%
35-44: 16.3% / 14.6%
45-54: 14.0% / 12.8%
55-64: 12.4% / 11.4%
65+: 15.2% / 14.4%[0] http://www.sfhip.org/index.php?module=DemographicData&type=u...
Manhattan has fewer young people with the means to dine out frequently. It's full of young people who want to be artists, fashion designers, etc... Most people who can afford fancy restaurant meals in Manhattan are older, more established in whatever their chosen career.
SF has a larger percentage of young people who are already wealthy (or middle class) from tech the sector. And thus more young people there dine out, more frequently.
I like how it's basically a microcosm of the entire world, and you can reach all of it without a car, but I'm not sure it's worth the inconveniences plus 3x cost of living.
I do think they could at least have some high speed fans in parts of the subway stations, esp. for the elderly who don't tolerate heat as well as others.
We lived at 145th on the ABCD line. There's precisely one escalator that takes you from the lowest platform to the mezzanine, skipping the mid-level platform in between. Then there are stairs to get to street-level. There are no elevators. So when my father, in his 70s, came to visit us, he had a hell of a time getting down the stairs. We ended up specifically planning trips so that we would arrive on the lower platform, so we could take the escalator.
All the walking does have health benefits, but if you're not capable of it, you better live near some accessible stations, or you end up being reliant on cars and access-a-ride (which, granted, I know nothing about - maybe it's fantastic.)
Having typed all that, I'd rather be old and feeble here than, say, in Dallas, where I have to drive, until I'm no longer able to, and then have to rely on others for transportation. I'd gladly take a 20-minute journey down a stairwell that takes others 20 seconds for the freedom it would afford me.
I can't reply to parasitius, because his comment is dead, but it's also nonsense.
> Just because you get to zone out all the while doesn't mean your day isn't deprived of an immense amount of time.
I'm glad that Austin is working out for him, but we can't shrink all cities, nor should we. 45 minutes of free time is still 45 minutes of free time.
To suggest the reason the subway doesn't have air conditioning is because "It's old" is laughable.
I think London is still working on cooling the deep, "tube" lines, where the clearance between train and tunnel is around 20cm.
Living in the NYC area is also much cheaper even before figuring for car ownership costs.
For a tiny studio in a shabby 100 year old prewar walkup tenement building in Manhattan, you're looking at a minimum of $2,000/month. Most people pay $1,400+/month to live in old converted apartments (ie. putting up a wall to turn the living room into another bedroom) with roommates, and often the bedrooms are too small to even have room for a desk, and the window faces directly into another building (if there even is a window). In these buildings you're not going to have AC (meaning you need to buy a window AC unit), a dishwasher, trash compactor, elevator, and all the other luxuries we take for granted anywhere else in the modern world. I spent 3 years in one of these buildings, and the apartment was perpetually too hot (even in the winter), and there was nothing I could do because heat in the unit was not controllable. Apparently this is fairly normal in these buildings.
If you want to live anywhere nice and somewhat modern that isn't a dump, you're looking at a minimum of $3,000/month for a studio, $4,000/month for a 1BR, etc.
And want to buy a place? You're looking at a minimum of $500k for any studio that isn't a total piece of crap, and they're going to want a 20% down payment. And who wants to raise a family in a studio?
Sure you can live in Harlem for cheap, but you're a bit removed and it doesn't exactly feel safe. These days it's gotten better, but I still wouldn't recommend a woman walk alone there at night. Living in what feels like a giant housing project isn't exactly what I consider the desirable "Manhattan" experience.
Mind linking me some of those good listings? I spent the last 3 years in the East Village, most apartments there in that price range are subpar by modern day standards. They're going to be obviously converted apartments with absurdly small bedrooms, no living room area, odd layouts, broker's fees (10-15% of the first year's rent), 5th floor walkups, Avenue C, etc. I'm not saying that deals don't exist, but they are very hard to come by.
Here's a StreetEasy search for 2BRs under $3,000 without broker's fees - I'm not tempted to snag any of these: http://streeteasy.com/for-rent/nyc/price:-3000%7Cbeds%3E=2%7...
I'm not too familiar with deep Brooklyn, but I know you can find alright studios there for $1,200/person. I'm just not sure if the tradeoff of increased commute and reduced safety due to living amongst poverty is worth it. But I'd love to be shown otherwise.
As for your search, you need to include apartments with broker fees. That's just a reality of the real estate market in NYC. There are many cases where paying the fee is worthwhile.
It amazes me the times I've seen one of the characters, Karen Page (attractive blonde white woman) just part company with another character at night and walk home. The streets look almost deserted except the occaisonal walker and cab. I thought it might be just fiction but another part of me thought that NY might be safer given the strictness of the police, zero-tolerance policy and increasing gentrification.
Its completely possible to live in a one bedroom that is not a dump for less than $4k a month. There is no absolute minimum as you state. Lastly, "old" does not necessarily imply bad or dumpy. You are correct if you want to live in a brand new one bedroom with all "mod cons" - heated floors, stainless steel appliances, central AC, an Amazon locker etc., it is going to cost you significantly more. But you can also get that experience as you imply just about everywhere else in the world. These places also tend to have less in the way of character. Some people don't want that.
I guess age itself isn't the issue, it's the quality of the unit, and most old pre-war walkup units have terrible quality by modern standards. Those cool old buildings with "character" you speak of - with the super high ceilings and all that - you're not going to find those in Manhattan (and if you do, they are absurdly expensive). Most of the old buildings in Manhattan are former tenement buildings. None of the 3 walkups I lived in had high ceilings or any of those charms. They were just small, perpetually dirty, had tiny windows facing directly into other buildings, nasty bathrooms, disgusting building common areas, etc. I've lived in prewar and modern buildings, and can't attest to any noise insulation advantages in prewar. If living in a tenement like a poor immigrant from 100 years ago is considered having "character", then I don't want character.
Go outside of NYC, and you realize that most people live in modern buildings with central air and large windows. In NYC, those are a luxury.
Personally the thing I like most about newer buildings are the large floor-to-ceiling windows. The sparse tiny windows in prewar buildings are just depressing (though the prewar unit I lived at in the Upper West Side did have nice windows).
Now I'm subletting a modern condo (built in 2008) in Greenpoint, Brooklyn for $60/night that looks like this: https://www.dropbox.com/s/fmxqof9kfivrpq2/2016-09-02%2009.16... . 2 bedroom 2 bathroom, just under 1,000 square feet. It's by far the most beautiful apartment I've ever stayed at, but unfortunately my bedroom doesn't have a usable desk - which I've now come to realize is absolutely mandatory. Thus I'm now searching for another sublet under $70/night with a nice desk in the bedroom - and if it's in deep Brooklyn, it better be in a modern renovated apartment. This is actually not as easy to find as I thought.
The main reason I'm subletting is because I want to try out this digital nomad thing, and thus want the flexibility of not being tied down to a lease.
How did you find your deal, and mind if I ask what building you're in (if it's a high-rise)? I'm actually looking into that area right now, and haven't been able to find any deals like that.
My wife and I say that, if we have to move, we'll go deeper along the 7 line into Queens or up into Astoria. That's where the best rent-to-space-ratio seems to be at the moment; LIC still has some good ones, but they're further and fewer between as rich people realize how close we are to Manhattan and move in greater numbers.
Our amenities are very much off-the-books. Nothing like a doorman or in-house gym. We have a super who does everything, a couple of laundry machines in basement, etc. :)
Outside of the cities and expensive suburbs, most people get a 3 bedroom house at a minimum, and people paying $2000 a month will get a 4 or 5 bedroom.
Median commute time to work (almost none of us live in Manhattan) is about 30-40 minutes. No one owns a car.
I'm lucky to be living alone in Jersey in a $1.2k studio with a 35-minute commute to work. I consider this lucky, but very doable with planning.
How does this compare to rates in, say, the bay area? Or Denver?
"Not being bombed into rubble" probably comes into play here.
Even the underground in Manhattan is crowded. Manhattan is basically an island of very hard, solid metamorphic rock. Most of the city is plenty shot through with tunnels and foundations, and underground car garages.
You could probably ask the sanitation department why they haven't explored these options:
http://www1.nyc.gov/site/dsny/index.page
Please report back, if they ever reply to you.
Also, "terror alert levels" are not a thing, and really haven't been, since like... 2004? And probably only lasted that long, since 2004 was an election year, for "you know who."
That combined with the "see something say something" ads does make me feel like terrorism might a real possibility. For my part I've avoided the subway at peak hours. I know it's pretty unlikely, but who knows.
I believe the biggest cause is the heat from braking the cars all day. There is no regenerative braking in the system and the older trains have crude speed control so they're constantly braking to scrub speed between stops for curves and work zones. It all gets dumped as heat into the tunnels.
welcome to London...
Another place where I was surprised to see lots of elderlies (many more than in Manhattan) was Hong Kong. Many retired men hanging out in traditional restaurants.
NYC is a spread of 5 administrative sections called boroughs; Manhattan is the smallest and Queens is the largest (5X landmass of Manhattan). 6X more people live in the 4 outer boroughs when compared to Manhattan.
Posts below, which mention cost, often talk about Manhattan. As you might have guessed, other boroughs tend to be cheaper and are well connected via Subway and MTA bus systems.
More than half of New Yorkers do not own a car (ref below), and even those who own patronise the public transport significantly for their work commute (no data, but personal experience from having lived there many years).
If you remove the car ownership, and strain on time and resources that come from living in the suburbs, living in NYC is cheaper, as long as you don't consider Manhattan alone as NYC.
Ref: https://en.wikipedia.org/wiki/Borough_(New_York_City) https://en.wikipedia.org/wiki/List_of_U.S._cities_with_most_...
Edit: Typos and population.
If you ever walk around the Upper West Side, farther away from the park, you'll see a ton big, tall apartment complexes. Huge ones with hundreds of families, if not more. I doubt everyone there makes the mid or high $100ks it takes to rent an apartment there now as a new resident.
It seems most tenants are middle-aged hispanics. No retired people there.
Yes, the landlord will be mad, but for every one of them there are dozens of happy tenants.
The tenants getting a preferential rate will live there and vote/lobby to protect the system for generations. The new guy paying 3x probably came from elsewhere, and will return there shortly.
Rent control lets you have some reasonable expectation that you can plan expenses for more than a single lease term, as well as attempting to limit how much damage to the economics of the surrounding area real estate prices are going to do (it's a commodity that is hard to increase the supply of in any great quantity, and demand far outstrips supply...this probably would eventually stabilize, but it'd be quite messy in between, and probably not in a net positive way for the city).
Absent rent control, the lower bound of prices would go up, the ceiling would not go down.
Pretty vapid statement. The ceiling is whatever the arbitrary asking price is for something overlooking central park on the 100th floor of some high rise. Nobody cares about the ceiling.
The question is what does it do to the market price in general for a specific size apartment. It will cause a price decline because so many more apartments will actually be on the market. The current price is where supply is meeting demand so if you increase the supply the price will decline.
Of course it will screw up the people on rent control since they likely won't be able to afford it.
Many economists (and intro econ textbooks where this is a very popular example) find that rent controls are destructive and a distortionary influence on the housing market, and you’ve already identified one of the downsides in the increased difficulty for new residents to find a dwelling where rent control exist. However, this approach ignores the human and economic impact of home instability. Joshua Mason, an econ professor at Roosevelt University who studies the effects of rent control, puts it pretty well. "Long-term tenants who contributed to this being a desirable place to live have a legitimate interest in staying in their apartments. If we think that income diverse, stable neighborhoods, where people are not forced to move every few years, [are worth preserving] then we collectively have an interest in stabilizing the neighborhood.”[0]
[0]https://psmag.com/in-defense-of-rent-control-3cb453119116#.k...
The key is to have a support network so that you can remain in your home. Nursing homes and homecare in NYC are a horror show for a variety of reasons.
And if they keep working in some small way, does that allow them to avoid the rapid decline in life expectancy that normally follows retirement? http://www.webmd.com/healthy-aging/news/20051020/early-retir...
So if Manhattan suddenly became affordable and hordes of ordinary retirees moved in there, you wouldn't see all those ordinary retirees suddenly start living longer, you'd see the average life expectancy for retired Manhattanites drop as the crappy food and medical care the proles get drag the numbers down.
How they managed to completely overlook the "hidden" confounding of being very wealthy and retiring in Manhattan is rather impressive.
[Tl;dr: The use of "long life" in the title (probably not even chosen by the author) is figurative, not literal.]
From a 2015 article only a tiny percentage of units are rent-controlled, but around 47% of rental units on the market are rent-stabilized.[1] The problem is that the statistics refer to the entire city (all five boroughs), and may not necessarily be specific to Manhattan itself.
EDIT: Found a Furman Center report from 2011 on rent-regulated units[2]. The key table is on page 2 broken down by borough, where Manhattan rent-regulated units account for 48% of the total rental units. The same table shows a breakdown by neighborhood too.
[1] http://citylimits.org/2015/03/09/nycs-endangered-species-a-r...
[2] http://furmancenter.org/files/publications/HVS_Rent_Stabiliz...
> New York City's life expectancy rate has increased by three years since 2001, far greater than the nationwide increase of nearly 1.8 years over the same period.
https://www.mikebloomberg.com/news/life-expectancy-for-new-y...
"Certain Manhattan neighborhoods (I live in one on the Upper West Side) have already achieved NORC (“naturally occurring retirement community”) status."
I also live on the Upper West Side. What surprises me is that everyone my building appears to be under 40, certainly everyone is under 50. It reminds me of when I lived in Brooklyn. But I expected it in Brooklyn. I didn't expect such a youthful building on the Upper West Side.
The neighbors across from us bought two units over two decades ago, and joined them. They're a couple with two teenaged kids, and what is almost certainly a 3-bedroom apartment that will likely be paid off by the time the kids go off to college. I envy their awesome position :P
1. The kids are out and the house is too big for them.
2. They are usually one floor units and have an elevator.
3. They don't have to maintain nearly as many things.
And a place with a metro is good if you can't drive any more.
But a 1 BR condo in Manhattan is in the $3500-$4000/month range. What sized house is that they're downsizing from? Because if it's in Colorado, that's a 5BR 4000+ square foot house. If it's Tennessee, Missouri, Georgia, you've got that on a dozen acres, with a guest house, a barn, and horses, and staff.
Median retirement income in the U.S. is ~$31k per year. So again, they're doing this how? Great idea if you're old and reasonably wealthy. This is not something the typical old fart is going to be doing for retirement.
As pointed out by others, this is a mass transit and walking city, often the mass transit is far faster than using one's car or a taxi (depending on the time of day). For a Meetup I was attending a couple of weeks ago, I received an Apple Warning to leave 40 minutes early because of heavy traffic. It took me 15 mins by subway and a short walk.
A number of the apartments are old and the lowest of these buildings are "walk up" eg, no elevator which also leads to lots of exercise to keep one healthy.
One of the reasons why they are going to have to stay in NYC before moving for some time is to continue to make additional money (ironically). They just don't have enough money yet to retire the way they want and/or not ready to retire. They just don't want live in the South despite my some family members urges to.
From visiting NYC and having family live there I would gander that there are three groups of retirees.
1. The super wealthy that probably have another mansion somewhere else and generally were born into money.
2. The rise the corporate ladder but in debt most of their lives 1980's yuppies (not born into money but have the ambition)
3. The never left the city born and raised and probably have family owned businesses/property.
My parents coming from absolutely zero money are from the second group.
After growing up in "privileged" areas in the ugliest smallest house in the neighborhood with working parents I can observationally say it is amazing how many people that are wealthy that can retire that probably didn't really earn their wealth or at least were significantly aided. There are a lot of trust fund retirees all over and there are a lot of retirees that want to retire like them.
I'm not saying I know for sure the author had/has the silver spoon in his mouth and thinks everyone can afford NYC (group 1)... but simple googling of his name certainly paints a picture of that (his father was a medical doctor and he went to Harvard... maybe scholarship but I doubt it).
I love Manhattan. I've lived here for 4 years. But I'd never consider retiring here unless I was rich enough to have a nice apartment (minimum $3,000/month for anything decent). Even then I'm not too sure I'd stay here because the little things do wear down on you - the dirty smelly overcrowded streets, subway stations that are as hot as saunas in the summer, ghetto/homeless people everywhere, constant obnoxiously loud sirens, shabby old infrastructure and housing stock, etc.
But I do love the fact that you don't need a car, and there's an energy to this city that I haven't experienced anywhere else. I just don't like when people use this as an excuse to ignore its weaknesses. It's 2016 and most people here live in old tenement buildings.