Middle class includes $175k in Brooklyn or South Orange, NJ
While our analysis was by no means scientific, our goal was to recreate the type of decision a hypothetical family of four earning $175,000 a year might encounter. We chose an upper-middle-class income because that's generally what our family needs to earn, conservatively, to afford a median-price home in Park Slope, a section of Brooklyn that is family-friendly, has good schools and is generally more affordable than Manhattan.
The two-bedroom, one-bathroom co-operative apartment that we're using as a model in Park Slope is listed at $675,000, close to the median price for the neighborhood, as calculated by Zillow.com.
We stacked that against a four-bedroom, two-and-a-half bathroom home in South Orange, N.J., just a 30-minute train ride from Manhattan, where the two parents work. The house is selling for $595,000.
YOUR MONEY High-Rise, or House With Yard? By TARA SIEGEL BERNARD Published: July 2, 2010 An assessment meant to mirror a decision a family of four in the New York metropolitan area might face found that suburban living cost 18 percent more than urban living.