Raising a Family: Chicago vs New York; Moving a family to NYC

I am writing this for a friend of mind...

He is married with two kids. One is 6 years old and the other 10. Lived in Chicago for the last 15 years and he is thinking about moving to New York. He is coming to NY to check out the place (hes only been there once before in the last 15 years) to get a feel for the city as he is thinking about moving there. Living in Manhattan would probably be out of the question since he has kids and would really like to lease or finance a new home.

What advice does anyone have for NY vs Chicago. Also what are some good places to check out near New York City to live in...

Some where nice in New Jersey. Keep in mind that my friend is not filthy rich. He is a Sales Associate however he makes very good money for one. The only decent place ive been to in Jersey near NYC is Princeton but then again i have not been to much in NJ.

If anyone can offer any advice...on a good place to live thats not crazy expensive fairly close to the city and a good place to raise a family in NYC that would be good.

Also pros and cons of chicago and nyc.

If he is happy in Chicago, tell him to stay there. I know there will be opposing views, but even if he is relatively debt free he needs to bank $200k+ minimum to live the type of life I would think he would like for his family. That to me finances a decent 2-bedroom apt. somewhere nice, public schools, one automobile, one vacation, decent lifestyle and some level of savings. In NY I see a lot of couples both working. For lawyers I know, they use there big $$$ to pay off loans and live and save the other spouses/BF's/GF's pay as a down payment, rent for three years, sock away over $100k seed money for a place and associated costs.

Originally Posted by samblau

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If he is happy in Chicago, tell him to stay there.

Agree, the cost of living in New York vs. Chicago will probably come as a shock to him. Unless he is able to get a major cost-of-living salary increase, your friend will surely find himself taking a pretty big hit to his lifestyle by moving to New York.

he should stay put. my families quality of life increased maybe 50% when we moved from new york, even taking into consideration the raise in income. cost of living is much cheaper, just the range of things that you have access to is much better.

Originally Posted by globetrotter

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he should stay put. my families quality of life increased maybe 50% when we moved from new york, even taking into consideration the raise in income. cost of living is much cheaper, just the range of things that you have access to is much better.

+1000. NYC= More$ for less (compared to Chicago)

"Nice place in Jersey" sounds like an oxymoron to me.

I take offense to the nice place in NJ sounds like an oxymoron.

I live in NJ, 20 minutes north of Princeton.
45 minute train ride into Penn Station.

My town was on Money Magazines Best Places to Live 2008.
We placed 5th among America's best small cities.

http://money.cnn.com/magazines/money...CS3424900.html

I agree with those above. Unless your friend has some major compelling reason to move to New York, stay put. NY is wonderful, but particularly hard on families. He's only been once in the last 15 years? I think I'd like to know a place a little better before I moved with a wife and two kids...