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Relocation from Portland, Oregon to New York City, owning versus renting, Queens, Staten Island, Brooklyn options, from small town America with dreams of living in the big city

 
Old 07-06-2007, 06:34 AM
 
24 posts, read 101,166 times
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Hi, I'm 27, finishing grad school in a year and looking to move my husband and 2 kids out to NYC (Man/Qu/Bklyn/Bronx). I've been reading a lot on this forum about where affordable places are and where "safer" neighborhoods are.

What I'm wondering is...doesn't anyone buy their property in NYC? We live in Portland, OR now and bought our suburban single family home for 250K. It was a fixer and we'll sell it for over 300. Anyways - I know we wouldn't afford a single family home...but would we be able to afford a small 3br condo in a relatively safe neighborhood? Obviously not Manhattan - I know that. I would just hate to go back to renting when we could continue to build equity. Together we'll end up making ~110-120K/year when I start working, our kids are 3 and 6 and both my husband and I went to parochial school so the kids probably will too.

Any thoughts or advice would be taken seriously - Thanks!
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Old 07-06-2007, 07:10 AM
 
Location: Bronx, NY
2,806 posts, read 11,845,931 times
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Well I think owning is MUCH more common in the suburbs than in NYC proper. The reason for this is the REALLY high costs of property. Even in decent neighborhoods of Southern Brooklyn/Bronx/Queens a 3br condo with 1,000 sq ft is probably going to set you back $500,000. If you were to rent in the same area I've seen 3brs going for as low as $1,500 in certain neighborhoods.
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Old 07-06-2007, 07:14 AM
 
Location: 32082/07716/10028
1,346 posts, read 211,107 times
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Quote:
Originally Posted by UpPastThree View Post
Hi, I'm 27, finishing grad school in a year and looking to move my husband and 2 kids out to NYC (Man/Qu/Bklyn/Bronx). I've been reading a lot on this forum about where affordable places are and where "safer" neighborhoods are.

What I'm wondering is...doesn't anyone buy their property in NYC? We live in Portland, OR now and bought our suburban single family home for 250K. It was a fixer and we'll sell it for over 300. Anyways - I know we wouldn't afford a single family home...but would we be able to afford a small 3br condo in a relatively safe neighborhood? Obviously not Manhattan - I know that. I would just hate to go back to renting when we could continue to build equity. Together we'll end up making ~110-120K/year when I start working, our kids are 3 and 6 and both my husband and I went to parochial school so the kids probably will too.

Any thoughts or advice would be taken seriously - Thanks!
NYC is the land of renters, that said about 50% of the people do buy their homes.
many huge parts of Queens, Staten Island and brooklyn are mainly single family or 2 family home owned by the occupants. Don't be put off by what you see here, it is a very myopic view of NYC,
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Old 07-06-2007, 08:06 AM
 
Location: Bronx, New York
1,765 posts, read 4,118,566 times
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NYC is a land of renters. A long history of renters, but that is starting to change, with this condomania going on in the city.

3 BR condos are hard to find, period, let alone affordable. Not that it can't be done, but because of low supply, even in the Bronx.

I just bought a 1BR in the Parkchester section in the Bronx. My complex is fine, but I would suggest you familiarize yourself with the Bronx before you buy in the borough. But like I said, 3BR's period are gonna be hard to find anywhere, let alone affordable. And if you do, be aware of common charges and property taxes (although property taxes in NYC are low). Speaking of taxes, be aware that low property taxes in NYC are made up of high income taxes. And be aware that affordable apartments in Jersey are made up of high property taxes in most NJ counties (and everyone I know in Jersey is crying over property taxes!).

Anyway, here's a good website.
Foxtons NJ and NY: Real estate agents in New Jersey and New York
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Old 07-06-2007, 01:46 PM
 
24 posts, read 101,166 times
Reputation: 14
Thanks for the website. It gave me a place to start. We're going to visit in late July so now NYC won't seem so daunting. The only thing I would have a hard time with is having four people in two bedrooms. Who knows, maybe renting is the way to go. We'll see...

Hey, do you think that people who move to the boroughs still experience what it's like to live in NYC? People on this forum (for the most part) love their time in NYC - "there's no place like it," etc - and that's what I want for my family, you know? I'd just hate to move there and be sooo disappointed.

We're originally from a small midwestern town and moving to Portland made me love being in a bigger city. I think if we moved to Seattle or some other smaller big city I'll always have the itch for NYC.
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Old 07-06-2007, 10:45 PM
 
Location: New York City
563 posts, read 1,199,576 times
Reputation: 162
You can buy a house in the Country Club section of the Bronx. And if you're looking for a decent three bedroom apartment in a middle class neighborhood, try the Van Cortlandt Village neighborhood in the Bronx.

Quote:
Hey, do you think that people who move to the boroughs still experience what it's like to live in NYC?
Well, technically, the boroughs are apart of New York City. If you mean Manhattan, than yes, they do. Lots of people in my neighborhood are ex-Manhattanites and they work in Manhattan, go to clubs in Manhattan, and do things in Manhattan, but sleep in the Bronx. If you want a good neighborhood to raise a family, again, it would be the Van Cortlandt Village section of the Bronx. The best info I can give you is a wikipedia page:

[url=http://en.wikipedia.org/wiki/Van_Cortlandt_Village%2C_Bronx[/url]
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