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Okay, realistically would a consultant from the Midwest looking to move to NYC be able to live in Manhattan if he makes under $100,000?
For some direction on this, let’s say I make $85k and I would actually want to buy something. AVG 3 FICO = 780, 26 single no kids.
Now I can pinch a penny and I already sleep on someone's couch to save a buck. I have no problem living in a studio but I want it to be somewhere in or around midtown.
I am not wealthy, but sleeping on someone's couch allows me to put down maybe $20k for a down payment. But, honestly coming from the Midwest, I can't see paying $2,000 a month unless it’s on a mortgage.
hard....very hard...thats the reality...you should be making at least 100K...and i know youre one of those people that adjusts but...midtown is hard..try some other section of Manhattan, unlike a city in the midwest, its not just midtown thats urban with the skyscrapers, its almost all of manhattan
Okay, realistically would a consultant from the Midwest looking to move to NYC be able to live in Manhattan if he makes under $100,000?
For some direction on this, let’s say I make $85k and I would actually want to buy something. AVG 3 FICO = 780, 26 single no kids.
Now I can pinch a penny and I already sleep on someone's couch to save a buck. I have no problem living in a studio but I want it to be somewhere in or around midtown.
I am not wealthy, but sleeping on someone's couch allows me to put down maybe $20k for a down payment. But, honestly coming from the Midwest, I can't see paying $2,000 a month unless it’s on a mortgage.
What are my shots at doing this?
On your income (which isn't much for someone in their 20's living in NYC in 2007), you barely would be able to qualify for (let alone afford) a small one bedroom apartment in some parts of Queens for around $300,000 (plus maintenance costs of $500 - $700 a month for life).
$2,000 would be the total Mortgage+Maintenance payment on a small $300,000 studio or one bedroom apartment in Queens, closer to $5,000 if for a $600,000 one bedroom in Manhattan & even Brooklyn these days. Of course, most of these too cool for cool twenty something poseurs that you see in Manhattan have the luxury of parents being able to pay their rent & car payment as well so they don't have to use the subway.
Forget about buying (or renting) in Manhattan unless you are making at least $200,000, have liquid assets equivalent to the apartment purchase price & 20% - 50% to put down. In order to buy an apartment -- co-op or condo in NYC you have to go thru a very rigourous board approval process.
hard....very hard...thats the reality...you should be making at least 100K...and i know youre one of those people that adjusts but...midtown is hard..try some other section of Manhattan, unlike a city in the midwest, its not just midtown thats urban with the skyscrapers, its almost all of manhattan
$100,000?? No try $200,000 for a single person in their 20's these days unless you are like one of these Western European foreigners or 20 something hipsters that somehow is able to live in Manhattan on a five figure salary because they come from very wealthy families.
You might have a shot at the Lower East Side coops on Grand Street. One beds usually go for about 450K and up, but studios (nice size) are in the 300's I think. Maintenance is usually in the 500's. Other than that, maybe way uptown. LoHo realty has listings for most of these.
On the other hand, a nice sized one bed coop in the Bronx will only set you back about 100-125K, just for comparison's sake.
OK, just for example--2 listings for 500 square foot studios, 325K and 385K, maintenance in 300's to 400's, Lower East Side. I doubt you'd get any cheaper anywhere except maybe in Inwood or Wash. Heights, and maybe not even there, as far as Manhattan goes. Realtors will immediately access your FICA and ability to pay, and if you don't qualify, they won't waste your time showing you places. The 'hood is near lots of clubs and restaurants, within walking distance to Chinatown, East and West Village, Little Italy, SoHo.
No, I'm not a broker, but I lived there for many years and the 'hood is getting more expensive by the minute--new luxe condos and hotels springing up all over, so now is the time to buy--otherwise there's little chance of getting anything in Manhattan proper.
OK, just for example--2 listings for 500 square foot studios, 325K and 385K, maintenance in 300's to 400's, Lower East Side. I doubt you'd get any cheaper anywhere except maybe in Inwood or Wash. Heights, and maybe not even there, as far as Manhattan goes. Realtors will immediately access your FICA and ability to pay, and if you don't qualify, they won't waste your time showing you places. The 'hood is near lots of clubs and restaurants, within walking distance to Chinatown, East and West Village, Little Italy, SoHo.
No, I'm not a broker, but I lived there for many years and the 'hood is getting more expensive by the minute--new luxe condos and hotels springing up all over, so now is the time to buy--otherwise there's little chance of getting anything in Manhattan proper.
$385,000 for a dump of an apartment on the LES?? I don't think so. Remember, these were formerly tenement buildings built in the early 1900's. Most have not been renovated but now is the haven for the transplanted trusted fund 20 something crowd.
And remember the realtor doesn't determine who qualifies, the co-op board does. Yes, this autocratic co-op or condo board who may or may not be financial professionals.
BTW, I am buying a brand new 1800 square foot real loft condo in CT. two hours from NYC for only $289,000 with 3% down. And I don't have to kiss the ass of a condo board or realtor either.
No, these are not tenement buildings but 20 story coops built at various periods. Some prewar, some built in 60s. Not dumps. One beds are usually 750-800 square feet, many with balconies. Eat in windowed kitchens. These developments were always coops but originally built for working class. The developments went private about a decade ago and you get a lot more space for less money than other areas of Manhattan. Low maintenance includes gas and electric.
The major realtor for these coops screens applicants before showing apts. I kinow because I recently sold my one bedroom there for enormous profit--but had to split proceeds, high flip tax etc with my former b/f. Coop board is primarily concerned with whether you are financially qualified. I'm speaking from first hand experience here.
Thanks for the replies. I see everyone has strong feelings about this. I hear all this noise about foreclosures, perhaps I could snag one of those for $250K?
Do you think a LES studio will continue to appreciate? Second, if living in Manhattan is out of the question, where should I be looking?
$100,000?? No try $200,000 for a single person in their 20's these days unless you are like one of these Western European foreigners or 20 something hipsters that somehow is able to live in Manhattan on a five figure salary because they come from very wealthy families.
This is nonsense. I know many people making five figure salaries living in Manhattan. No, there's not doorman in their building, it might be a walk-up ad they rent. But they manage nicely. And they're NOT from wealthy families.
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