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THis is one of the reasons why I left NYC proper. I can definitely afford to live there (and comfortably, I might add) but the prices are beyond anything reasonable. No thanks!!!
Yes but with a mortgage you eventually own property. Paying rent OTOH is money you'll never see again.
I don't understand this concept of rent money being thrown away... It isn't thrown away when you've occupied that space for months/years and used it for shelter and entertaining. You pay for what you used. If you bought a place you will be throwing money away on mortgage interest rate and property taxes, that's money you will never see. And if you are renting you don't have to worry about your property's depreciating value, repair and maintenance costs, taxes and other expenditures. Both have pluses an minuses, but I'm tired of people advocating owning like it's a perfect deal and there are not caveats to that option.
I don't understand this concept of rent money being thrown away... It isn't thrown away when you've occupied that space for months/years and used it for shelter and entertaining. You pay for what you used. If you bought a place you will be throwing money away on mortgage interest rate and property taxes, that's money you will never see. And if you are renting you don't have to worry about your property's depreciating value, repair and maintenance costs, taxes and other expenditures. Both have pluses an minuses, but I'm tired of people advocating owning like it's a perfect deal and there are not caveats to that option.
But the catch is that at times it is cheaper to own than rent, all costs considered. Not all the time, however. You'd have to do the math and also make some educated guesses regarding future trends for rent and taxes, etc.
So, this is already a multi-page thread of individual accounts confirming that indeed rent is high in NYC and lamenting this fact. But, what does anyone propose we do that could realistically solve the issue?
So, this is already a multi-page thread of individual accounts confirming that indeed rent is high in NYC and lamenting this fact. But, what does anyone propose we do that could realistically solve the issue?
There isn't anything that can really be done as cities like London, Paris, Hong Kong, etc... have shown. If rents are a function of market supply and demand then those that cannot afford to live in a particular area are going to have to make some decisions.
So, this is already a multi-page thread of individual accounts confirming that indeed rent is high in NYC and lamenting this fact. But, what does anyone propose we do that could realistically solve the issue?
Realistically what can anyone do? Does anyone have the pull to convince the city to lower their property taxes and water/sewage rates? Does anyone have the pull to convince the oil companies to lower the price of oil? Does anyone have the pull to convince the federal reserve to stop printing money and further devaluing the dollar aka inflation.
If the answer is no, then renters need to either suck it up or move to a less expensive state. I see no other option.
THis is one of the reasons why I left NYC proper. I can definitely afford to live there (and comfortably, I might add) but the prices are beyond anything reasonable. No thanks!!!
NYC cost of living scales with income, if you don't have an income that scales accordingly then you get priced out.
Folks that make under $80k will most likely get priced out as a $2k+ rent will no doubt eat up more than 1/2 of your paycheck.
Owning NYC properties is not for everyone, most homes are atleast 70+ yrs old and requires more cost to fix or upgrade. Utility cost can be a killer here and many tenants here abuse the system by looking for any clause to report to the Housing Authority for free rent.
So all those people that jumped in and bought some $1mil+ property to rent out. They need some extra $$ to stay afloat. Who knows how many tenants aren't paying they have to endure until they get evicted or going to court to settle fraudulent tenant claims.
I don't understand this concept of rent money being thrown away... It isn't thrown away when you've occupied that space for months/years and used it for shelter and entertaining. You pay for what you used. If you bought a place you will be throwing money away on mortgage interest rate and property taxes, that's money you will never see. And if you are renting you don't have to worry about your property's depreciating value, repair and maintenance costs, taxes and other expenditures. Both have pluses an minuses, but I'm tired of people advocating owning like it's a perfect deal and there are not caveats to that option.
One big difference is the gov't offers you tax reductions on your income taxes through mortgage that is not a similarity by renting.
If you are renting depreciating values aren't a worry- but that's currently not the case, and may not be in the foreseeable future.
Ownership allows you 30 years of fixed payments, then a lifetime of decreasing payments.
Renting allows you only increases- many of which can price you out of your home, causing even further costs.
Most can't afford to own (put a down payment) so they rent forever.
This would/will be an issue at retirement ages for those who aren't retiring with epic pensions or investments.
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