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Yet we still can't really afford to buy. Why is that?
Moving here has always been something i've dreamed of, but the real estate market is bringing me down. I guess we're just going to have to do with renting?
Looking at 3 bedrooms and the good ones are over $3.5 million.
Broker says it will be like this for a while since inventory is really low which keeps prices sky high. Is renting a thing most people in my income bracket do? I'm not sure how they afford to buy.
Is renting a thing most people in my income bracket do?
Wouldn't have the slightest clue, I know no one in your income bracket. However sure you will afford to buy after a few months .. You might struggle a little (Sarcasm), but save up and you can do it
Why Manhattan? Its congested, filthy, overpriced and currently overrun with homeless everywhere you turn. I'd look in the outer boroughs or north of the city (Westchester county) where prices are about half or less than half of that of Manhattan and quality of life is much better.
I have co-workers who boast about living in Manhattan yet cry about the rent prices and have to resort to either living on an extremely tight budget or having a roommate! F that! Meanwhile I live 20 minutes outside the city in a nice quiet middle class area of Queens where I have a 2br apt with private parking for both mine and my wife's vehicles and a backyard. I pay about half for a spacious 2br than what someone would pay for a tiny box in Manhattan. I don't understand the fascination with living in Manhattan.
Yet we still can't really afford to buy. Why is that?
Moving here has always been something i've dreamed of, but the real estate market is bringing me down. I guess we're just going to have to do with renting?
Looking at 3 bedrooms and the good ones are over $3.5 million.
Broker says it will be like this for a while since inventory is really low which keeps prices sky high. Is renting a thing most people in my income bracket do? I'm not sure how they afford to buy.
500K is not much of a salary. 2.5 to an absolute of 4x income is the price range you can afford. At greater than 4x income you have a high chance of default.
Which leaves you a budge of 1.25 million to 2 million to buy something. So why look at 3.5 million places at all?
Plenty of coops in older buildings with less amenitites in less trendy parts of city you can find a good place at two million
Yet we still can't really afford to buy. Why is that?
Moving here has always been something i've dreamed of, but the real estate market is bringing me down. I guess we're just going to have to do with renting?
Looking at 3 bedrooms and the good ones are over $3.5 million.
Broker says it will be like this for a while since inventory is really low which keeps prices sky high. Is renting a thing most people in my income bracket do? I'm not sure how they afford to buy.
It would be better to rent for a year anyway to get the lay of the land. Last thing you'd want is to spend a few million on a place in a neighborhood you end up not really liking.
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