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Hey all,
Trying to get peoples input on the most affordable way to live in NYC.
Im currently 28 years old, lived in NYC all my life and a city teacher. I'm still at home with family, no kids, not married. I'm paying rent, bills and saving but really need to move out soon.
Here are some things that I am thinking...
I do not want a roommate/s but it seems like its the only way.
Saving up for a condo would be nice but need enough for a good down payment.
Coops could be a possibility....
Trying the NYC housing lottery. (Chances slim to none) And still expensive based on my salary.
Could buy a home. (Deep Deep in Long Island)
What are some other suggestions you all have done or currently do to afford to live in NYC? I feel like in NYC you need to make a good amount of salary or own to get the best for your money. And to not feel like your living pay check-to-paycheck, working two jobs without time for yourself, and have disposable income.
For me it means not being able to afford any of the things that supposedly make NYC great. Like, literally, none of them. I guess there are free exhibits and galleries and museums and stuff, but going to those events you start to feel very "other" than than rest of the attendees and like you really don't belong. As a teacher in NYC don't you get municipal preference for most of the affordable housing units? Granted it's not much 5% (I personally think they should increase it to 10% even if it means reducing my chances as a non municipal worker). I don't know. save, save, save and then buy a small starter apartment in the bronx or something which you can sell in 5-10 years and trade for something bigger? Marry rich? As an non-relationshiper autosexual myself I don't have the luxury of swapping genitals to double my housing budget like CIS-straight and gay people have.
Hey all,
Trying to get peoples input on the most affordable way to live in NYC.
Im currently 28 years old, lived in NYC all my life and a city teacher. I'm still at home with family, no kids, not married. I'm paying rent, bills and saving but really need to move out soon.
Here are some things that I am thinking...
I do not want a roommate/s but it seems like its the only way.
Saving up for a condo would be nice but need enough for a good down payment.
Coops could be a possibility....
Trying the NYC housing lottery. (Chances slim to none) And still expensive based on my salary.
Could buy a home. (Deep Deep in Long Island)
What are some other suggestions you all have done or currently do to afford to live in NYC? I feel like in NYC you need to make a good amount of salary or own to get the best for your money. And to not feel like your living pay check-to-paycheck, working two jobs without time for yourself, and have disposable income.
Money management is key need and wants
Got move deeper into Queens or South Brooklyn
Outside NYC but in metro area
Jersey City Waterfront area
New Rochelle
White Plains
Port Chester
Stamford
Hey all,
Trying to get peoples input on the most affordable way to live in NYC.
Im currently 28 years old, lived in NYC all my life and a city teacher. I'm still at home with family, no kids, not married. I'm paying rent, bills and saving but really need to move out soon.
Here are some things that I am thinking...
I do not want a roommate/s but it seems like its the only way.
Saving up for a condo would be nice but need enough for a good down payment.
Coops could be a possibility....
Trying the NYC housing lottery. (Chances slim to none) And still expensive based on my salary.
Could buy a home. (Deep Deep in Long Island)
What are some other suggestions you all have done or currently do to afford to live in NYC? I feel like in NYC you need to make a good amount of salary or own to get the best for your money. And to not feel like your living pay check-to-paycheck, working two jobs without time for yourself, and have disposable income.
Some things to look into and consider:
Forget the housing lottery, no sense in looking into something you dont have control over
Consider Mitchell-Lama developments with open waiting lists, they exist
Look at rentals near the end of subway lines in the outer boroughs
Or, stay at home and save up, you can buy a co-op apartment in the outer boroughs.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
It sounds like you're an underearner. Perhaps start looking for a better-paying position. But generally in NYC, you'll still need a roommate for quite a while.
If you are a city teacher, you have a great job and will be able to afford a house in a few years, especially if you are living at home with mom and dad saving up. How long have you been a teacher? It takes a few years to be making real money in city jobs, but once you are there is no looking back. You already scored in life securing that career.
Hey all,
Trying to get peoples input on the most affordable way to live in NYC.
Im currently 28 years old, lived in NYC all my life and a city teacher. I'm still at home with family, no kids, not married. I'm paying rent, bills and saving but really need to move out soon.
Here are some things that I am thinking...
I do not want a roommate/s but it seems like its the only way.
Saving up for a condo would be nice but need enough for a good down payment.
Coops could be a possibility....
Trying the NYC housing lottery. (Chances slim to none) And still expensive based on my salary.
Could buy a home. (Deep Deep in Long Island)
What are some other suggestions you all have done or currently do to afford to live in NYC? I feel like in NYC you need to make a good amount of salary or own to get the best for your money. And to not feel like your living pay check-to-paycheck, working two jobs without time for yourself, and have disposable income.
do a full internet search in regards to housing for city employees. many times, city employees get a step up on housing, so they can stay in the community and they serve. too many city employees moving to Jersey or Staten Island, north of 5 boros.
another consideration would be to look where there may be a 2 fare zone and buy into a co op, outer boro of course.
moving out on your own, looking at $1500 per month rent for a 1 br. Go building to Building in your neighborhood and collect those management /super phone numbers. At least in person, get to know the rent stabilized buildings as a start. get the moving, living at home sucks! no roommates for sure.
just a quick hint on yearly operating costs, $28,000 just to survive. and taxes will take another chunk. look for a way to save tax free.
I would also suggest you fine tune your direct deposits,create dedicated side accounts. adjust you services like cell/cable /internet. learn to live frugal, you will be pinching a few pennies to make anything happen. learn to cook, stay out of manhattan priced rents.
on the bright side, not having parents or relatives in your business is luxury worth paying for! go for it, you will figure it out.
@Airbornguy I've been teaching for 5 years with the city job for 4. I completed my masters earlier this year which did give me a good raise. And I MIGHT go back to get my 30 above we shall see. I'm trying to hold out with this career as long as I can even though its very demanding.
@BPt111 I was considering should I move out of the NYC metro area.
@citychik im a teacher we are always underearning! lol just kidding. I think I make a fairly good salary for a single person. If I wanted to earn more $$$ need a few more years in and get 30 credits above my masters for a raise.
Thanks again for your responses, really good suggestions.
Teachers make decent money in NYC these days. Good for you!
Where do you work? That way we can give you ideas on where you can afford to live and what might be reasonably convenient.
Honestly, if I were you, with NYC rents constantly going up, I would save up as much as I could and save for a downpayment on even a studio coop in a neighborhood you don't mind living in (to be affordable it won't be a super hip or fun neighborhood but you can find one that is affordable and safe and not TOO far from more fun/hip nabes if that's what you like).
Depending on the neighborhood, it's still possible to buy a studio coop for $200K or less in many neighborhoods.
Also, there is a city program for "moderate income" homebuyers (which you likely still fit into as a school teacher) which helps with a downpayment. Check it out!
I would also sign up for moderate income lotteries both rentals and coops, it can't hurt.
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