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Great point.
NY is where the jobs are.
Every other state is where the retirees live.
So then, all is well for young people in NYC? Housing is expensive, but there are more jobs than anywhere, so one can actually improvise some shared housing solution until one saves enough (from working in all these jobs) to pay a down-payment on a co-op? Or no? What is the problem then?
So then, all is well for young people in NYC? Housing is expensive, but there are more jobs than anywhere, so one can actually improvise some shared housing solution until one saves enough (from working in all these jobs) to pay a down-payment on a co-op? Or no? What is the problem then?
I think you hit the nail on the head.
Do what is necessary to save money (sharing rent)
Do what it takes to make money. ( one job or two jobs )
The secret is to make as much money in the smallest amount of time.
The next big secret is home ownership.
That money saved will be your down deposit.
Once you are in your own home.
Keep up the work ethic.
It will be hard but at least you know
the money spent on the house is for
your house not someone else's.
Once the house is paid things will ease up.
By then you will be married/partnered
and two incomes will be the aaaaaaaah in life.
NYC has always been tough. My experience as a transplant has been hard. I mean dangerous for my health hard from stress but I survive. I get raises at work and that helps.
I believe the Great Recession had many unreported fatalities, meaning it killed a lot of people from being out of work, suicides, and overdoses. The GR massacred men like a firing squad lined up but I saw a lot of women easily finding work, they just complain a whole lot more, but the male gender was targeted for removal, straight men, masculinity and the such, those were demolished like a blood thirsty fat war pig went to dinner hungry and ate everything and then destroyed the kitchen and dining room and burned the house down to the ground. Clearly Feminism.
Anyways so you may have a significant amount that did not survive the battle field so they can not type their experiences. I believe the Great Recession was more vicious and bloody than what we are hearing or willing to consider because truth hurts so much.
Yeah I have been in food lines for "soup kitchens" in Manhattan and I have had food stamps before, but never any other assistance. I have no clue how you people got housing lotteries and free housing it's beyond me and I have asked and probably applied but it never presented an opportunity for me to jump on. Oh and I have lived in 3 boroughs total. I've heard Brooklyn has the highest food insecurity profile in the nation, and I think that stat says a lot.
I am from Denver originally but all I know anymore is NYC, in all it's glory.
NYC has always been tough. My experience as a transplant has been hard. I mean dangerous for my health hard from stress but I survive. I get raises at work and that helps.
I believe the Great Recession had many unreported fatalities, meaning it killed a lot of people from being out of work, suicides, and overdoses. The GR massacred men like a firing squad lined up but I saw a lot of women easily finding work, they just complain a whole lot more, but the male gender was targeted for removal, straight men, masculinity and the such, those were demolished like a blood thirsty fat war pig went to dinner hungry and ate everything and then destroyed the kitchen and dining room and burned the house down to the ground. Clearly Feminism.
Anyways so you may have a significant amount that did not survive the battle field so they can not type their experiences. I believe the Great Recession was more vicious and bloody than what we are hearing or willing to consider because truth hurts so much.
Yeah I have been in food lines for "soup kitchens" in Manhattan and I have had food stamps before, but never any other assistance. I have no clue how you people got housing lotteries and free housing it's beyond me and I have asked and probably applied but it never presented an opportunity for me to jump on. Oh and I have lived in 3 boroughs total. I've heard Brooklyn has the highest food insecurity profile in the nation, and I think that stat says a lot.
I am from Denver originally but all I know anymore is NYC, in all it's glory.
I will pray for you.
May god bless you in your struggle.
May you find your future fruitful.
NYC has always been tough. My experience as a transplant has been hard. I mean dangerous for my health hard from stress but I survive. I get raises at work and that helps.
I believe the Great Recession had many unreported fatalities, meaning it killed a lot of people from being out of work, suicides, and overdoses. The GR massacred men like a firing squad lined up but I saw a lot of women easily finding work, they just complain a whole lot more, but the male gender was targeted for removal, straight men, masculinity and the such, those were demolished like a blood thirsty fat war pig went to dinner hungry and ate everything and then destroyed the kitchen and dining room and burned the house down to the ground. Clearly Feminism.
Anyways so you may have a significant amount that did not survive the battle field so they can not type their experiences. I believe the Great Recession was more vicious and bloody than what we are hearing or willing to consider because truth hurts so much.
Yeah I have been in food lines for "soup kitchens" in Manhattan and I have had food stamps before, but never any other assistance. I have no clue how you people got housing lotteries and free housing it's beyond me and I have asked and probably applied but it never presented an opportunity for me to jump on. Oh and I have lived in 3 boroughs total. I've heard Brooklyn has the highest food insecurity profile in the nation, and I think that stat says a lot.
I am from Denver originally but all I know anymore is NYC, in all it's glory.
Apparently nobody here cares to hear from a younger millennial. Because I am 29 and all my friends are either struggling, on welfare, or leaving NY entirely. No 300k homes in Queens for us.
A huge chunk of my graduating class of 1000+ kids (Francis Lewis) has left NYC entirely. The ones that have stayed are struggling.
My best friend is on welfare after getting fired for becoming pregnant. She lives with her mother and her boyfriend of 10 years; personally, I don't think you should have to choose between keeping your child or losing your livelihood. My second best friend lives on Long Island and despite being an office manager can't afford to live on her own so she's with her mom, dad, sister, and brother. My third best friend is a waitress with a degree in engineering and lives with 4 roommates to get by. My other friend got a dual B.A. in chemistry and physics and works as a teacher but pays over $1,200 a month in student loans. Shall I go on?
Other people have moved away: Tennessee, Texas, North Carolina, Virginia, and Georgia.
Nobody I know owns their own home. Nobody I know has retirement savings. Nobody I know has a pension. Nobody I know is actually lazy or asked for this.
I'm from Flushing. You tell *me* if millennials can afford a starter home here now on our salaries. Hint: unless we get a huge down payment from our parents, we can't.
The responses in this thread are very much outliers. The vast majority of us do NOT own homes. The vast majority of us do NOT have savings. The vast majority of us are spending WAY more than 40% of our income on rent. I count myself lucky because I live at home, my parents own a Mitchell Lama apartment, and I have minimal student loan debt... but I am an outlier, too. And I still couldn't afford to purchase a home in NYC.
My experience, under 35 years of age: I've had some periods of time when I wasn't working (once when I left a job, once when I was laid-off) and a good two and a half years of being underpaid. I get it, it sucks.
If people from NY want to avoid big student loans, it is easy to go to CUNY/SUNY. Many of my friends went to CUNY and lived at home. Most of them worked at least part-time to pay tuition and other bills.
I can't afford a house where I live but I could afford a coop. I agree, it would be harder to buy now then it was five years ago. But then again, when my parents bought a house, they were able to do so living paycheck to paycheck. My mom stayed at home and my dad did manual labor. We were always low income and they still were able to get a house. That would never happen today. I can't even buy a house with a decent income and two people working.
I do have a neighborhood picked out for where I want to buy a house. Nice area, still in the five boroughs, if I decide to stay in NYC. And affordable for me, most importantly. Very rare, as the same house would probably be double the price where I am.
Thank you. 😀 We do have a car. Our first car was used and we paid $4k cash for it. We had that for 6 years until it died on us. We then got a new car with 0% financing and paid it off in 2 years by making an additional payment using an entire tax return. Having that additional car payment was really tough financially as we had to dip into savings. But now that it's paid off, we plan on using that car until it dies on us too. No Upgrade for us.
We live 8 minutes from the J/Z train, not a stellar train, but at least it gets us to Manhattan. We also live near the BM5 and QM15 which are great options when you don't feel like dealing with crowded trains.
We live pretty simple lives. We make coffee, breakfast and lunch at home, so that we don't have to spend money out during the week. When grocery Shopping, we buy only necessary staples or sale items. We're not really drinkers, so we'll only go out for happy hour with friends once every 2-3 months. But we're mostly homebodies.
We both grew up poor, so we know the value of a dollar and how to make it stretch.
Something that we're not able to do right now is build up our savings. We'll go back to aggressively saving when he goes back to work next year.
Your strategy was similar to ours. We had a 1 bedroom also in ENY at $800 in the early 2000s. We planned and saved. Bought a house in the height of the recession. Sold when the market started trending up, but was still affordable. Now own another house with $300k in equity. We both have decent jobs with pensions. We both contribute extra to our jobs version of 401k.
We had one old car, also bought cash. We didn't buy new cars until after we bought our first house. We then both bought new cars and paid it off. I plan to keep mine for at least another 3 years.
We kept our life style simple relative to our growing income. We do enjoy vacations, broadway shows and such. We didnt move to the most expensive neighborhood or changed our cars every 3 to 5 years. I have co-workers who jet to London, Paris and Dubai for long weekends, live in penthouse /luxury apartments (literally!) Drive luxury cars and are living their best SINGLE lives. They complain about not being able to afford their own home. I know atleast 4 coworkers who have over $100k in student loans. I feel bad for them.
They are not willing to compromise so it is harder for them to get on the property ladder.
There are however a number of late 20s, early to mid 30s who got married (two incomes) , some joined the army, spent wisely and attended SUNY /CUNY. They were easily able to save downpayments for their homes.
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