Any middle class NY'ers feeling squeezed? (Albany: middle-class, real estate, rent)

[renee_cal]

I was just thinking NY is one of the most expensive cities. Pay is not going up to meet the living expenses, rent is going up (at least mine is) eventhough the place is a craphole! transportation has gone up and will probably go up (this being MTA) food prices are up etc. etc. etc.
So my question is ever think about those living in much cheaper places and how they may be doing better than us in NYC? I mean I want to leave NYC but now with jobs being scarce and companies afraid to hire its better to just stay here for a while but dang how long are things going to be this way? And although home prices have gone down a home for $500,000 is not going to go down to $250,000 anytime soon! I have friends who moved to GA, NC, PA and Chicago that are doing way better than me with same pay! needless to say im very annoyed!
Unfortunately I have 2 young kids so the winter in Chicago is out of the question, NC is oversaturated and PA is looking very good right now! Hubby doesnt want to move (safety net!) but im thinking I may relocate in Jan. without him! Ive changed my career path into the medical field so I should have no problem. My point you ask? well if everything else is up but your rent/mortgage is not high you can ride it out better but when everything is high you are so screwed! Anyone feeling this way?

[Moderate Guy]

Originally Posted by renee_cal

I was just thinking NY is one of the most expensive cities. Pay is not going up to meet the living expenses, rent is going up (at least mine is) eventhough the place is a craphole! transportation has gone up and will probably go up (this being MTA) food prices are up etc. etc. etc.
So my question is ever think about those living in much cheaper places and how they may be doing better than us in NYC? I mean I want to leave NYC but now with jobs being scarce and companies afraid to hire its better to just stay here for a while but dang how long are things going to be this way? And although home prices have gone down a home for $500,000 is not going to go down to $250,000 anytime soon! I have friends who moved to GA, NC, PA and Chicago that are doing way better than me with same pay! needless to say im very annoyed!
Unfortunately I have 2 young kids so the winter in Chicago is out of the question, NC is oversaturated and PA is looking very good right now! Hubby doesnt want to move (safety net!) but im thinking I may relocate in Jan. without him! Ive changed my career path into the medical field so I should have no problem. My point you ask? well if everything else is up but your rent/mortgage is not high you can ride it out better but when everything is high you are so screwed! Anyone feeling this way?

The city is going through some pretty tough times. Housing and jobs are two critical areas right now. For housing, we have escalating rents and home prices that just won't budge lower (unlike other parts of the USA which experienced an unrealistic surge the past several years and are now correcting). Companies are downsizing and with hiring freezes and the Wall Street turmoil, we're in a keep low tempo right now.

I do believe we'll ride it out. Sometimes one needs to relocate to other parts of the USA to achieve the American Dream. It's not easy here, but if one can somehow achieve that dream here in any part of NYC, it is truly something to write home about.

[Shizzles]

I think the problem with housing (and the city in general) is that during the early 2000s, everyone drank the "Good times for eternity" Kool-Aid. When to talk to most NYC brokers/Landlords, they truly believe they'll have tidal wave of multi-millionaires sweeping into their hoods/buildings in no time! Talk about deluded......

And honestly, the residents (including the people on this board) have a hand in that. Anytime SuperMario posts anything related to crime in NYC it seems like everyone goes into mental meltdown mode and starts screaming how "THERE IS ABSOLUTLEY NO CRIME IN NYC!!!" and how when anyone suggests that we may see a return to 800, 900, 1,000 murder years we're simply being trolls.

Do I think we'll see a 1975 remix? No. But if you think we're going to reach European homicide levels, you're hitting too much green (if anything, they're slowly but surley rising to our levels). The NYPD is understaffed and undertrained. The MTA's books make Enron look solvent. Much of Albany isn't much better. The Wall St crisis is going to put an end to alot of shenanagans weither it be condo development, government spending, corporate bonuses, and trust-fund-fueled gentrification/partying.


Behind the new towers and snazzy bars is a city with half a million welfare recipients, crumbing subway system, horrendous schools, a bloated government that rivals some large states (countries!!!), "Questionable" crime statistics and an economy that is pretty much a one trick pony. Yes, we have great museums. Yes, we have a huge arts and fashion scene. Yes, we have a far more comprehensive infastructure than many other cities. Yes, we offer alot in terms of quality of life. But this could have been said in 1977 as well. And yet, the Bronx was still burning.


Before the "HATER" screams begin, let me tell you I love NYC probably more than anyone on the planet. It is and probably for an extremely long time be the place to be both in the US and in the world. If I moved back and never left the boundaries of the five boroughs, I would be content.

But like the Titanic, too many people think the city can't sink. It can and it did. We were lucky that unlike the fabled ship, we had a really big bandaid back then. Those lifesupports may not be there the next time, judging by how Washington is going. Open your eyes and let's try not to hit the iceburg this time....

[Moderate Guy]

Originally Posted by Shizzles

I think the problem with housing (and the city in general) is that during the early 2000s, everyone drank the "Good times for eternity" Kool-Aid. When to talk to most NYC brokers/Landlords, they truly believe they'll have tidal wave of multi-millionaires sweeping into their hoods/buildings in no time! Talk about deluded......

And honestly, the residents (including the people on this board) have a hand in that. Anytime SuperMario posts anything related to crime in NYC it seems like everyone goes into mental meltdown mode and starts screaming how "THERE IS ABSOLUTLEY NO CRIME IN NYC!!!" and how when anyone suggests that we may see a return to 800, 900, 1,000 murder years we're simply being trolls.

Do I think we'll see a 1975 remix? No. But if you think we're going to reach European homicide levels, you're hitting too much green (if anything, they're slowly but surley rising to our levels). The NYPD is understaffed and undertrained. The MTA's books make Enron look solvent. Much of Albany isn't much better. The Wall St crisis is going to put an end to alot of shenanagans weither it be condo development, government spending, corporate bonuses, and trust-fund-fueled gentrification/partying.


Behind the new towers and snazzy bars is a city with half a million welfare recipients, crumbing subway system, horrendous schools, a bloated government that rivals some large states (countries!!!), "Questionable" crime statistics and an economy that is pretty much a one trick pony. Yes, we have great museums. Yes, we have a huge arts and fashion scene. Yes, we have a far more comprehensive infastructure than many other cities. Yes, we offer alot in terms of quality of life. But this could have been said in 1977 as well. And yet, the Bronx was still burning.


Before the "HATER" screams begin, let me tell you I love NYC probably more than anyone on the planet. It is and probably for an extremely long time be the place to be both in the US and in the world. If I moved back and never left the boundaries of the five boroughs, I would be content.

But like the Titanic, too many people think the city can't sink. It can and it did. We were lucky that unlike the fabled ship, we had a really big bandaid back then. Those lifesupports may not be there the next time, judging by how Washington is going. Open your eyes and let's try not to hit the iceburg this time....

I do agree that it's not all rosy but I feel that despite all the sheenanigans and sleights of hand by the real estate, financial and other sectors these past 5-10 years, we will emerge eventually stronger and better. And like you, I feel that I can live comfortably in any corner of our 5 boroughs and be eternally content to stay within the city's confines.

[Rachael84]

Well, my situation is kind of strange. I do just fine renting in Astoria making 58,000 a year. I still manage to save nearly 60% of my take home pay a month. If you're wondering how I manage to save that much, I just don't spend a lot.

My fiance and I plan on buying a co-op in the Whitestone area. We make around 110,000 together, which I guess is considered middle class, right? See, we have no problem affording it; it's mostly that we're having trouble coming down with the 20% down payment. Banks are making it so hard to buy co-ops/houses nowadays. We aren't doing bad, but we're probably middle-class right now until our salaries really start to go up 20 years from now. We plan on buying a house on LI in a few years. It isn't like other areas of the country where newlyweds can buy a house, though we can in a few years. So, we aren't really struggling, but we also don't have all the money in the world where we can buy a 400,000 house right now.

[sobrodude]

Shizzles that post was mostly nonsense and goes against everything we have seen historically in NYC over the past 40 years. Looking back what have we seen? The 70s were the worst time, with white flight and the middle class causing millions to leave the city only to be replaced with the poor and destitute people of color. Crime skyrocketed to unprecedented levels, you could not giveaway housing, entire swaths of the city was burned to the ground, the ENTIRE CITY, not just the financial industry like you see today, was on verge of a complete meltdown and bankruptcy, mortgage rates and unemployment was in the double digits, and on and on. Most people wrote off the city. And what happened since that time schizzles? The city bounced back and became even stronger than it has ever been. So what makes you think things are going to plummet today into anything remotely similar to the 70s? Yes the economy is slowing and there is a recession looming, if we are not in it, but the reality is the city is not being burned to a crisp, the moneyed class/middle class are not fleeing, it is the poor in fact that are leaving, crime is in fact at record lows last year AND this year despite the hype about incompetent/undertrained/understaffed cops AND there is no indication that crime is skyrocketing. In addition, we see the city continue to invest in nieghborhoods, with greening at the forfront, a massive affordable housing initiative to make a permanent place for the working/middle class, mainstream retailers and services agressively expanding in the city, as well as a general and growing trend towards the city, not away from it, by the educated and upper classes. Yes it is possible that we may in fact go back to the 70s, but there is ZERO evidence to support the outlandish claim (and at this point is is outlandish). Crime may increase, but since we are at a 40 year low, thats okay, as crime fluctuates and doesn't go down forever..it goes up, goes down..but the longterm trends continue to show a decrease in crime. Despite the usual fear tactics and hype of "half a million welfare recipients, crumbling subway system, horrendous schools, a bloated government that rivals some large states (countries!!!), "Questionable" crime statistics and an economy that is pretty much a one trick pony" (to quote you), the REALITY is the economy in NYC is well diversified, healthy, and strong. We have survived the 70s and came out stronger, and we will survive this and come out even stronger.

[killer2021]

come down to dallas, tx you can pick up a 3bed/2bath 1,300sqft home for 150k!

[girls1]

I was thinking about this just last night! I will end up moving out of here eventually. I'll probably save up and move in a few years when my older daughter is headed to highschool.
In certain other states, although jobs don't pay as well as NY, the cost of living isn't as high. People are able to afford goreous, well-sized homes, with generous backyards, a good neighborhood and wonderful school district without sacrificing their life savings. People are not as concerned that they will not be able to live on their retirement benefits.
I have to get out of here!

[Moderate Guy]

Originally Posted by girls1

I was thinking about this just last night! I will end up moving out of here eventually. I'll probably save up and move in a few years when my older daughter is headed to highschool.
In certain other states, although jobs don't pay as well as NY, the cost of living isn't as high. People are able to afford goreous, well-sized homes, with generous backyards, a good neighborhood and wonderful school district without sacrificing their life savings. People are not as concerned that they will not be able to live on their retirement benefits.
I have to get out of here!

I do understand your sentiments - even as a great fan of NYC. Housing costs have really made the city unaffordable to many. My personal opinion is that greed has a lot to do with this - greed from brokers, developers, some owners, banks, and the list goes on.

NYC will always be expensive because of its desirable attributes. However, for many the American Dream involves relocation to another state or another part of NY.

[ogplife]

Originally Posted by killer2021

come down to dallas, tx you can pick up a 3bed/2bath 1,300sqft home for 150k!

Not sure anyone is in a rush to move to Texas or anywhere along that coast these days, but I can't lie that is tempting. I have heard Dallas is beautiful and a cool place to live.