Does living in NY mean you'll never be able to buy a home? (New York: rental, homeowners association)

[mathjak107]

a co-op involves 2 mortgages, one is your personal one ,the other the buildings share...when you add the 2 up you get the actual apartment cost...in fact if you leased out the apartment your depreciation is based on both mortgages added together with the land value subtracted out

[Platinum333]

Mathjack/Homeowner.~

I was figuring that if I live 1.5 hours away..I probably will work somewhere reasonably close by...or..since I am getting into the medical field..I will just schedule
my 3 twelve hour shifts reasonably and carpool with my guy .

I know someone who is moving to POconos and they got a HUGE house and live in an AWESOME neighborhood. I'm living WELL below my means, here in NYC, so that I can save my mula and buy something much bigger.

The money goes far in NYC..if you take it somewhere else to spend it! lol

[homeowner35]

That's true. It is an advantage to be in the medical field. You can get a job close by. My dream home is a well maintained detached ranch with two bedrooms and two baths. I am completely priced out of nyc. I have looked everywhere. I am going to start expanding my search outside of NYC. Charlotte, North Carolina and Georgia seem like viable options. Taxes are low. I will not pay $500 to $600 a month in taxes. I have to think long term and make good choices.

[Platinum333]

Originally Posted by homeowner35

That's true. It is an advantage to be in the medical field. You can get a job close by. My dream home is a well maintained detached ranch with two bedrooms and two baths. I am completely priced out of nyc. I have looked everywhere. I am going to start expanding my search outside of NYC. Charlotte, North Carolina and Georgia seem like viable options. Taxes are low. I will not pay $500 to $600 a month in taxes. I have to think long term and make good choices.

Definitely. I think most of us could afford a house in NYC...if we want to stress ourselves out over payments and have next to no fun money LOL.

No thanks! I'll pass. Your dream home sounds ideal.

[Jdawg8181]

Originally Posted by mathjak107

Even a co-op may not fair as well as renting and investing the difference....there is just no way to tell in advance anymore then we can predict the financial markets.... soooooooooo just buy a house, a condo or a co-op as a place to live and forget about the which is the better return aspect.....

Ultimately I feel buying is always the better option. Yeah, you can't predict market states 10 or 15 years from now, but but when you rent it's a guarantee you are losing money. Most of the time when you buy, you will at least come out even, if not ahead. It's a guarantee when you are renting you are throwing money away...at least with buying, there is a chance (a most likely probable one) that you will make money.

[mathjak107]

you should re-read what i posted in this thread earlier if you still believe what your saying to be true....... i could have rented in kew garden hills where my house was for over 20 years and still had enough left over from investing the money in simple index funds to buy 2 houses even after subtracting out the rent i would have paid....

never fall into the belief that one is better then the other, no one knows how the next 20 years will pan out..... but to think that renting is wasting money is a big mistake, its all about your alternative investing of the money while renting as for at least a decade renting usually is cheaper with far less expenses and no down payment.....

[mathjak107]

interesting article

How Houses Eat Money - WSJ.com

[makossa]

Originally Posted by gourami

What do New Yorkers think of never being able to buy a home?

Who says NY'ers WILL NEVER be able to buy a home???

That is somewhat of a ridiculous statement. There are thousands of homes in NYC. Obviously if that home in in NYC then it must be occupied by NY'ers (reguardless of your original place of origin).

Help me out here please, maybe I misunderstood your question???

[Platinum333]

Ok, most NYers I know are renting..and the ones that bought a home...took until they were like 45 to do so! ...and even then...a lot of them bought outside of NYC.

On the other hand, I have a few friends on wall street that bought a condo in their late 20s...but not everyone makes 100-500k per year

[homeowner35]

Originally Posted by mathjak107

you should re-read what i posted in this thread earlier if you still believe what your saying to be true....... i could have rented in kew garden hills where my house was for over 20 years and still had enough left over from investing the money in simple index funds to buy 2 houses even after subtracting out the rent i would have paid....

never fall into the belief that one is better then the other, no one knows how the next 20 years will pan out..... but to think that renting is wasting money is a big mistake, its all about your alternative investing of the money while renting as for at least a decade renting usually is cheaper with far less expenses and no down payment.....

It is difficult to predict the future. I do know that my house will be paid off long before retirement and I pay considerable less than people who rent in my city. I do not believe in 401ks. Several retirees have to re-enter the work force because their million dollar 401k dwindled to nothing.

I do not believe renting is a waste of money. It has its place. I hope to rent out my home in the near future.