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I am in the same boat. My rent is less than $1000. My 1 bedroom is over 1000 sq ft. Yet my husband and I are looking for a 2 bedroom. Yeah we found some good deals for under 200k, (down payment is not a problem for us, we've been saving). Problem is, mortgage will run around $1,200 (Not a problem) But the maintanece fee on some coops are like $800 bucks.. what kind of mess is that. So basically we paying 2 rents. I refuse to do it!!!!!
***NOT TO MENTION THE SIZES OF 2 BEDROOMS ARE LIKE 750 - 950 SQ. FT.
So our outcome is to spend more money... for less space...
I THINK NOT!!!!!!!!!!!!!!!!
Haha, your landlord is paying the maintenance for the apartment you live in now. Its likely that the rent you pay doesn't cover what he spends to keep your apartment habitable.
Haha, your landlord is paying the maintenance for the apartment you live in now. Its likely that the rent you pay doesn't cover what he spends to keep your apartment habitable.
Its true. I lived here almost 10 yeas (rent stabilized) So I got a great deal and its still great. My neighbor moved out next door. Her 2 bedroom 2 bath apt was 800+ when she left. So I called my management and asked for a transfer. They said, sure but the rent will increase to $1350. Market rate! If I move they will charge over $1000 for my apt. I think I got a great deal when I came here. I know so many people just moving in, paying market rent. Lady down the hall been here over 20 years & her apt is not even $700 bucks!
I personally believe prices have much further to go. In Manhattan, studios are now getting close to the price of a share. Once that happens, everyone who has a roommate will want to get a studio. Then the people who have leases on two bedrooms and need a roommate to pay the rent will be in a really tight spot. They will have to renegotiate the lease or move, which will send prices even lower.
I don't understand this from an economic point of view (though I never studied economics).
If a person who has the lease on a 2-bedroom but needs a roommate to pay the rent begins to have trouble filling the other bedroom because the would-be roommate is going out to get his own studio apartment, why wouldn't the 2-bedroom leaseholder also move out at the end of the (presumably one or 2 year lease) and get his own studio apartment as well?
Then you have 2 Manhattan apartments being filled instead of one, which effectively increases the Manhattan apartment occupancy rate... which would seem to me to result in an increase in rents, not a decrease, since the supply would be reduced.
I guess this doesn't address the issue of what happens to all those 2 bedroom apartments, but maybe small families that were squeezing into one bedrooms would move to 2 bedrooms.
That leaves all the one-bedroom apartments in Manhattan available.
So my theory is that rents will increase on studios and 2 -bedrooms as demand increases and supply dips... and rents on one bedrooms will go down!!
And regarding the OP's original question about tips on saving: do not buy lunch or coffee or breakfast out of the house. Make big meals once a week and freeze some portions so you have enough to last you the rest of the week and won't be tempted to grab lunch out because you don't have any food handy. Or maybe you already do this?
Cut out cable channels, read books from the library instead of buying.
If you're making 90K and your rent is less than $1000 I think you do need to look more carefully at your budget because I would think you'd be able to save a fair amount.
If I were you I would take a look at my spending and start saving more aggressively. Nice salary, low rent. With a little tweaking you can really start socking some cash away. When you do decide to take the leap you will be much happier with a large downpayment and fix up money for your new place.
Thanks everyone for your input...I appreciate it...I will definitely start looking more into the Grand Concourse Area by Walton Ave...anything under $200k would be ideal for me right now...
You will also find a lot of very large pre war coops in the Pelham Parkway area.Lots of convenient shopping and other amenities,lots of parks and trees,East side( #5) and West side (#2) subways.
1 br's are usually between 800 and 950 sq ft( often bigger) and priced from 140,000 to 170,000 with 4 to 5 hundred/mo maintenances,sometimes including gas and electric.2 br's from 900 to 1,100( or bigger) sq ft for under $200,000 with maintenances 550 to 650/mo. Many are totally renovated with new kitchens,baths, windows,beautiful parquet floors,etc , sometimes with washers and dryers in the apts and often facing Bronx Park.
It is a great,though not particularly exciting and very safe neighborhood .Very diverse.
Its true. I lived here almost 10 yeas (rent stabilized) So I got a great deal and its still great. My neighbor moved out next door. Her 2 bedroom 2 bath apt was 800+ when she left. So I called my management and asked for a transfer. They said, sure but the rent will increase to $1350. Market rate! If I move they will charge over $1000 for my apt. I think I got a great deal when I came here. I know so many people just moving in, paying market rent. Lady down the hall been here over 20 years & her apt is not even $700 bucks!
If you are in a stabilized building the landlord can't legally raise the rent on your neighbors apartment from 800 to 1,350.He can only raise it by whatever percentage is legal. The rent does not go to the market rate in one leap. Even if he renovates it ,there are limits to how much it can be raised at once ,depending on how much he documents as renovation expenses.
A lot of people have moved into stabilized apartments,found out after the fact what the former tenant was paying and what the legal rent should be and gotten money back from the landlord in housing court.The legal maximum rent is a matter of public record so it's easy to find out.
You will also find a lot of very large pre war coops in the Pelham Parkway area.Lots of convenient shopping and other amenities,lots of parks and trees,East side( #5) and West side (#2) subways.
1 br's are usually between 800 and 950 sq ft( often bigger) and priced from 140,000 to 170,000 with 4 to 5 hundred/mo maintenances,sometimes including gas and electric.2 br's from 900 to 1,100( or bigger) sq ft for under $200,000 with maintenances 550 to 650/mo. Many are totally renovated with new kitchens,baths, windows,beautiful parquet floors,etc , sometimes with washers and dryers in the apts and often facing Bronx Park.
It is a great,though not particularly exciting and very safe neighborhood .Very diverse.
I'm in my late 20s, married and was also thinking about buying a coop in the low $200K range. But as of now, I think I'm going to rent instead. I don't want to make it a rent vs buy thread but you have very affordable rent right now. Why do you want to buy a coop and spend alot more? Is it because you think it will appreciate? Is it because you want a place you renovate (though coops are strict with that)?
You should weigh the pros and cons of this decision...especially because I don't think you have a good enough downpayment. You have to consider closing costs, and expenses related to buying. Also, I don't think coop prices are going up anytime soon (if that was your reason for buying)
I'm in my late 20s, married and was also thinking about buying a coop in the low $200K range. But as of now, I think I'm going to rent instead. I don't want to make it a rent vs buy thread but you have very affordable rent right now. Why do you want to buy a coop and spend alot more? Is it because you think it will appreciate? Is it because you want a place you renovate (though coops are strict with that)?
You should weigh the pros and cons of this decision...especially because I don't think you have a good enough downpayment. You have to consider closing costs, and expenses related to buying. Also, I don't think coop prices are going up anytime soon (if that was your reason for buying)
I have a co-op I pay less for a month then I would if i rented something...renting is such a waste, people. If you are going to rent, you might as well rip up your money into tiny little pieces and throw it down the toilet, wave it good bye and then press the flusher. At least when you buy, you're money is going toward something.
No-brainer.
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). Problem is, mortgage will run around $1,200 (Not a problem) But the maintanece fee on some coops are like $800 bucks.. 
what kind of mess is that. So basically we paying 2 rents. I refuse to do it!!!!!
Thanks! Will add to my list
