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If you're smart, stay home for as long as you can and SAVE, SAVE, SAVE! I've been doing the same...I'm almost 28 and commute daily into the city. Parents won't take rent from me, so I help around the house...I clean, cook and food shop. I was fortunate enough to not have to pay for college, so I have no debt and just save my pay checks. I'm now looking to buy my first apartment. If you're smart, stay home and save to buy something. Rent is too damn high on LI and it's a waste of money. Why dump your hard earned money into something you'll never earn anyways?
Your story sounds similar to mine - I didn't have to pay for college either. Thank god no debt!
Buying seems to be better in the long run, but are you still subject to high cost of living and terrifying property taxes? Yeah, you wouldn't be bound by a landlord and their standards, but from my point of view, I don't see the difference. Is there anything you can tell me about the difference between buying an apartment/condo/co-op vs renting a room?
Also, it's really my petty salary that causes issues...I bet you make a lot more than me!
Currently living at home with my parents. I don't pay rent (yet) but I make up for it in other ways by taking care of the dog when they're away (to save on boarding fees), doing general house/yard/handy work, and cooking dinner sometimes.
I do have several grand stashed away across several bank accounts but those savings become useless if I live in an apartment that makes me burn more than earn.
Of course, I wouldn't jump ship unless I had an offer someplace better. Certainly, 0 income is a lot worse than the 40K I make now!
I would feel guilty about still living with parents without paying rent though.
Reminds me of, well, me and a lot of my friends back in the day. I'd ride it out with your parents if it's cool by them and save up. I'd also start looking for a job that pays more, or is closer to home, or... start looking in places with a lower COL. 40K isn't hard to find and below what we pay recent grads.
Your story sounds similar to mine - I didn't have to pay for college either. Thank god no debt!
Buying seems to be better in the long run, but are you still subject to high cost of living and terrifying property taxes? Yeah, you wouldn't be bound by a landlord and their standards, but from my point of view, I don't see the difference. Is there anything you can tell me about the difference between buying an apartment/condo/co-op vs renting a room?
Also, it's really my petty salary that causes issues...I bet you make a lot more than me!
I agree that it's better in the long run. You're putting your money into something that will build equity and that you'll actually own. If you rent, all you're doing is paying off someone else's mortgage. And, personally, I feel with what it costs to rent on the island, you'd never be able to rent and save for your own home at the same time.
Right now I'm looking at purchasing a co-op or condo. Co-ops you own shares, whereas with a condo you own actualproperty and have a deed. Co-ops have more restrictions and you have to be approved by the Board once you have an accepted offer. Condos are the same as owning as home, except they're a lot more expensive than co-ops and there's fewer of them (at least in my neck of the woods.) Co-ops out number condos in SW Nassau, but they're more affordable for a single person on a lower salary. The downside is that you don't actual own the apartment and you still have to abide by certain rules depending on the complex you're in and the Board.
Yes, you have to deal with the taxes here if you want to live on LI. I know, I complain about it to when I'm looking at units, but it would be really hard for me to pick up and leave the area. I'm born and raised here as is my family. My career, job and friends are here. I have nothing and no one outside of NY...
I spoke to my parents about this last night and they feel I'm more than ready to move out. I'm not a big spender so it's not like I'll be living in filth, but I guess we all knew this was inevitable. They feel it would be good for my "personal development".
Staring looking around your industry for opportunities that pay more if they are available. Get a second job, part time to help cover the costs. When I was 23 I still had a side job while I was getting established. I paid for college myself so I kept the second job for a couple years and wiped out the total student loan debt completely before I was 25. There is nothing wrong with hustling a little.
Save as much as you can and buy a house when you are making enough and are able to afford it. Rents are way too expensive right now, not worth it at all.
Interest rates are crazy low right now, and will probably never be this low again in our lifetimes. Take advantage if you can.
I spoke to my parents about this last night and they feel I'm more than ready to move out. I'm not a big spender so it's not like I'll be living in filth, but I guess we all knew this was inevitable. They feel it would be good for my "personal development".
I still would strongly consider all sides of the equation here. Your parents may not fully understand the dilemma that young adults in this area are forced to face. Your "personal development" will come at a very large cost financially and in living conditions.
If you do decide to rent in the end, you might as well consider going in full-bore and try to find fellow young adults to live with in Manhattan, Queens or Brooklyn. As long as your spending the money on rent, at least there you'll be in a better social situation, and not by yourself in someone's Bethpage basement.
I still would strongly consider all sides of the equation here. Your parents may not fully understand the dilemma that young adults in this area are forced to face. Your "personal development" will come at a very large cost financially and in living conditions.
If you do decide to rent in the end, you might as well consider going in full-bore and try to find fellow young adults to live with in Manhattan, Queens or Brooklyn. As long as your spending the money on rent, at least there you'll be in a better social situation, and not by yourself in someone's Bethpage basement.
Yeah, I would suggest living in Queens, with a roommate. Maybe Astoria or Long Island City. It's a great commute into Manhattan--Midtown particularly. The only problem there is parking your car, but people do it and manage.
I wouldn't spend the time or money on commuting to NYC daily for the salary you are making.
Anyway....do you have any friends that you could split an apartment with? You could probably get by renting on your own, but you won't have much extra cash to do anything or add to any savings you may have.
I spoke to my parents about this last night and they feel I'm more than ready to move out. I'm not a big spender so it's not like I'll be living in filth, but I guess we all knew this was inevitable. They feel it would be good for my "personal development".
They're kicking you out.
I really would suggest looking elsewhere at your age as finding a 40K job isn't all that hard most anywhere in the country.
If you're dead set on staying by NYC check out Astoria and Greenpoint. We just had a kid go to a start up in NYC and he's staying in Greenpoint and really likes it.
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