Winning Housing Lottery vs. Renting or Buying a Home Outside NYC (real estate, apartments)
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I am wondering if you would rather stay in the city and go through obtaining a lottery apartment with awesome amenities vs. hypothetically being able to wait a few more months to rent a house for the same rent price of the apartment with a larger space and backyard? Assuming you work in in the city as well but commuting outside the city wouldn't be a concern, if you had the choice, what would you do?
Until I get over my fear of driving it would be hard to live somewere out of the city where it is car culture. if only that was an affordable possibility in NYC
I think it depends a lot on where you want to live. I live in a lotto building that I love, great apartment and building in a great location, and I'm in no rush to leave. My current thoughts are that I won't leave my building unless I either can't get a 2br in the future here (I'd stay until I could win a 2br elsewhere) or I leave the city all together where I'd probably buy. Right now and for the near future though, I'm very happy in the city and happy renting.
Until I get over my fear of driving it would be hard to live somewere out of the city where it is car culture. if only that was an affordable possibility in NYC
That is very true, anywhere outside the city a car is a must.
I think it depends a lot on where you want to live. I live in a lotto building that I love, great apartment and building in a great location, and I'm in no rush to leave. My current thoughts are that I won't leave my building unless I either can't get a 2br in the future here (I'd stay until I could win a 2br elsewhere) or I leave the city all together where I'd probably buy. Right now and for the near future though, I'm very happy in the city and happy renting.
Yes very true, location is everything. I am looking at upstate or out of state. I can't get over the amenities and convenience lotto apartments provide but most luxury apartments are on the smaller side and having ample space is pretty important for me so I am in a dilemma. An outdoors area is also a great benefit.
I am wondering if you would rather stay in the city and go through obtaining a lottery apartment with awesome amenities vs. hypothetically being able to wait a few more months to rent a house for the same rent price of the apartment with a larger space and backyard? Assuming you work in in the city as well but commuting outside the city wouldn't be a concern, if you had the choice, what would you do?
It's always much better to own. Getting out of the city would provide you with your own backyard to grow vegetables, own chickens and an investment opportunity.
Unless one is saving and investing renting long term is nearly always a losing proposition. At end of it you've paid hundreds of thousands toward someone else's mortgage (the LL) with very little to show.
Majority of NYC households are renters; good number of those are in regulated or public housing, have vouchers, etc...
Over thirty percent of rent regulated tenants are "rent burdened". Number increases slightly when you add market rate housing. But since the latter sooner or later will be evicted if they cannot pay rent (or just not offered renewal of lease) that situation sorts it self out sooner or later.
Primary means for retirement savings in USA has been and still remains owning one's own home or other real estate. Those who are life long renters and have not otherwise planned for old age/retirement often face dire choices as seniors.
I don’t ever want to live in a house as my primary residence. I would like to own some investment properties but i love luxury apartments/condos over a house with a yard.
I don’t ever want to live in a house as my primary residence. I would like to own some investment properties but i love luxury apartments/condos over a house with a yard.
Type of housing isn't important as owning period. Renting is what it is and carries associated pitfalls. Even owners of co-op shares or a condo have an asset that (presumably) will appreciate in value. They also have more control over their housing costs than renters.
Some of biggest battles in co-op or condo buildings are between those who want to spend money versus those that do not.
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