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Does NYC only attract the kind of people who will spend their income like they are on a permanent vacation?
It seems like even if you own something there the maintenance fees are so high you are effectively renting. That or the place is in a less than desirable area and it is still very expensive.
My mother always told me, "Daughter, you must own your roof, never forget that."
You do like we did. Work hard, save your 20% down-payment, and buy a house, and NEVER refinance it, unless it is for a lower monthly rate, because once one begins to refinance a house to pay other debts, one is on the road to foreclosure. It becomes ADDICTIVE.
Are you talking about a particular area or the entire city? The majority of the city is working class nieghborhoods full of people who can afford where they live, with many, many homeowners. During the housing bust, our foreclosure rate stayed much lower than other parts of the country through the whole period.
Does NYC only attract the kind of people who will spend their income like they are on a permanent vacation?
It seems like even if you own something there the maintenance fees are so high you are effectively renting. That or the place is in a less than desirable area and it is still very expensive.
No, NYC attracts the kind of people who want to try their luck at being successful in a big pond.
Maintenance fees vary, of course, but although we complain I suspect that sometimes they're not much higher than a home would be with property taxes, roof repair, etc.
How much income are you talking about in the first place? There are many places in the boroughs that are affordable to middle income families, including COL.
How much income are you talking about in the first place? There are many places in the boroughs that are affordable to middle income families, including COL.
The outside view of NYC is so skewed because no one talks about these areas. I make just under 100 and own a home in a great area with two kids and a stay at home wife. We're fine and I still save a decent amount for retirement. I even have 3 cars, two brand new. One just needs to know where to look, and how to properly handle finances.
The outside view of NYC is so skewed because no one talks about these areas. I make just under 100 and own a home in a great area with two kids and a stay at home wife. We're fine and I still save a decent amount for retirement. I even have 3 cars, two brand new. One just needs to know where to look, and how to properly handle finances.
Tell them. I make half what you make and I own and my wife doesnt work either. Family of 4. And we still eat good. My car is paid off and we're having steaks for Sunday dinner tomorrow. Albeit we live in a high crime area me and my wife both grew up out here so we know the criminals. lol
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
All about living below means, eliminating/staying out of debt, and managing money correctly.
Will be difficult to enjoy life anywhere when all you are doing is working to pay bills & debt.
Last edited by usamathman; 01-05-2013 at 08:56 PM..
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