How many of you will always rent and never buy in NYC? (fit in, apartment) - New York City - New York - City-Data Forum

R.J. Kencade · 02-05-2013, 05:14 PM

Just curious to know if those that rent, ever plan on buying in NYC or are your perfectly fine renting, even though you can afford to buy.

mathjak107 · 02-05-2013, 05:17 PM

i may be in the minority but i am much happier renting now that we got rid of the headaches of ownership.

Johnny Danes · 02-05-2013, 05:37 PM

Quote:

Originally Posted by mathjak107

i may be in the minority but i am much happier renting now that we got rid of the headaches of ownership.

MJ,

I've read many of your posts and they are always very sound in thought. To hear you say this says a lot.

mathjak107 · 02-05-2013, 05:45 PM

Thanks but it really is a personal choice. Financially you can do as well in either case.

I am not handy at all, i hate devoting time to chores and i hated the hand from the house coming out everytime i got paid with another thing that need repair or maintainance.

Johnny Danes · 02-05-2013, 07:14 PM

Quote:

Originally Posted by mathjak107

Thanks but it really is a personal choice. Financially you can do as well in either case.

I am not handy at all, i hate devoting time to chores and i hated the hand from the house coming out everytime i got paid with another thing that need repair or maintainance.

That's my reason for not wanting to buy anywhere, let alone NYC. I'm a single guy and do not plan of having children. I just don't see the need for owning at this point. I'm 38 and would much rather enjoy my hobbies and travel as opposed to spending money on house repairs.

I think it is possible to find a nice apartment to rent and stay long term.

SeventhFloor · 02-05-2013, 07:29 PM

For me personally it's cheaper to own. I live in a co-op so I still get the joy of not having my weekends robbed by DIY repairs.

erjunkee · 02-05-2013, 07:41 PM

Quote:

Originally Posted by mathjak107

i may be in the minority but i am much happier renting now that we got rid of the headaches of ownership.

I'm in agreement with this. I love NYC very much, and as a native this place is ingrained within me. But, there are too many pitfalls involved in purchasing property in NYC that isn't exactly true for properties purchased in other surrounding states.

Ideally, it's better to purchase b/c I can only dump so much money into the skyhigh rental fees one pays to live in NYC b/f I begin to question, "Why am I not just paying all of this money towards a mortgage intead of renting?"

But there's a giant, invisible "Buyer Beware" sign hoving over this City.

Right now, no thanks.

njnyckid · 02-05-2013, 07:46 PM

As of now I'm still living in Jersey, but I am making plans to permanently move to BK within the next year, hopefully, and as I envision my future in NYC, I'm not sure if owning a home would ever be an interest of mine. I've seen the struggle my parents had in owning a home and now I've living the rent life with my mom. Honestly, from my observations, there is a much greater benefit in just renting rather than owning for the reasons mentioned above. It's not only that though; just the big picture of NYC, in general,if home prices stay the same rate or, god forbid, keep rising, I'm not sure if I'll see much of my generation owning any piece of NYC. Just my two cents!

Airborneguy · 02-05-2013, 10:23 PM

"I never want to deal with a landlord again," that's what I decided in 2009 when I bought my home. For me, it was definitely the right decision.

livingsinglenyc · 02-05-2013, 11:25 PM

I use to always want to rent as I love moving and living in different neighborhoods. However with how much rents are now in the city iwish i would have bought a place in the late 90's. AH if one would've only known what the future was. I like renting though and cant see myself buying.