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I currently rent out on a studio apartment , [300sq ft] for 2400/month in East Village. [ rent + broker's fee, when i first got it ].
I dont want to continue for the next year considering the expenses, though it is a lot convenient. Also I think I now need more space and also could do some commute for work.
I make 140k/year and work in midtown. My motivations as of right now to move is space, a big kitchen and possibly start out a family soon. I want to remain in the Queens area , preferably Astoria or Forest Hills. However dont have any clear idea of where exactly for detached houses or townhouses within my affordability range. [<400k]. Any suggestions?
Quite honestly, the NJ detached, lawn, greenery kind of houses attract me. But I dont want to go to NJ. Want to stay in NY as much as possible, within 45-55 mins commute.
Buying a home for a family you don't have yet is a tall order. 400k and under isn't going to get you a detached house or a townhouse, it's way too low of a budget for those neighborhoods unless you want to live right next to LGA. You'll need a lot more money, or you'll have to sacrifice the lawn/greenery for an apartment near a park. If it were me I'd downsize my apartment and invest the difference until Mr. or Mrs. Right came along (whatever the case may be), then decide where to buy based on budget when it comes time to have babies. If you buy now you might not be able to afford what you want and have to settle. Not to mention once you have a spouse your budget will increase due to the second income so you may as well wait so you can get something better.
I thought I wanted to buy in NYC but changed my mind once it was time to commence procreation. The lack of greenspace had a lot to do with the decision.
Rethink Jersey City or Bayonne and you can get what you want, detached and green, and still have a 50 minute commute to midtown.
Buy a 2 family (very common in both cities) and have a tenant pay most of your mortgage.
50 minutes from midtown in New York City will only get you a family sized APARTMENT for $400K
400k isn't gonna cut it for a detached house in Astoria or Forest Hills. I think those go closer to the 1 mil mark.
400k might get you a 2br coop apt in those neighborhoods.
I second the advice above. Re-think NJ, and in the meantime move to a cheaper neighborhood.
Paying 2,400 for a 300sqf shoebox is propesterous in my book.
In Astoria or LIC you can get a decent sized 1 br, for maybe $1,700, and more than double your living space.
Your commuting time will probably the same as from the EV.
I currently rent out on a studio apartment , [300sq ft] for 2400/month in East Village. [ rent + broker's fee, when i first got it ].
I dont want to continue for the next year considering the expenses, though it is a lot convenient. Also I think I now need more space and also could do some commute for work.
I make 140k/year and work in midtown. My motivations as of right now to move is space, a big kitchen and possibly start out a family soon. I want to remain in the Queens area , preferably Astoria or Forest Hills. However dont have any clear idea of where exactly for detached houses or townhouses within my affordability range. [<400k]. Any suggestions?
Quite honestly, the NJ detached, lawn, greenery kind of houses attract me. But I dont want to go to NJ. Want to stay in NY as much as possible, within 45-55 mins commute.
400K is too low of budget for a house. 400k is a weak budget even for 1bedroom. Sad/crazy as it is, 400k will not get you a starter place in our area.
Spend some time browsing NY real estate section online, streeteasy, NJMLS, and mlsli. It will give you a better idea on what's out there.
Even the areas your mind is probably depicting as cheap is not cheap at all out in the burbs like NJ, Long Island, etc.
Edit: People keep mentioning NJ like it's that cheap. It's not that much cheaper, especially if it's right by city on mass transit like Path. Towns like Hoboken, JC aren't that cheap...it's slightly cheaper but that's about it. For example, you will not find a house for 400k. That's why I mentioned check NJMLS.
If OP works in NYC though, they will have to file the NYS Non-Resident form and pay NY state taxes. However, what they pay to NY is then deductible from NJ state taxes.
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