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Don't answer this question because I'm really just thinking out loud but wondering did your parents or wife's parents give you the down payment for the place you bought? Family support goes a long way to help people out when they're living in a high cost of living city like NYC. I haven't been able to read all the posts so not sure if you're the one who makes six figures. But for a person making less than six figures, it's basically impossible for them to own their own place in NYC unless they inherit the family home after grandma dies. I know people who own here or have nice, large apartments in Manhattan and that is how they got it - inherited after family members died. Compared to homeowners or townhouse owners in other cities whom the majority bought theirs outright.
Well do you want to know the answer or not?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Klassyhk- I bought my condo in 2006 (Queens) when I was only making $60/65K. I only had 3% saved for a downpayment and my parents didnt give me a dime for it. There are people who buy homes with less than 100K salaries in NYC but by and large, most of them have 20% saved up for a downpayment, or they target lower priced properties like co-ops and condos in the outer boroughs. One of our good friends, a couple where the husband makes less than $90K and wife stays at home w 2 kids- bought a 4 bedroom home in Staten Island for $205K only 2 years ago..,and they are doing just fine (they only put down 10% for a downpayment and the husband was making only $65K at the time).
LegalDiva,
If I'm not mistaken, you purchased your condo (Btw, CONGRATULATIONS!!!) during the housing bubble? I remember there were seminars all over the city and flyers for wanna-be homebuyers. The cost of housing was very, very, very inflated with all types of rip-off loans. Average homes prices in Brooklyn and Bronx had been around $195K before the bubble jumped to $350 - 450k. Queens homes were even higher.
The one-salary couple with the SAHM are probably people who budget their money very well, don't blow it on crap, don't allow themselves to get caught up in credit card debt. The wife is probably not always shopping and blowing money on clothes or unnecessary things for the house. I bet they have a very nice house. The price of $205k is not bad at all. Especially considering the quality of life seems better in S.I as far as not being as crowded/congested, more natural space, larger homes and apartments, more of a community feel, and the parking is easier whether for a business or residence.
As some posters said S.I is far out but I was surprised recently to hear on the radio or maybe I read it in a newspaper that 78% of S.I residents also work in Staten Island. If that's the case for most residents, then S.I being "far out" is a non-issue for them. I really like S.I. Some friends and I go hiking in one of the nature areas (newly opened state park or something like that) that meanders up a cliff and ends down on the beach, at least once every spring. We see all types of flora and fauna; even saw an eagle in 2012.
If I'm not mistaken, you purchased your condo (Btw, CONGRATULATIONS!!!) during the housing bubble? I remember there were seminars all over the city and flyers for wanna-be homebuyers. The cost of housing was very, very, very inflated with all types of rip-off loans. Average homes prices in Brooklyn and Bronx had been around $195K before the bubble jumped to $350 - 450k. Queens homes were even higher.
The one-salary couple with the SAHM are probably people who budget their money very well, don't blow it on crap, don't allow themselves to get caught up in credit card debt. The wife is probably not always shopping and blowing money on clothes or unnecessary things for the house. I bet they have a very nice house. The price of $205k is not bad at all. Especially considering the quality of life seems better in S.I as far as not being as crowded/congested, more natural space, larger homes and apartments, more of a community feel, and the parking is easier whether for a business or residence.
As some posters said S.I is far out but I was surprised recently to hear on the radio or maybe I read it in a newspaper that 78% of S.I residents also work in Staten Island. If that's the case for most residents, then S.I being "far out" is a non-issue for them. I really like S.I. Some friends and I go hiking in one of the nature areas (newly opened state park or something like that) that meanders up a cliff and ends down on the beach, at least once every spring. We see all types of flora and fauna; even saw an eagle in 2012.
si is nice, but i dont see a point to move there really, unless u work for the city and have to have city residency
u might as well move to nj, which has plenty of rail transit to nyc unlike si and have better access to the rest of the region and not be stuck on an island with tolls and wat not
if u love the mass transit and hate to drive then surely nyc is for u
i like to drive
I'd rather have the safety of having my own car to get away in if I get confronted by an attacker than have to run or depend on people calling the police - which even though I'm a woman I have to live my life assuming that most strangers will NOT intervene or call the police for me. Besides, my car was paid for 15 years ago. For a single woman, your car means safety and ability to get away faster.
Big cities where you can't park anywhere are fine for people who like carrying huge cans of pepper spray in their purse, who like confrontations and having to either try to outrun or beat off attackers. Having to walk everywhere carrying large amounts of things - would just make me more vulnerable to attack and cities like New York City, Boston proper, Philly proper, and San Francisco proper aren't worth that.
i hear ya, but unless someth important is holding u here, its doable
No it is not especially if you are in your 30s.
It is costly to just press the reset button especially since we are still in a recession, but contrary to your statement, over the years NY has experience mass migration of native NYers so um we are leaving...
Rule of thumb nowadays is, you don't leave your job until you have one signed up aka you singed the papers, done your interviews, talked to HR about your 401k and benefits the whole enchilada.
The issue is most jobs being created across the country are not career worthy jobs and many states have well no job growth. The career worthy jobs are located in cities naturally, but almost every city is experiencing contraction not growth of skill based labor. Across the country, industries have found a new lower equilibrium meaning employers need LESS people in the workforce than they did in 2006. The hurdles many encounter is networking in another city and quite frankly don't want to deal with the political BS that comes along with it.
It is a classic case of people who are comfortable with their surroundings and making the best out of what they have. Coupled with the fact that media keeps publishing articles that it takes an average person 6 months to find a new job makes that decision more unlikely. Its called responsibilities and its not the American way to burden your family, spouse, or kids without a paycheck for 6 months. Many can't live without a paycheck for even a month and so people continue to struggle while seeking greener pastures in the environment they do know.
I, myself, sometimes wonder why I decided to move here. I believe it was because of the endless job opportunities and what I thought would be much higher wages. The week after I graduated with my B.S. in Marketing (in Dec 2011), I moved here in hopes of pursuing an Account Management role at a large ad agency- take your pic: GREY, Draftfcb, Young & Rubicam, JWT, Ogilvy, Arnold Worldwide, Saatchi & Saatchi, Wieden and Kennedy, and plenty more. My hometown is Richmond, VA and I really wanted to escape to NYC to really launch my career. Three months of moving here, I did finally land an entry-level AM role with one of the aforementioned places I listed.
2.5 years later, I truly believe NYC has given me the opportunity to work on several large, well-known accounts and fulfill my dreams. However, the cost of living is incredibly high with my ~$50k salary as a mid-level Account Exec. I am currently saving for a down payment on a house and plan to move back to RVA where I can start the next chapter of my life and settle down.
I think the point I'm trying to make is that even though people make below 6 figure salaries, they are still anxious to move here to further their career. If they work in the fashion industry for example, what options does one have when living in more rural areas without that many networks, connections in place? What about someone pursuing theatre? Sometimes, the jobs are just simply not available (or as abundant in some areas vs. others). Not to mention, living in the outer boroughs can help keep costs down. I lived in Brooklyn (Crown Heights) my first year here and was paying just $500/month in rent + utilities with a $40k salary. I now live in Harlem (west side) and pay $665/month in rent. So, as long as you can be smart with your living expenses, add several roommates to help share costs, and work on pursuing your dream, NYC can really be a great place to flourish (regardless of your salary).
Great thread though and I'm enjoying reading others posts/replies!
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Was that during the housing bubble?
