Now priced out of city... (appointed, renters, coops)
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Wife and I going to spend a weekend each in some of the areas you mentioned, as well as West Chester, Connecticut and Jersey City. Pick a place that we could see ourselves settling down in a couple years, and rent there first to check it out.
I'm curious to see what else is out there - with a reasonable commute to midtown/downtown.
I am also a bit curious to know who rents my current unit for $4K.
Check this place out in Forest Hills. I have a friend looking to buy a 2 bd. It's 1 block from the express subway station. I would say due to the lack of condos in Forest Hills the apartments might go pretty fast.
Landlord wants to raise rent from $3,500 to $3,950. 560 sqft 1 bedroom.
Just curious about your LL. Is the LL an individual private owner or a small group of owners with one or several buildings (possibly through an LLC or an "S" corporation) or a real estate investment trust or a pension fund (foreign or domestic) or a bank (investment or commercial)? Maybe a real estate management company fronts for the real owners so you wouldn't know who they are?
My advice: buy a detached house in Jersey. Most counties in NJ have "conforming" loan limits of $625,500 through Fannie Mae or Freddie Mac. All you would need is 3% down and remember that your mortgage interest and property taxes are deductible. Why enrich your LL?
Just curious about your LL. Is the LL an individual private owner or a small group of owners with one or several buildings (possibly through an LLC or an "S" corporation) or a real estate investment trust or a pension fund (foreign or domestic) or a bank (investment or commercial)? Maybe a real estate management company fronts for the real owners so you wouldn't know who they are?
My advice: buy a detached house in Jersey. Most counties in NJ have "conforming" loan limits of $625,500 through Fannie Mae or Freddie Mac. All you would need is 3% down and remember that your mortgage interest and property taxes are deductible. Why enrich your LL?
LL is a single person who owns the unit. I thought this would protect me against unnecessary rent raises like the big box buildings.
Upon reflection, I think I am surprised that I too can't afford to settle down here. That's why I wrote the original post. I know I am very blessed in life, and I do well. I thought that meant I would be able to settle down here, or leave on my terms at least. That I can't, leaves my head scratching for who those are that can afford Manhattan (as my post is poorly written, it was targeted towards Manhattan vs. the boroughs). Older folks (I'm in 30s), dual-income households (we are effectively a single-income household), parental support, wealthy foreigners... I think that's who the 'winners' are.
Check this place out in Forest Hills. I have a friend looking to buy a 2 bd. It's 1 block from the express subway station. I would say due to the lack of condos in Forest Hills the apartments might go pretty fast.
Thanks, I did look at it. I think I'm 1-2 years away from buying. I'm firmly committed to buying somewhere, but need at least another year of stability before pulling the trigger.
Upon reflection, I think I am surprised that I too can't afford to settle down here. That's why I wrote the original post. I know I am very blessed in life, and I do well. I thought that meant I would be able to settle down here, or leave on my terms at least. That I can't, leaves my head scratching for who those are that can afford Manhattan (as my post is poorly written, it was targeted towards Manhattan vs. the boroughs). Older folks (I'm in 30s), dual-income households (we are effectively a single-income household), parental support, wealthy foreigners... I think that's who the 'winners' are.
if you can afford $3,500 in rent, but can't afford to buy, you're doing something wrong.
Metro North is 10x better than taking the subway; it costs a lot more but I think it's worth it.
Unless you have to make the downtown subway connection at Grand Central.
Quote:
Originally Posted by FrozenCucumber
Landlord wants to raise rent from $3,500 to $3,950. 560 sqft 1 bedroom. Not expecting sympathy here as we can afford this rent. But for first time in 10 years, we are going to actively look at moving into an outer borough or out of NY. $50K of after-tax dollars to live in a box where landlords don't update appliances, while your own tax rates keep going up.... we are getting ready to leave New York to the super-wealthy.
I may have missed this - Which part of Manhattan are you paying $4K for a 560sqft and what kind of building is this? Even by today's standards, it sounds like a rip off that NYCers would normally not pay. Look at Astoria. You can get a 1BR for much less than that and have a breeze of a commute to both midtown east or west, or downtown via connection at Union Square.
Last edited by Forest_Hills_Daddy; 01-19-2015 at 07:01 PM..
Upon reflection, I think I am surprised that I too can't afford to settle down here. That's why I wrote the original post. I know I am very blessed in life, and I do well. I thought that meant I would be able to settle down here, or leave on my terms at least. That I can't, leaves my head scratching for who those are that can afford Manhattan (as my post is poorly written, it was targeted towards Manhattan vs. the boroughs). Older folks (I'm in 30s), dual-income households (we are effectively a single-income household), parental support, wealthy foreigners... I think that's who the 'winners' are.
To be honest, you have been living your life irresponsibly and should think about the decision you have made throughout the time you have been in NY. You should seek professional help (financial planner/advisor) if you find yourself struggling.
My biggest surprise is you don't have friends and family who should have gave you better guidance in terms of saving and investing your money. Renting for 10 years is paying off someone else mortgage, while you end up having nothing to show for the money you spent (it is crazy).
To be honest, you have been living your life irresponsibly and should think about the decision you have made throughout the time you have been in NY. You should seek professional help (financial planner/advisor) if you find yourself struggling.
Wow. Unnecessarily harsh and judgemental.
And frankly, inaccurate.
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