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It’s no secret that Manhattan real estate prices are high. According to StreetEasy’s latest market report, the median resale value of all homes in Manhattan reached $986,314 in August while the median asking rent is forecast to reach $3,092 in 2015.
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If you’re not already convinced that Brooklyn is catching up with Manhattan rental prices, look no further than Dumbo. The warehouses and industrial outfits that once defined the now bustling neighborhood have given way to some of New York City’s most expensive rental properties. The fourth-most expensive, to be exact. The median asking rent in Dumbo is expected to reach $4,079 in 2015, roughly 31 percent higher than Manhattan’s median asking rent and behind only three other neighborhoods in the city: Central Park South ($5,898), Tribeca ($5,542), and Flatiron ($4,177).
That's pretty batty, no? I'm in the sort-of-protracted process of trying to move (back) to NYC—I spent a short time living in Hell's Kitchen some years ago, though I can't imagine affording that anymore—and it's discouraging to say the least. (Not that I want to live in most of Brooklyn, really; it's just a sign of the bigger trend, so far as I can see.)
My only solace is that my girlfriend is a Columbia grad student, and she will be a newly minted graduate (with no student debt) soon, so we'll have a dual income. But good lord, it's looking pretty grim as far as our chances of staying in NYC long-term. What do people think are the logical and probable consequences of this trend? I hear new stories of people leaving the city every day.
Buy or rent stabilization is pretty good for long term. Median rent values are also bloated, I can guarantee that you'll find cheaper than $4,079 in DUMBO. As college grads, I have doubts you won't be able to afford NYC, especially if you look into neighborhoods that aren't already 'done' so to speak.
Though it depends on what you want. I like small maintainable space and live pretty well in the Lower East Side with a sub $100k job. if I wanted more space, I'd move up to Washington Heights or maybe pay more to stay down here. Ironically, it'd be about the same commute time haha.
That's pretty batty, no? I'm in the sort-of-protracted process of trying to move (back) to NYC—I spent a short time living in Hell's Kitchen some years ago, though I can't imagine affording that anymore—and it's discouraging to say the least. (Not that I want to live in most of Brooklyn, really; it's just a sign of the bigger trend, so far as I can see.)
My only solace is that my girlfriend is a Columbia grad student, and she will be a newly minted graduate (with no student debt) soon, so we'll have a dual income. But good lord, it's looking pretty grim as far as our chances of staying in NYC long-term. What do people think are the logical and probable consequences of this trend? I hear new stories of people leaving the city every day.
Disproportionately the people leaving the city are idiots who insist on living in the most expensive neighborhoods.
Hells Kitchen/Midtown West, Dumbo, Tribeca?
There's South Brooklyn, there's Queens away from Western Queens, there's Staten Island (Gasp?), upper Manhattan, and the Bronx. There's also moving across the river to Jersey. I have no sympathy for people who wine about not being able to instantly get a fabulous place in NYC's most expensive neighborhoods.
Disproportionately the people leaving the city are idiots who insist on living in the most expensive neighborhoods.
Hells Kitchen/Midtown West, Dumbo, Tribeca?
There's South Brooklyn, there's Queens away from Western Queens, there's Staten Island (Gasp?), upper Manhattan, and the Bronx. There's also moving across the river to Jersey. I have no sympathy for people who wine about not being able to instantly get a fabulous place in NYC's most expensive neighborhoods.
Isn't the bronx really dangerous though? I personally am planning a move to the city and would prefer not to get mugged walking out the door.
Isn't the bronx really dangerous though? I personally am planning a move to the city and would prefer not to get mugged walking out the door.
Parts may be, but parts of Brooklyn are even more dangerous. Look up the crime rate of Brownsville, Brooklyn, then compare to the nice neighborhood of Riverdale, Bronx. Or look up East New York, Brooklyn and compare to Woodlawn, Bronx. Etc.
The media seems very good at painting all of Brooklyn with the "hip, gentrified" brush and all of the Bronx with the "scary, dangerous" brush.
All you need to do is browse the forums for threads asking for advice about where to live in the Bronx. Seems there are plenty of decent neighborhoods there.
there's south brooklyn, there's queens away from western queens, there's staten island (gasp?), upper manhattan, and the bronx. There's also moving across the river to jersey. I have no sympathy for people who wine about not being able to instantly get a fabulous place in nyc's most expensive neighborhoods.
That's pretty batty, no? I'm in the sort-of-protracted process of trying to move (back) to NYC—I spent a short time living in Hell's Kitchen some years ago, though I can't imagine affording that anymore—and it's discouraging to say the least. (Not that I want to live in most of Brooklyn, really; it's just a sign of the bigger trend, so far as I can see.)
My only solace is that my girlfriend is a Columbia grad student, and she will be a newly minted graduate (with no student debt) soon, so we'll have a dual income. But good lord, it's looking pretty grim as far as our chances of staying in NYC long-term. What do people think are the logical and probable consequences of this trend? I hear new stories of people leaving the city every day.
Given that the rent in at least two of the places = more than my gross income every month, you wouldn't find me there any time soon either.
We own a coop in Southern Brooklyn. Mortgage and maintenance is less than rent would be and even though I hate living in a one bedroom apartment (recently renovated the kitchen; renovated the bathroom last year), we still own a car, recently went to Europe and all that other garbage so a decent life can be had in NYC. (And just for reference, last year was the first year my husband and I had a combined income of 100K.) So our life isn't so bad considering neither of us make anywhere near a six figure income.
We DO talk about moving though, because I'd like an actual house and warmer weather.
Quote:
Originally Posted by BornintheSprings
Isn't the bronx really dangerous though? I personally am planning a move to the city and would prefer not to get mugged walking out the door.
Just to let you know rents everywhere are going up. In Atlanta and Scottsdale,AZ 1bed is 1200-1500 now. Plus you will be blasting your AC in the summer.
Just to let you know rents everywhere are going up. In Atlanta and Scottsdale,AZ 1bed is 1200-1500 now. Plus you will be blasting your AC in the summer.
^^Excellent point^^
Rising rents is a national trend, not just a NY thing. If you don't travel much you would think its only NY but its not.
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No. Just no.
