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I have been feeling the same way. I have been here my whole life. There's got to be more to life than this. I just don't know where to go. There's nothing holding me back here.
Why don't you start going on to vacation to other places?
It's probably not a good idea to move to a place you've never been to.
I think some of you need to travel more and overall enjoy your life more. Once you're in a better place you can make a more informed decision as to whether you want to stay or go.
Why don't you start going on to vacation to other places?
It's probably not a good idea to move to a place you've never been to.
I think some of you need to travel more and overall enjoy your life more. Once you're in a better place you can make a more informed decision as to whether you want to stay or go.
If you do leave because your partner doesn't like the neighborhood you live in, you basically will never get that kind of rent again. And if you break up with your partner, you've SCREWED yourself.
It might be different if your partner has a house somewhere and you're legally married. But to move leave NYC just because your partner doesn't like your neighborhood is too flaky a reason to leave.
I don't know if you even have the educational background or relevant work history to easily leave NYC without there being consequences.
All this isn't to say don't leave NYC. With or without the partner, you may very well LOVE it. Just make sure you set up a good deal that makes SENSE. In fact if you have a good deal that makes sense you won't be asking us about it on the forum, you'll be posting a POST that says BYE *******!
Thanks for your feedback.
No, my apartment is not rent stabilized.
Our rent could certainly go up lots in the next few years. My landlord tried to raise it $200 this past year, saying rents in the neighborhood are going up and that would make it market rent. We bargained him down to raise it "only" $100 this year.
My partner and I are legally married, by the way.
I do have lots of education and work history that it's not SO hard for me to find a job. And there tend to be jobs in my field. I have more experience than most in my field, so when I send out resumes, I tend to get interviews, thankfully.
Crime in NYC is so much lower than in just about any other major US city (and even many international cities like London).
It's not the 80s or 90s anymore.
This is so true.
To be honest, I feel safer in NYC, walking at night, etc., and especially in my immigrant neighborhood in Brooklyn, than almost anywhere I go in the U.S. (including more suburban environments/towns)
But it's not so easy to come back after leaving NYC.
For example, I have a cheap apartment now in NYC. Will I find one should I choose to move back? Doubtful.
This is true. I left NYC for several years. My great apt was long gone. And transitioning back wasn't as easy.
Although the first day I arrived back I felt at home again and was happy to be back.
All I can add is that staying the course will open up some opportunities in regards to housing.
The law of large numbers, reversion to the mean, etc. all tell us that rental/home prices can't fly this high forever. I'm not implying that prices will revert to Midwest levels but there will be significant cooling the market. The market has been on an upswing for almost 20 years and everything that goes up must eventually come back down.
I think that this will come in the form of public pressure for more housing via rezoning and government subsidies. The crescendo is building just like it did for a higher minimum wage. Who thought ,even 5 years ago, that so many states would adopt a $15 minimum wage? Housing is purely supply and demand. It's an easy problem to solve despite what many claim ( due to biased self interest).
All I can add is that staying the course will open up some opportunities in regards to housing.
The law of large numbers, reversion to the mean, etc. all tell us that rental/home prices can't fly this high forever. I'm not implying that prices will revert to Midwest levels but there will be significant cooling the market. The market has been on an upswing for almost 20 years and everything that goes up must eventually come back down.
.
You know what?
With NYC I don't think so.
With a brief exception in the early 90's during the recession where NYC real estate prices came down somewhat, they always continue to go up.
They are far higher now, for example, than in the early 90's, maybe even quadruple the prices.
I really do except that NYC real estate prices will continue to go up.
You know what?
With NYC I don't think so.
With a brief exception in the early 90's during the recession where NYC real estate prices came down somewhat, they always continue to go up.
They are far higher now, for example, than in the early 90's, maybe even quadruple the prices.
I really do except that NYC real estate prices will continue to go up.
Unfortunately or fortunately nothing can go up forever. That's jus a fact.
Housing prices tend to track inflation. Even through the early 2000's, NYC home prices were a lot more reasonable than post 2003.
As an example, I take my parents own house (not in a "hot" neighborhood) in an outer borough far from any subway station. The house was built in the mid 60's and bought for 40K. Inflation adjusted for 1998 (the year my parents bought it) it should have cost ~210K.
My parents bought it in 1998 for ~250k. So the house appreciated .51% over inflation per year over those 34 years. Not out of the ordinary. In fact, 2.5% is probably in line with jumbo CD's or larger savings accounts rates over those 34 years (2% inflation +.51% premium) and far below AAA corporate bonds.
Inflation adjusted, the price should now be ~367K. However, similar homes in the area are now selling for $700k. That's a 90% premium over inflation in 18 years. This can't go on forever. This is housing, not securities. There's virtually no risk, so why is the market rewarding participants with close to 6% annual returns (the market risk premium for stocks has historically been around 7%).I'd imagine the returns in hotter neighborhoods might be double or triple over the same 18 years.
Housing has a much lower risk profile than public common stock and a similar return in NYC, so why even invest in the securities market? All participants should just shovel their money into NYC real estate if the trend is sustainable. Less risk, same reward.
I'm not claiming prices in Midtown or Tribeca will collapse and there'll be 1BD's for $1500.
What I'm claiming is that something has to give because the trend is unsustainable. Housing is not in the least bit risky and that's why returns have historically tracked inflation across the nation.
Housing isn't rocket science. The market in NYC is just ****ed up. Developers and the government are in cahoots to keep supply low via zoning and a lack of pressure for non-luxury supply. Current homeowners also benefit from the price appreciation. There will come a point where this will give way to the fact that housing is a commodity and not a luxury.
Same thing happened with the too low minimum wage. The trend wasn't sustainable and now we see a huge shift in that area.
Last edited by wawaweewa; 06-05-2016 at 12:44 AM..
Why don't you start going on to vacation to other places?
It's probably not a good idea to move to a place you've never been to.
I think some of you need to travel more and overall enjoy your life more. Once you're in a better place you can make a more informed decision as to whether you want to stay or go.
You are absolutely right. Thanks for pointing that out to me and making the obvious more clear.
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