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Because of the massive unemployment. Everyone assumes all the jobs will come back, but when is that going to happen? When is the vaccine, 6 months from now? 12? never? Meanwhile unemployment and loan programs will run out and businesses will close that won't be able to re-hire the workers. Home owners are going to start missing mortgage payments and get behind, it's inevitable. So many people overstretched on their mortgage, it was tight to begin with and now it'll be impossible.
Massive unemployment, businesses failing, people looking to move out of NYC to suburban locations.
I don't see a V-Shaped recovery. The Fed seems to be pessimistic as well.
The Federal Reserve offered a grim outlook for the economy in 2020.
In their first economic projections this year, Fed officials indicated that they expected the unemployment rate to end 2020 at 9.3 percent and remain elevated for years, coming in at 5.5 percent in 2022, The New York Times’s Jeanna Smialek reports. Output is expected to be 6.5 percent lower at the end of this year than it was in the final quarter of 2019.
“Nearly 20 million jobs have been lost on net since February,” the Fed chair, Jerome H. Powell, said at a news conference following the release of the forecast, and noted that the figure probably understates the extent of unemployment. “The downturn has not fallen equally on all Americans.”
Because of the massive unemployment. Everyone assumes all the jobs will come back, but when is that going to happen? When is the vaccine, 6 months from now? 12? never? Meanwhile unemployment and loan programs will run out and businesses will close that won't be able to re-hire the workers. Home owners are going to start missing mortgage payments and get behind, it's inevitable. So many people overstretched on their mortgage, it was tight to begin with and now it'll be impossible.
we're not having the huge Trump economic bounce back?
Ok what I'm trying to figure out is if that decline will that be across the board between big cities, small cities, towns
The poverty rate in Kingston is 18.0%. One out of every 5.6 residents of Kingston lives in poverty.
How many people in Kingston, New York live in poverty?
4,139 of 23,054 Kingston residents reported income levels below the poverty line in the last year.
How does the poverty rate in Kingston compare to the rest of New York?
The Poverty Rate across the state of New York is 15.1%, meaning Kingston has a moderately higher than average percentage of residents below the poverty line when compared to the rest of New York.
What's the Poverty Rate in Kingston, New York By Race?
35.2% of Black residents of Kingston, New York live below the poverty line.
The Poverty Rate of black residents in Kingston, New York is dramatically higher than the national average of 25.2%. 1,330 of 3,777 black New Yorkers live below the poverty line. Approximately 16.1% of the total population of Kingston, New York are black.
12.5% of White residents of Kingston, New York live below the poverty line.
The Poverty Rate of white residents in Kingston, New York is the same as than the national average. 1,792 of 14,316 white New Yorkers live below the poverty line. Approximately 61.1% of the total population of Kingston, New York are white.
24.7% of Hispanic residents of Kingston, New York live below the poverty line.
The Poverty Rate of hispanic residents in Kingston, New York is the same as than the national average. 812 of 3,290 hispanic New Yorkers live below the poverty line. Approximately 14.0% of the total population of Kingston, New York are hispanic.
Property taxes in New York State as well as in New Jersey are through the roof. If I bought a home and wanted to remain near the city, I'd choose Pennsylvania. Plus Pennsylvania has more liberties in terms of it leaning more red.
Property taxes in New York State as well as in New Jersey are through the roof. If I bought a home and wanted to remain near the city, I'd choose Pennsylvania. Plus Pennsylvania has more liberties in terms of it leaning more red.
As someone who moved from NYC to the Poconos area of PA, if you need to commute for work back to the city... it’s quite the burden in both time and money. I’m 125 miles from my job. A good day I spend 4-6 hours driving. There is commuter bus service into Port Authority but it’s not cheap and if you’re out of Manhattan additional travel time and expense.
Commuting alone eats up much of the “savings”. Food costs are the same, gas is more expensive and you absolutely need at least one reliable and well maintained car. Most homes run on electric heat and that’s expensive. Many areas don’t offer municipal sewer/water/sanitation. Schools are generally lacking despite many areas having high school taxes. Local jobs are low paying and are mainly retail or warehouse jobs in much of the area.
Bottom line, think long and hard about a move into PA.
As someone who moved from NYC to the Poconos area of PA, if you need to commute for work back to the city... it’s quite the burden in both time and money. I’m 125 miles from my job. A good day I spend 4-6 hours driving. There is commuter bus service into Port Authority but it’s not cheap and if you’re out of Manhattan additional travel time and expense.
Commuting alone eats up much of the “savings”. Food costs are the same, gas is more expensive and you absolutely need at least one reliable and well maintained car. Most homes run on electric heat and that’s expensive. Many areas don’t offer municipal sewer/water/sanitation. Schools are generally lacking despite many areas having high school taxes. Local jobs are low paying and are mainly retail or warehouse jobs in much of the area.
Bottom line, think long and hard about a move into PA.
As others are writing, I don't think buying anything (unless you come across a deal that is simply too good to pass up) during times of uncertainty is the wisest choice to make, especially considering that many are expecting the housing market to take a hit in some areas (no, I don't think it'll be catastrophic but I'd still wait). Moreover, I wouldn't buy anything right now for the purpose of renting it out (either in part or in full) when the first covid wave isn't over and when we may get hit by a second wave . . . this means extended periods of when you won't be able to evict someone who has potentially lost their job due to stores/shops/etc. being shut down.
As others are writing, I don't think buying anything (unless you come across a deal that is simply too good to pass up) during times of uncertainty is the wisest choice to make, especially considering that many are expecting the housing market to take a hit in some areas (no, I don't think it'll be catastrophic but I'd still wait). Moreover, I wouldn't buy anything right now for the purpose of renting it out (either in part or in full) when the first covid wave isn't over and when we may get hit by a second wave . . . this means extended periods of when you won't be able to evict someone who has potentially lost their job due to stores/shops/etc. being shut down.
good point, that eviction thing I know there are laws now saying you can't evict
but I didn't remember that in relation to this scenario, buying two units and renting one
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