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Long time Westchester resident here. I live at home with my parents (it's awesome in the sense that you save a total fortune). My parents are kind of giving me the silent boot lately, I have a good job with a reasonable salary for a 24 year old, $60,000, with growth and stability each year. I also have about 20,000$ in savings. I've gotten to this point where I'm wondering whether or not to just keep saving up and putting a down payment on something, OR just start renting now and try and save money. Rent-wise I was thinking of White Plains, but I have an inside deal to get a beautiful place in Bronxville for 1000$ even a month with everything included. Basically a family friend who doesn't want to rent to strangers.
Do I take advantage of this situation to have a nice place to live on my own for the next few years? Or with the current state of the economy try to invest in something? It's rough, I can see myself living at home for another year at the most, and can probably save another 20,000$ or so. I work in Jersey on the NY border, easy commute over the GWB, and I don't want to live in Jersey. Westchester is my home and I love it here.
Basically I'm getting tired of being at home. It's hard to have a girlfriend and get your life going. I don't want to find myself in like 6 years with serious financial problems. Thanks for any wise words.
$1,000 for an apartment in Bronxville is a steal, I'd say go for it. If you're driving to NJ then this would make your commute easier than doing it from White Plains as well.
hey, I don't live in NY, I'm researching it, but from what I see, renting for $1000 ANYWHERE including here in central Virginia, is a steal. On your salary, you should still be able to save a fair amount of money every month. I think it would be best for you and your parents for you to get your own place at this point. You've got a great start on a downpayment for a decent place, I would think after another year you should have enough to make your move on buying a place.
Yea I think I may end up doing it. The place is too nice. It has a full living room, kitchen, bedroom, office, patio... I'm sure I can save money while I live here, and still stay within decent distance of Manhattan.
With that salary at that age...... forget about it, stay at home as long as you can.
Seriously, the best way to go is to invest in a property. When you rent all you are doing is paying somebody else's mortage. Stay as long as you can with your parents, save another $20K, so that when you finally hit the road on your own, man, you'll be at the top of your game (for your age).
With $40K saved at such a young age, you'll be able to put a nice down payment for a decent place.
Believe me, if I had that choice when I was your age, I would have stayed with my parents long enough to build my savings to a real level. But when you push life and go on your own, believe me, things change. Full independence will come at the right moment. Don't rush to it.
stay at home for another year & sock away as much money as you can. think about it this way, $40K sounds like a lot for a downpayment, and for someone your age, that's incredible discipline to have saved that much. but start looking at places you would be interested in buying; what percentage downpayment does your savings represent, esp. in westchester? with the subprime mess going on, lenders are tightening up their requirements; so long to the days of no or low downpayments. many lenders want 20% or more these days.
your post was unclear whether that apt. is furnished or not. if not, you'll spend money furnishing it. granted, you could take that with you when you move, but that's money out of pocket that doesn't go toward a downpayment or that comes from savings.
if you think your parents are getting antsy, sit down with them & talk about a deadline for moving out & why you appreciate living at home. that will hopefully give everyone in your family some breathing room & you may feel better. as for living at home cutting into your love life, i'm sure it can be awkward, but think how much more desirable you'll be when you actually OWN your own place & have financial stability! big chick magnet!
All your advice is taken with utmost respect. It's a very difficult thing to try and save, but I'm starting to see it might be the best route. I had a discussion with my family that I'm going try and help out with things more. You get into such a routine paying for nothing it starts to be bothersome and new when you're asked to start putting more in for things. I recently had to spend a lot on a medical problem I had, even with insurance, and it put into perspective how a financial hit could cause major problems. However I think that 20k is a reasonable to put away another year, and I should be close to where I need to be to hopefully make a purchase.
I also realized that the situation I'm in is allowing me to do a lot more. I just booked a 2 week trip to Spain, and realized that I would never be able to do this if I was sucking water renting.
So the next step for me is to see where I really wanna be. Tarrytown/Irvington area is really appealing to me, but I'd be open to suggestions. Mainly because I'm sensing a real presence of younger people migrating to that area, so it will feel like something new to me. Also close train, close to the bridge for commuting, etc etc.
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go for it!
