{ "media_type": "text", "post_content": "At what salary would you consider buying an apartment in NYC vs renting?", "post_id": "61a648f81551030025245fc9", "reply_count": 27, "vote_count": 5, "bowl_id": "5aa3ebca6a56fa0013ec82de", "bowl_name": "New York City" }

At what salary would you consider buying an apartment in NYC vs renting?

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Has nothing to do with salary. There are billionaires in nyc renting apartments at $60k a month…

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I mean there are all kinds of apartments. And owning is an opportunity to gain value while renting does nothing for you. Real question is can you afford to buy an apartment that you really want to live in?

likesmart

I would think it depends on a lot more factors than salary.

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+1 It's not about salary. It's about 1. believing you're going to stay put for the number of years that makes the rent vs buy decision in that neighborhood worthwhile (there are calculators online), and 2. the housing stock existing at all in the price range you want to buy in the neighborhood you want to live in. Go see some apartments (it's free) and ask yourself if you're in it for 5-20 years on that particular block.

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Following - rent is getting outrageous in the city...

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And so might HOAs As for the buildings that tout low fees, don’t be surprised if you get hit with a big bill at the end of each year on account of low reserves You will ultimately pay “rent” on a condo, it will just be in the form of HOA, maintenance, taxes, etc

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I’m considering it now because I’ve finally saved up a down payment and I’m seeing sale listings for apartments in my neighborhood, similar to the apartment I live in now, with estimated total payments (mortgage, maintenance, etc.) about the same as my current building now wants to charge me for rent.

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I just did it at $180 (combined income more like $300k)

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Mortgage 2800, maintenance 800. Also for the record I was able to qualify for that mortgage on my own when I was still making 160

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From what I've seen, buying in NYC seems like a shockingly poor investment. The monthly cost isn't simply the principle and interest you owe after down payment, there are HOA, common charges, etc. on top of that which can double your monthly payment. These fees are also subject to change by building management or HOA. Even after you pay off a mortgage (or even if you pay 100% upfront) you'll still have these charges that would be the equivalent of rent elsewhere. Also keep in mind that not everyone who lives in your building will act rationally or in your best interest--maybe they withhold paying their share of the extra fees or inflict damage on the property, things that will make life more expensive for those responsible people who make their payments.

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SC1, I mostly agree. However comment on "rent elsewhere" was referring to elsewhere in NYC. So based on the amount of uncertainty you're stuck with, at this point I'd rather be able to walk away from an unfavorable lease than be stuck owning an apartment in a building with exorbitant or rapidly increasing fees, bad HOA, bad neighbors, etc. But this is a personal opinion and I'm someone whose job might take them out of NYC at some point... So grain of salt. Also, I am confident NYC property value will always increase so if you are mega rich and can sit on the huge liability until you're ready to sell, my answer changes. But this is the exception.

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I bought my apartment when I was making $128k. I saved up $30k and bought a small 1bed downtown. Granted, I bought this apartment off of a family member so I avoided a lot of added fees but regardless, the mortgage is what I could afford (then) then for rent. Now that I make more I am able to pay the mortgage and save for a second apartment or maybe a house - unsure!

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It doesn’t, lol. But it does explain! Thanks.

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At this point - unlikely. If I had money to buy id buy a house somewhere more affordable like upstate or even a vacation condo in Florida.

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Prob never

Never

Apartment prices in NYC haven’t really changed, not a good investment property.

The SPX will definitely beat the housing market in NYC. I’m renting for the foreseeable future

Buying a primary porperty is less about investments and more basic human need for place to live. Unless you want to landlord in a lcol and rent in hcol to arbitrage your need vs someone else’s (which to each their own on what types of arrangements let them sleep at night) - just think about if there’s a spot within your budget in a place you like at what you can currently afford - and forecast if you are able to maintain your current income streams. Depending on how early career you are - your earnings potential will likely safely keep rising til mid-30s before you start risking a plateau or decline (and that risk is likely still small til 40s and beyond) I always wish I had the confidence in myself at a much younger age to just pull the trigger and buy in nyc - even a small studio… as I’m now 5x personal income + married to an SO with income. I should never have been scared by the commitment to properties - at that time - with a total value of less than 1yr my HHI now… 🤷🏻‍♀️

If you get a mortgage, make sure your debt to income is <43%. Monthlies and closing costs are the killer in NYC.

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