Have any NYC-based 🐠 purchased a house or apartment with your consulting salary? I'm looking but 500k+ seems insane for a 1-2br apartment, especially considering tax and maintenance = 2K+/month

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Fair enough and I don't disagree as a local here. It's a serious problem here. I still think NYC is a good investment for the money, curious to know why you don't agree? Care to explain? Just want to know, not trying to provoke an argument.

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My family has a 3 story house in Queens worth around $1.3M, mortgage is around $4K a month, they live on one floor and rent out the rest, collects about $6.5K a month. There's better deals to be had once you get out of Manhattan. Focus on multi family homes with good school districts if you want value. You won't get anything good for $500K.

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Purchase in jersey

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Hmm I think it's a good investment. One bedroom is 700k here in vancouver, wtf. We are a shit city compared to NYC too.

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Also, I'm not really looking for Jersey housing. That's where you go when you've given up on having a social life.

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I have 4 bd/3ba/3k sqft in ATL for < $1100/mo (mortgage). Can't wrap my mind around cost of homes in some other states.

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You can all forms of investment speculation...hell speculation is getting an MBA and hope sometime later somewhere somebody will pay you more for each hour than the last guy.

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I'm looking in the $1M+ range...pay as much down payment as possible so the mortgage goes down.

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I feel like maintenance kills everything here

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Vancouver is dealing with Chinese investment-related inflation prices though, no?

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Mba value is specific to each individual so not relevant. The batna to buying in New York is renting which is still less cost. (I recognize this varies by city.)

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If your willing to do queens or Brooklyn OP, you should really consider jersey city. Same commute to manhattan and property is booming

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Some apartments seem reasonable for a place like NYC, however if you factor in the HOA cost, it's not worth it. Adds about another $1000 into your month mortgage and remember the fee never goes down! It only keeps going up. Made me reconsider investing in NYC.

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6k is on the extreme high end for a 1bd anywhere in manhattan

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But why do Chinese people not buy in NYC? I would lol

D2- They are. And not just Chinese. Rich people from around the world park their money in safe US real estate

Then why does one say it's a just Chinese people problem in vancouver? You see my thought process here: NYC real estate is intrinsically more valuable yet it's priced the same as a backwater city. I say buy two if you can afford it.

Because Chinese people are looking for ways to move their money overseas and get it out of china while they can. Vancouver wasn't as pricey as NYC and it's closer to china than NYC for the rare occasions they go visit it. They largely remain unoccupied and the city has had to impose new taxes to discourage Chinese buyers in favor of those who will actually live there and contribute to the economy.

D2, I totally agree which is why I want to buy. I want to stay in the city and don't want to pay exorbitant rents for life, but I just don't know how people can afford it on a consultant salary. 500k starting price = 4000/month including mortgage, tax, and maintenance. If others have been able to buy, I'm wondering if I'm missing something

Move to CT... FC has lowest property tax rates in tristate

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