Related Posts
Do you prefer high base comp or RSU?
Can anyone shed some light on quant funds please? https://groww.in/mutual-funds/escorts-tax-plan-direct-growth
I am seeing stellar returns and extremely low expense ratios but apparently since they're quantitatively managed algorithms, they don't account for things like corona for example.
More Posts
Any thoughts on BNP M&A in nyc
Conversation Starter
PE ops companies in Singapore?
Additional Posts in Consulting
How do I check my utilization?
Happy fly day y'all!
Strategy& (fka Booz). What happened to them?
Staying at an econo lodge... oh my.
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
I’d buy a place, in my own name. If you really like this person they can stay rent-free.
Freeland 1 and D1, if you a really treating those properties as investments, you aren't quoting the full cost. Homes are very liquid with high transaction costs that never seem to make it in these calculations.
When you bought the place, you likely had to pay some costs to take out the loan, potentially several thousand. And depending on the state it can cost 10% (of the now higher value) to sell a house. That is before considering an repairs to maintenance.
Owning is a good discipline. You are forced to save some share of the your monthly housing payment, which goes to principle. But the vast majority just goes out the door to the bank, taxes, and insurance which have no more long term value than rent.
The last 20 years have been unusual in that in many markets real estate has appreciated quickly some year but we have been through one crash and we may go through another here. Timing real estate is no easier than timing the stock market but much more risky because you are highly leveraged. Prior to the last 20 years, in most markets real estate was a poor investment. It lagged stocks and bonds in it's returns (if you don't consider that you can leverage your investment in real estate and most people don't in the stock market).
Honestly as little as possible with still being comfortable. You have a great opportunity to save a lot.
Flex
It’s over 9000
As little as possible until you have six months emergency savings. Then not much more - save max and retire early.
We make about $400k combined and mortgage + assessments are $3k. Looking to move to a bigger place and running the numbers, I’m not comfortable with much more than $5k/month. I still want to travel a lot and retire early and keeping housing costs low helps with that.
Chicago
30% post tax
Not more than 4k
My 1 bedroom flex is $4k in NYC and I just graduated college...
Hmmmm, I think you need a side hustle.
If you have that much money can can’t figure it out you shouldn’t have that much money nor work for McK
At Deloitte2, it’s a poll. It’s called benchmarking yourself to get a sense for where you stand. Should try it.
Just a data point, we make 400k pretax, have lots of student loans (200k) live in New York, pay 4K/month in rent
I’d buy a nicer condo/apt probably
No need to spend more than 6k for even a brand new 2-3 bedroom in NYC. And in the boroughs it'll be less. For example a brand new lux 3 bedroom in LIC will be about $5-6k. I personally spend $3400 for a new 2 bed with some amenities in Brooklyn. If you get an old apartment, it'll be less obviously.
Thanks for lots of helpful responses!
This is a good problem to have!
Exactly what I spend now, ~4K in SF and invest the rest because my future is more important than what the two friends who regularly come over think of my shiny new apartment.
We spend $6.5K in rent for a combined $500K average annual income (my SO has uncertain income as well). In NYC for where we want to live, I find that inventory within the 6.5-7K is the “sweet spot” of nice but not too much
We were at 4k with 300-400k income. After my partner moved to a startup, we went down to 3k.
I would freeload, than help in months where mynpartners uncertain income failed to cover.
No more than 1/3 my take home
$8k luxury 2BR apartment
How much are you spending OP?