{ "media_type": "text", "post_content": "NYC fish: how much was your first property, and how much was your down payment? thinking of buying soon. 10% cash down on a $400-$500k studio/one bed... if i can find it in BK. original timeline was 3-5 yrs, but now wondering if it’s worth it to pay PMI and catch the market downturn in the city (feels like it’s coming fast)", "post_id": "5ef1119faaeefa0020e53b07", "reply_count": 13, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

NYC fish: how much was your first property, and how much was your down payment? thinking of buying soon. 10% cash down on a $400-$500k studio/one bed... if i can find it in BK. original timeline was 3-5 yrs, but now wondering if it’s worth it to pay PMI and catch the market downturn in the city (feels like it’s coming fast)

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Low interest rates will likely offset any pmi

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thanks! what about at 5%?

Do not do studio....it will not be enough space and you will regret it.

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additional context: i’m 28, have a separate emergency fund set aside, and am maxing out my retirement vehicles, so i wouldn’t be taking from other pools of money to come up with the 10%

also a scenario where i potentially only have 5% (pay off high interest student loans instead) - what are thoughts on 5% v 10% down?

If you don’t mind, what is your HHI?

Your going to buy a STUDIO to share with your spouse? I feel like you’ll regret this quickly

You'll be looking at condos for 10% down Coops have minimums that are set by the building not by the bank for maximum that can be financed.

220k in Astoria and put 20% down . This was in 1997 btw

550k with 10% down in Brooklyn. This was in 2011. Condo.

Being in Chicago, seeing this pricing upsets me

$380k for 2 bed/1bath in Queens (walking distance from LIRR). Monthly maintenance was $850. Nicely kept elevator with residence who were younger working professionals and empty nesters.

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