Would appreciate advise about whether it makes sense to buy a home in my position. Currently paying $2700/month rent in NYC.
I would estimate purchasing an apartment to cost $900k-$1.1M and the down payment would clear out most of my savings. I may live there for 3 years and then possibly move out of the city.
Does it make sense to get on the property ladder, or is my rent so low that I should keep renting and continue saving for something that I would live in for a while?

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Usually I say buy but this looks like a rent situation

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Monthly maintenance fees on a $900K to $1.1MM apartment will be insane, so factor that in too

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Keep renting

Keep renting if you’re going to be looking for a new purchase in 3 years, especially with what you said about your savings.

I wouldn’t advise buying if it wipes your savings regardless of any other factors. When you buy you’re the owner and the only person responsible for any required fixes. I.e, if your A/C blows out two months into the purchase and you have no savings left you’re in a pretty uncomfortable situation.

Keep renting it does not make sense if this is not a long term. Plus the interese rates are “high” and maintenance fees in NY crazy. Better to put your money somewhere else.

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