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$70k a year in rent sounds absurd to me.
I understand that it's market but still, damn man. That's a mortgage.
Curious why you don’t by a 1bd for $1-1.5m? Cheaper to pay interest than rent that high.
In NYC, it's cheaper to rent than buy and also gives you flexibility to be able to leave NYC. The price to rent ratio in Manhattan + taxes make renting the more affordable option unless you have fuck you money.
At 32 I’m assuming OP could afford a down payment in the high 6 figures. But yeah if you have a 150k in savings you’d be stretched.
The monthly on a $1M unit will be north of $7k since co-op common fees are $2-3k for that type of unit. There's also so many transaction fees (1% mansion tax, 2-3% flip tax in some units, at least $50k of closing and lawyer fees on each end) that unless you are staying in a unit for 5+ years, you'll likely lose money
At 3% rates the math works, at 7% it makes more sense to rent
Don't have to use lawyers / brokers if you're sophisticated enough. By 32 you'd be paying majority cash so interest wouldn't be an issue. Mansion tax would be a one-time 10-15k which is nothing. Prices keep going up so if you move in 5 years you're going to make a profit of 200-500k.
All this assumes you have a mil in cash.
Lol at sophisticated enough. You will get your face ripped off. Secondly using more cash can be a bad thing. Cost of equity is higher than cost of debt
You have no idea what you’re talking about
Not sure where I'll want to settle in the city, so renting for now.
Seems like all of you are familiar with NYC, can ya'll comment on the original question? Looks like consensus is this is expected spend, but any disagreement or areas in Manhattan that could be cheaper?
$6-6.5k sounds about right for a reasonably nice 1 bedroom. The usual rule is base salary/40, which you should cover pretty handily.
I would make sure you have a doorman, makes packages so much easier.
$6-7k is reasonable. A little pricy but the market is the market and from a general social/life perspective I don’t think you want to settle for something less. Below $6k you’ll unfortunately be compromising in the more desirable parts of the city.
Thanks for specifying you're a male I was going to charge you 15% more rent otherwise
Chelsea is pretty much the most expensive neighborhood in Manhattan, so you're paying for the prestige of that. Kind of surprised you find this convenient to grand central? Not sure exactly where your office is but given GC is on 4/5/6 and 7 lines, I wouldn't consider that super accessible.
For bang for your buck I'm sure you could find a 1B/1BA you'd be happy with for 5k in Murray Hill/Kips Bay, and there are probably good options in the Upper East Side too.
Could also branch out and go to Long Island City if you're asian
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