Guys,
I am 3 years out of college. Have had to change places almost every year since, because the rents keep rocketing higher. Was in Brooklyn before, then Queens, now Hoboken. and every year I have seen rents grow to Manhattan-level, with big institutions pouring money into luxury apartments etc.
I am now sick of moving places every year and having to pay crazy high market-rate rents. I was thinking of putting down some money as Downpayment and buying a condo etc.
BUT I cant get the fear out of my head about whats gonna happen when the rates go up? in all of these places (Brooklyn, Queens, Hoboken) I have seen prices 2-3x just in the last 5 years so that also scares me about how this might affect future returns.
Wondering if you guys can chime in and share some insights?
The area will bleed residents to the south and west over the next few decades. Both property and income taxes are too high. Too many people/too crowded. poor quality of life. crappy weather. rents are too high even in the suburbs. NYC/Hobo may hold up given NYC is a top global city but I do not foresee outsized growth in the area.
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