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Hi, I was just curious to know if anyone else was in the same situation as I am in. I am currently living in NYC. My wife and I have a gross household income of ~$140,000. B”h we have 4 children. We are living in a 2 bedroom and are absolutely miserable due to lack of space. After income taxes we are left with approx. $95,000. After kids tuition, student loans, car payments, rent, groceries and miscellaneous expenses are deducted, we are left with approximately $1,000 a month. The monthly cost of renting a house or a mortgage payment on a house (if we miraculously get 20% down) would be more than double what we are currently paying for our 2 bedroom. Houses in NYC are at least $550,000. I would very much like to see out of town communities but my wife is from NYC and doesn’t want to hear of it. So I guess what I wanted to know is: is everyone who is currently buying a house in NYC making over $200,000 yearly or have very wealthy parents? If yes, is there any solution for those making less?
Why do you have a car in a city with a well developed system of public transportation? Part of the reason you pay high prices in New York is that you don’t need the expense of a car (including car payment, insurance and operating costs).
is everyone who is currently buying a house in NYC making over $200,000 yearly or have very wealthy parents?
Not precisely, because some have lower expenses, but yes, it takes a lot of money to buy a house in NYC.
I’m not an expert in accounting but it seems you paying too much in taxes. A good accountant will find a way for you to pay less. And a great accountant will ask you how much you want back.
You can do what I did. Move to an out of town place loaded with New Yorkers (in the summer time every year). For example the Catskills. There is Woodridge and South Fallsburg that have year round communities. Problem of course is parnassah and schools. For parnassah some commute to the city daily. There are daily express buses (shortline bus lines). Of course you can find a new job closer.
There is a Torah Umseorah Day school in Kiamesha Lake. It’s not for everyone but for the right family it can work out very well. Fallsburg has a cheder which is like a typical Lakewood school.
Also it’s not too far from missing family simchas etc… 1.25 hours from Monsey. Two hours from Brooklyn. Year round kosher groceries…
Houses cost 110K-150K. There are loans out there where you only need to put down 3.5% (FHA). Even SONYMA all you need is 5% down. Yes there is a PMI but with rates so low today it’s a viable option.
How do you define “NYC”? I’m sure there are areas outside of Flatbush/Boro Park/Williamsburg/Teaneck that cost less than 550K.
How do you define “NYC”? I’m sure there are areas outside of Flatbush/Boro Park/Williamsburg/Teaneck
Remind me again, I always forget; what’s the fifth borough?
To answer your question yes there are many many people in your situation. What do they do and how do they buy houses? I do not know. Some have parents with money others make enough. Maybe a yerushah and others find other “means”. Some people purchased their houses before it became unaffordable.
The really long term solution is to move out of NYC. Lakewood has areas where the housing is affordable. Cleveland, Baltimore, Milwaukee, Indiana, Miami, Houston and Dallas are nice affordable other out of town communities.
The prices of public transportation are rising. Pretty soon the cost will be so high, a big chunk of the total population will leave, and then the cost will go down.
What about Staten Island? Large Jewish community and houses under 550k
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