Anyone living in the NYC area will tell you how expensive buying property is. One has to make a six figure salary in order to buy a detached single family home in a quiet, safe, and nice neighborhood. Can a person buy anything on a "average" persons salary? By average, I mean between 40 to 70 thousand a year, although I know too many people are making less than that here in NY. The lowest price of a condo is 250,000 for a two bedroom... and that is considered great. I don't want to be a renter the rest of my life, nor am I interested in a co-op.
2006-12-26 04:49:13 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
yes, manhattan real estate is outrageous. one has to look at the outer boroughs nowadays to get a decent deal, although brooklyn is fast becoming (or in some areas has already become) expensive like manhattan. a co-worker with a ~60K salary just bought a really nice 1-br condo unit in long island city, queens.
according to new york magazine in a recent issue, the hottest neighborhood in nyc right now is... jersey city. so maybe that's an option?
2006-12-26 05:06:57 · answer #1 · answered by BlueBox 3 · 0⤊ 0⤋
As a fellow New Yorker here is some advice. NYC is way out of reach unless you make alot of money. Condos start in the 700's for a small 1 bedroom. You have to look for either a condo in the boroughs but they will run you at least 300k for a 1 bedroom in a good neighborhood. Co-ops are very perticular to what type of buyers they want. I live in Long Island where you get more for your money but taxes are about 2% of the property value (Nassau County) but you can get a small house for 350k (3 bed 1 bath two story cape style home in the boroughs this house will cost you 500-600k).
2006-12-26 17:00:15 · answer #2 · answered by tianaramal 4 · 0⤊ 0⤋
Go north. A lot of people that work in NYC are moving up to Dutchess County where the housing is more affordable. A friend of mine just sold her 2 bedroom townhouse for 175K.
MetroNorth and Amtrac are always leaving the train station they are on the west side of county going a little farther east, just jump on the Taconic and you can drive down.
Good Luck in your moving endeavors.
2006-12-26 12:59:35 · answer #3 · answered by starting over 6 · 0⤊ 0⤋
Yes, impossible to find affordable property in NYC. What amazes me even more is the fact that there are so many poor immigrants who live there, where do they get the money?
2006-12-26 12:57:54 · answer #4 · answered by Mississippi River 3 · 0⤊ 0⤋