Renting could be better than buying in NYC
By Hicbd
Fri Jun 24 2022 8:10 am
"I don’t understand how so many yuppy NYC families live in this city. So expensive! Here’s my somewhat uneducated guess:
- $3m-$7m home. ~2000 sqft in nyc, 3000 in Brooklyn. Enough for 2-3 kids. $8k-30k month.
- taxes. ~52% income, mortgage tax (~1%), prop tax (10k-60k year)
- parking (600 month)
- nanny/childcare ( I imagine both parents have to work). $30-60k year.
- HOA (if apartment) $20k-40k year
These numbers are guesses. Divide or multiply by 2.
But imagine you need $1m-2m a year income + 7 figure down to buy."
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