[JumpCrisscross]

Friend just bought an apartment in the East 40s for less than $300,000. That's a $60,000 down payment he saved from his ~$100,000 salary over six years. With taxes, HOA, PMI, et cetera he is paying $2,500 (20 year) to $2,800 (30 year) a month, or about 30% of his pretax salary. It's a stretch, but it's totally doable.

[rmxt]

Probably important to note that for $300,000 in the East 40s of Manhattan, you're almost undoubtedly getting a co-op and not a condo... meaning you aren't getting "ownership" in the traditional American sense of "owning one's own home".

See here: http://streeteasy.com/condos/midtown-east?sort_by=price_asc

Cheapest studio condos go for upwards of $500k.

[popobobo]

Yeah, now he just needs to squeeze his future wife and possible children into a 500 sqft studio. I am glad he sorted out everything.

[tricolon]

I'm afraid that you are greatly overestimating the size of a Tudor City studio. The reality is less than 300 square feet for just over $300K.