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by mgce
1339 days ago
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Everything you're expressing is unsound opinion. You're also exaggerating all numbers to skew your point. > Good luck trying to afford a property next to a park. 2BR in New York is $7k per month. If you are buying, prepare for $2M+. - You don't need to live next to a park to have convenient access to it. You're missing the point. - The median 2BR in Manhattan is $5,550. Brooklyn: $3,600. Northwest Queens (closest to Manhattan): $4,417
https://www.elliman.com/resources/siteresources/commonresour... - You can easily get perfectly comfortable 2 BRs in nice neighborhoods for far under $2M. I live in one. Didn't pay close to $2M. Only the high end (unnecessary) crosses that threshold. I know a wide range of NYC kids and their parents of all age ranges. They haven't sacrificed anything growing up here. They're perfectly well developed kids with just as much going for them as anywhere else. I'm sorry your friend's kid has problems. That sounds horrible, and I hope they find a solution to their personal problem. |
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Holy smokes. Is that a counter argument? Is that a normal price?
> - You can easily get perfectly comfortable 2 BRs in nice neighborhoods for far under $2M.
Yes, you can. 1000 sq ft for $1M. You'll live in a building built in 1930-1960. Is that normal? How many people can afford a million bucks mortgage?
Let's do a back of the envelope calculations. Quick google search:
> Experts suggest you might need an annual income between $100,000 to $225,000, depending on your financial profile, in order to afford a $1 million home.
Since we are talking about families with kids in New York, I would not hold my breath to rely on $100k annually. $200k is much more realistic.
$200k is ~$5500 bi-weekly paycheck if you are not investing anywhere (401k, stocks, etc).
$1M mortgage is apprx. $6,275 per month. So you need 2 paychecks at a minimum to cover your mortgage expenses alone.
You are left with $4,725. Utilities will take another $200/month = $4,525 - $1k (food) = $3,525. Internet + phone + entertainment for kids + home maintenance - $500/month at a minimum. You are left with $3k. That might be enough if you are ready to live like a robot.
Now, all these calculations are based on the fact that you magically had $200k downpayment, which is a massive amount of money by itself. Average account balance of Americans is $4k (40-45 yo population, data from 2019), which means saving $200k is extremely hard.
An average of 6.68% of US households make over 200k. So, roughly 6.7% of the US population can _potentially_ afford to live in an old 1000 sq ft 2BR in Manhattan.
> I know a wide range of NYC kids and their parents of all age ranges. They haven't sacrificed anything growing up here.
Well, I do know as well. But the counter-argument here is that they don't actually realize that they are sacrificing anything. They have a belief that everything is normal, things are going fine, but that's simply not truth. I lived in New York for 10 years and I thought that the place was OK. Once a travelled a bit across the US, I realized how miserable New Yorkers (including myself) are.