Stuck in the Middle
An article in this week’s Crain’s looks at how real estate prices and taxes are making the city increasingly unaffordable for the middle class. The rising cost of housing, in particular, has meant that families making between $80,000 and $150,000 a year are finding it more difficult than ever to make ends meet. Higher real…
An article in this week’s Crain’s looks at how real estate prices and taxes are making the city increasingly unaffordable for the middle class. The rising cost of housing, in particular, has meant that families making between $80,000 and $150,000 a year are finding it more difficult than ever to make ends meet. Higher real estate costs in Brooklyn, for example, have put the borough out of reach for many middle-income earners. A person profiled in the article who makes $60,000 a year looked all over Brooklyn before deciding to rent in Astoria. “Five years ago, [landlords] in Park Slope would have come to you,” he says. Interestingly, the story also notes that the city’s recent prosperity has contributed to a widespread sense of entitlement, thus making people believe that their incomes should stretch farther. “People used to squeeze kids into one bedroom; now everybody thinks every kid should get his own bedroom,” says Nicole Gelinas, a fellow at the Manhattan Institute.
Unaffordable NY: Tough Choices at $150,000 [Crain’s]
Photo by ultraclay!
^^^ true, true, true.
only a $4250 monthly payment – mortgage, cc’s and taxes, and with our interest deduction, it’s effectively closer to like $3300. also, i’ve been told that even in this market i could get a minimum of 1,350,000.00 and probably more like 1,450,000.00 even though we’ve only been in for a year.
Hey sweetie, How much your place wold rent for??!!!! I bet 2000.00 per month. Remember about the Tax deduction, you have to earn income. I know you are in the suck for 1500 per month.
I bet no one know why they get a refund. The Government uses your money interest free.
“i could get a minimum of 1,350,000.00 and probably more like 1,450,000.00 even though we’ve only been in for a year.”
See people, this is fucking crack smoke speaking. You live in a place for 2 years and it’s worth 300k more, yeah right!
Deflation is coming assholes, that’s right!!! Remember how it went up. Well, it’s going down the same way but, faster.
The What
Someday this war is gonna end…
By the way, the city is always bending over backwards for the middle class to get into homeownership. Teacher next door programs, Officer next door programs, low income housing mandates with many of the new high end Manhattan condos, sliding scale housing opportunities, housing lottery opportunities, the list goes on and on.
Face facts, whiners making 100k a year say they can’t make it in the city because they can’t buy a Gramercy Park brownstone at their income level. boo hoo. Leave it to a recent immigrant from Bangladesh who works hard, saves money with his brother in law and goes in on a two family brownstone in an area of Brooklyn that isn’t Park Slope. Then these same whiner types will be here posting from mommy’s basement once again saying that they are being squeezed out. boo hoo hoo.
I have good friends who together make about $225K as a married couple. They have a rent-stabilized 1-BR in Manhattan. They are constantly whining about how expensive child care is, and how they can’t afford to buy in NYC, etc. As someone who makes in the mid-60s, I have never understood how they could complain so much when clearly they have lots of options in terms of buying. It’s ugly.
LOSERS!!!!!
berkeley place, 8:01?
3:50 tell your friend who teaches at 321 that I rent large one bedroom apartments (650sq ft) in a north prime slope brownstone for around 1450 per month. I am sure she can afford 321 district on 60k per year. I will actually have an apt available soon (does not happen often).
i agree with you, 7:25.
anyone who makes over 100k in this city and says they can’t afford ANYTHING needs to look in a different neighborhood or compromise on something else…
to simply say there is no place for them in nyc anymore completely and totally makes this whole entitlement issue a reality.
can we stop misusing the words “trust fund”
i know a few trust funders, and they are not in brooklyn. they are really really rich. stop worrying about the super rich. how does that help you?
i own a 1,1500,000.00 dollar condo (price + upgrades), and my husband and i only will make like 175 ish this year probably. got it by buying and selling and by not wasting my money in rent. because we put down a fair amount and did a ton of looking, we have only a $4250 monthly payment – mortgage, cc’s and taxes, and with our interest deduction, it’s effectively closer to like $3300. also, i’ve been told that even in this market i could get a minimum of 1,350,000.00 and probably more like 1,450,000.00 even though we’ve only been in for a year.
i looked for nabes that i could enjoy immediately, but that had amazing value (offered good deals for psf). i have my quirks about what i would not compromise on, and i have never needed to.
i also did a lot of research about areas and walked and walked them.
if you make 100Kish, you can buy. stop complaining and get off your ass.