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Tybur6, Jackson Heights is worth checking out – if you can’t shake the home ownership bug. you have yourself a nice big 2 bdrm coop in nice section of jackson heights for 200k’s. Although I still suggest you rent in BK hood you love and F the ownership if prices are too crazy
“also 95 percent of people in nyc make waaaaaaaay less than 125K a year”
Yes, but 1) 5% of the adult population of NYC is something like 300,000 people. and 2) 95% of the properties in NYC sell for waay less than $2-3mm.
We happen to read a website that focuses on some of the more expensive ones.
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also, never underestimate the mom/dad/grandma factor on the buyer’s side. we’re in the midst of the largest wealth transfer in human history, baby boomers are hitting senior citizenship and realizing that they can either start giving the wealth over to the government piece by piece or they can distribute it over to their 25-40 year old children looking for homes.
with good credit and a healthy savings rate of 20% of your income (assuming 125k), you could concievably save 200K for a 10% down payment on a 2M house in 8-10 years.
the mortgage interest deductions are recaptured by the government on the other end when the house is sold (transfer tax for seller/mortgage tax for buyer) or the homeowner passes away (estate/death taxes), it takes a savy player to avoid many of these taxes. it usually requires setting up Limited Family Trusts and Corporations and the like.
also, never underestimate the mom/dad/grandma factor on the buyer’s side. we’re in the midst of the largest wealth transfer in human history, baby boomers are hitting senior citizenship and realizing that they can either start giving the wealth over to the government piece by piece or they can distribute it over to their 25-40 year old children looking for homes.
I agree that many properties are overvalued, but why would you base the analysis on some of the most expensive property in the city on a $125,000 salary assumption? Just a mismatch.
There are plenty of other parts of the city and near outskirts where that income level would buy you a lot more than in brownstone BK.
Tybur6, Jackson Heights is worth checking out – if you can’t shake the home ownership bug. you have yourself a nice big 2 bdrm coop in nice section of jackson heights for 200k’s. Although I still suggest you rent in BK hood you love and F the ownership if prices are too crazy
“also 95 percent of people in nyc make waaaaaaaay less than 125K a year”
Yes, but 1) 5% of the adult population of NYC is something like 300,000 people. and 2) 95% of the properties in NYC sell for waay less than $2-3mm.
We happen to read a website that focuses on some of the more expensive ones.
quote:
also, never underestimate the mom/dad/grandma factor on the buyer’s side. we’re in the midst of the largest wealth transfer in human history, baby boomers are hitting senior citizenship and realizing that they can either start giving the wealth over to the government piece by piece or they can distribute it over to their 25-40 year old children looking for homes.
barf barf barf barf barf barf barf barf barf barf barf barf barf barf barf barf barf barf barf barf barf
they should be taxed out the wazoo for that “wealth transfer”
*rob*
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or people who actually save some of their earnings and don’t live beyond their means
says the man with 500 houses and 46 boyfriends. bitc+, please.
*rob*
also 95 percent of people in nyc make waaaaaaaay less than 125K a year
*rob*
or people who actually save some of their earnings and don’t live beyond their means
tybur,
with good credit and a healthy savings rate of 20% of your income (assuming 125k), you could concievably save 200K for a 10% down payment on a 2M house in 8-10 years.
the mortgage interest deductions are recaptured by the government on the other end when the house is sold (transfer tax for seller/mortgage tax for buyer) or the homeowner passes away (estate/death taxes), it takes a savy player to avoid many of these taxes. it usually requires setting up Limited Family Trusts and Corporations and the like.
also, never underestimate the mom/dad/grandma factor on the buyer’s side. we’re in the midst of the largest wealth transfer in human history, baby boomers are hitting senior citizenship and realizing that they can either start giving the wealth over to the government piece by piece or they can distribute it over to their 25-40 year old children looking for homes.
or parents who buy you an apartment. most people who are single in nyc who own are spoiled and have generous parents.
*rob*
I agree that many properties are overvalued, but why would you base the analysis on some of the most expensive property in the city on a $125,000 salary assumption? Just a mismatch.
There are plenty of other parts of the city and near outskirts where that income level would buy you a lot more than in brownstone BK.