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!
That sucks 2:18 – But 60K doesnt cut it in this city – Its like making 25 or 30K somewhere else. Try renting in a very cheap area, or taking a second job, investing your money, going out less, spending less time at the bars, in the stores, waiting a few years to have kids, etc.
The point you are missing is that the trust funders are only a small % of people buying real estate in NYC. Alot of us are hardworking, smart, frugal individuals who did sacrifice and save and did what it takes to own something.
Oh, and as far as sales associates in target – they have the right to buy anyplace they like – but unfortunately for them this is not a communist society (Yet) I know all you Hillary Fans are crossing your fingers. They will not be able to afford property in NYC ever. Thats how it works – if everyone could afford anything they wanted, there would be no need to work hard, go to school, excel in a field, open a business, etc.
even when prices were low, 2:18, none of you seemed to have bought anything.
you complain and complain and sit and wait.
but in nyc, you need to grow some balls and do something and stop waiting to be handed your lottery ticket to a new brownstone.
it’s absurd.
as it has been mentioned, there are probably 25 neighborhoods i could name to you right now within nyc proper where you could find a 2 bedroom apartment for 300K or less.
stop whining.
‘But I am not an slouch city employee or sales associate at target either’
I guess these people are not ‘entitled’ to be given a chance to own something in NYC. These are the people that make up the fabric of our city. If they leave to the suburbs and work at the Target’s out there. Who’s going to work at the Target on Atlantic avenue? The wall streeter that bought the 800k house in crown heights because he could afford it.
You people are morans. We need more affordable housing (and not rentals) for middle class families.
Why don’t you get rid of your trust funds, get a job earning 60K and see how we live. We work hard, save $, yearn for home ownership, and by the time we save enough, prices have skyrocketed so much that we can’t afford it, and we have to save some more, and by the time we save some more, prices have gone up again, and we need to save more, and so on and so on.
“Housing costs went up 200% or so from 2000-2007. What other commodity went up that much? Nothing. Housing costs are over inflated – just as much as the egos of half the people on this site.
Can’t wait for the crash – then my little poor ass will be able to afford to buy something more than a closet.”
Bingo!!!! Ding Ding Ding!!!! Greedy mother fuckers. Don’t worry the crash is here my dear friend. It will take some time for the fucktards to get it.
“Keep dreaming 1:19 – You will be living in a closet forever.
As for what appreciated 200% in the last 7 years: Try Oil, Gold, Silver, Euros (If you consider it a commodity), my income, a college degree.”
This poster is a asshole. Inflation has eaten away about 30% of your purchasing power during that time. The reason commodities has risen because of the falling dollar stupid. Take your Degree and wipe your ass with it.
Real Estate and commodities are over!!!! We will have deflation. Massive fucking Deflation. We the asshole turn off the credit spiggot, all hell will break lose. No Inflation! No Asset bubbles. Skullfucked all the way!!!!!!
The What ( Fuck all of you)
Someday this war is gonna end….
i think it’s safe to say most people on here would say 1:50 is the real idiot.
his comment about it being obvious that nyc will be left to the haves and have nots just shows his ignorance.
there are probably 4 million immigrants in this city that live off and manage to buy homes on a very mediocre wage.
you know why? because they have drive.
and most of all, they want to make sure their kids have a better life than they did.
and THAT is the difference. baby boomers have been told that their children will be worse off than they will be and so far they don’t seem to give a rats ass.
their only answer seems to be to throw some money at the kid for a downpayment and call it day.
what they don’t realize is that they’ve given their children ZERO sense of work ethic or the incentive to work hard for a dollar.
why should we be surprised they the dollar is now worth so little when so many american’s don’t actually place much value on it at all.
americans disrespect money.
it’s our worst quality.
Give me an F’in break. You are telling me that if you are making 100,000K a year or about $8,000 a month. You cannot afford to buy a two family brownstone in Bed-Stuy and pay about $3,000 a month towards the mortgage on your own property, most of which is tax deductable at the end of the year as mortgage interest?
No, it’s not that there is a lack of housing, it is that whiners are too scared to go into traditionally rougher areas. This in itself is not surprising, but don’t tell us you can’t live in the city on 100K a year.
1:50 – I own a ridiculously over-priced condo in Brooklyn so I guess I must be an idiot?
Then again, when your rent goes up for the next 10 years and my mortgage stays the same, we will see who the real idiot is.
BTW – I love your real estate valuation model. I wish I had you and your pricing strategy when negotiating the price of my condo – 200K would be sooooo sweat.
I don’t believe there would be a NYC any longer without immigrants.
And that has everything to do with 1:29’s arguement.
Immigrants work harder, they are more likely to start a business, more likely to own property in NYC than their non-immigrant but similar imcomed american counterparts.
They are also responsible for the continued increase in population.
Americans are just coasting right now.
It’s amazing to see the SAT scores slide, the incomes stagnate, the housing prices skyrocket and the minds of millions of people litterally die from laziness and entitlement.
Because what’s really important is making sure we fill our mcmansions with as much crap from walmart as possible.
You know…to keep from having to actually think about anything.
I cannot believe some of these responses. Those of you who live or about to purchase these ridiculously overpriced condos are the idiots. You drive up the prices in NYC. ANd brooklyn forget it. You guys are so into your selves you donot relaize you are paying way too much for condos that are worth realistically $200,000 and some of you live right next door to projects. You are the ones who have made it impossible for the middle class to own or even live comfortable in nyc. It’s not about being able to afford the mortgage but all the other expenses that need to be included such as your child’s education, car insurance, food, clothing.
Becuase I am not sure if you noticed but the prices have gone up for everything. ANd The middle class deserve to live here just as much as those who are making $200k and more.
It’s so obvious that this city will be left to the haves and have nots..
It’s a shame to see that the Blogs are just becoming more and more racist.
12:40–Get a life.