Trying to find a place to live in New York City really depends a lot on your budget. In my experience I have found that your income determines which section of New York you will be able to live in. Most people who have families would prefer to rent or buy a house instead of living in an apartment building. With the housing market being the way it is right now the real estate agents in New York City will definitely put a lot of pressure on you to buy a home. The current housing market in New York City is not expected to drop low enough to actually make it affordable to those with families. Many are predicting than the housing prices will recover and go even higher within the next few years. Either way the purchase prices of homes in New York City are just not low enough for many families. If you are looking to purchase a co-op and you are a single individual than purchasing may be a bit more appealing.
One problem that I found with buying a home anywhere in New York is that the housing prices have not dropped enough to actually make it more affordable than renting. You really have to take into consideration that with your mortgage you will have to pay taxes. Taxes seem to keep rising in the New York area over the last few years. Then there are all the fees associated with buying. With renting you pay the rental fee and the security and you move in. When it comes to New York City renting really does seem to be the best option. Especially if you want to move into a nicer area. I have found that this year alone a lot of landlords are trying to keep their rents affordable in order to keep their tenants or attract new ones. Also I have found that you can still get plenty of space and privacy from renting, as long as you rent a private home or a brownstone in New York City. Looking at the rent for Brownstones in New York in a nice neighborhood and comparing that with buying one, renting is a lot more affordable.
Of course with buying a home there are many financial advantages that make it look appealing. Your real estate agent will be quick to tell you how buying a home is a solid investment for anyone to make. Especially if you are looking to purchase in the New York City area. We were also told that it is a good idea to considered buying an apartment in New York City. Many have just as many square feet as houses, and they can usually be a lot more affordable. If you want privacy however we found that this is not the way to go. It may be a good investment if you plan on renting it out, but if you want peace and quiet renting an apartment in the city will not be the best option.
Also keep in mind that if you were to buy an apartment in New York City or even a Condo you would have to pay the association fee that most of them charge. It is also important to take into consideration how long you plan on living there. If you are not sure whether or not you will like the neighborhood, it may be in your best interest to rent for a while to see if you would make this your permanent home. If you are a student, or single and you are not sure where your career or your life will take you renting may be your best option. It really does not make any sense to buy a home for just two years and sell it and move. Buying a house is a huge investment and you will need to have a large amount of the down payment especially in New York City.
After exploring all of our options, our family found that renting a brownstone is really the best. We also found that it is better not to live in Manhattan which is twice as expensive as most areas. If you look in surrounding areas outside of Manhattan you will find that there are plenty of nice neighborhoods with beautiful home for rent at an affordable price. The bottom line when it comes to renting vs. buying a home in New York City is that you need to first figure out what your budget is, and what you can afford. If you can’t come up with a large enough down payment to purchase than renting may be the better option until you can save up. New York will always be an expensive place to live, even during a housing slump. The key is to find a real estate agent who is not going to pressure you into buying and who is going to help you find the best option for your budget.