Buying a home when you're single?

[EyeBRollin]

There isn't a good reason to be in NYC as a fully remote worker.

I take it you haven’t lived in or near NYC?

 

[SW15]

I take it you haven’t lived in or near NYC?

No. There are far cheaper places to live than NYC.

Manhattan is expensive (but the best NYC borough for social life). Former NYC resident @Jesse Pinkman has offered some negative commentary about the outer boroughs in terms of their cost and what they can do for one's social/dating life.

New Jersey has the most expensive property taxes in the USA. Southern Connecticut (Fairfield County) is expensive. I'm not sure either is good for dating. The areas of New Jersey closest to NYC are probably the best for dating in Northern New Jersey. It's still not worth the property taxes.

From a cost perspective, a place like Indianapolis or Cincinnati would be better and are likely populous enough to offer some dating options. There are even some mid-sized cities in there (smaller than Indianapolis or Cincinnati) that might be an even bigger bargain.

 

[EyeBRollin]

No. There are far cheaper places to live than NYC.

It’s not all about cost. Salaries are higher in NYC and people do not need a car (which is currently $1,000 / month all in for many people). If it were all about cost, no one would live in expensive areas. Yet people continue to move here!

 

[RickTheToad]

Everywhere around NYC is expensive. There was a time that Stamford and Jersey City wasn't that expensive; but now it's crazy. I bid on a multifamily in JC 55k over ask last week; got beat out by a cash buyer. It's expensive. If you buy right and get a little lucky, you'd make out like a bandit in the long run. Don't listen to @EyeBRollin. He doesn't seem to know about the expenses of a condo and their ability to continue to raise and raise their HOA fees annually.

Your best bet is to buy a duplex, triplex or quad in Jersey or S. Connecticut. Live in one, rent out the other two or three and have them pay your mortgage. You live rent free, plus you have the appreciation. In Jersey, consider also looking into Union County. Low taxes and an easy commute. Essex County is insanely high prop/school taxes. Hudson County can be high as well; just depends on where. If you can find something in Greenwich, Stamford, Fairfield or Darien you'd be golden. Just remember, Connecticut has an avalara tax (use tax) on real property. You'd still be better off than most areas of Jersey in terms of taxes.

 

[EyeBRollin]

Everywhere around NYC is expensive. There was a time that Stamford and Jersey City wasn't that expensive; but now it's crazy. I bid on a multifamily in JC 55k over ask last week; got beat out by a cash buyer. It's expensive. If you buy right and get a little lucky, you'd make out like a bandit in the long run. Don't listen to @EyeBRollin. He doesn't seem to know about the expenses of a condo and their ability to continue to raise and raise their HOA fees annually.

Your best bet is to buy a duplex, triplex or quad in Jersey or S. Connecticut. Live in one, rent out the other two or three and have them pay your mortgage. You live rent free, plus you have the appreciation. In Jersey, consider also looking into Union County. Low taxes and an easy commute. Essex County is insanely high prop/school taxes. Hudson County can be high as well; just depends on where. If you can find something in Greenwich, Stamford, Fairfield or Darien you'd be golden. Just remember, Connecticut has an avalara tax (use tax) on real property. You'd still be better off than most areas of Jersey in terms of taxes.

I mostly agree with all of this but come on @RickTheToad I live in a Condo. It depends entirely on the property. The HOA I’m in includes landscaping, snow removal, and all utilities except electric. The fee has gone up only 20% total in 7 years (last year the rate increase was 1%). With a fixed rate mortgage, that’s a lot less than the rate increases I saw while renting. My buddy had to leave Jersey because his rent was jumping 7-10% a year.

 

[SW15]

It’s not all about cost. Salaries are higher in NYC and people do not need a car (which is currently $1,000 / month all in for many people). If it were all about cost, no one would live in expensive areas. Yet people continue to move here!

Is Manhattan the only borough where a car isn't necessary? Maybe the Bronx and Brooklyn too?

The further out you get into Queens and Long Island, it seems like the more people have cars.

Most New Jersey residents seem to have a car. If you're in a place like Hoboken or Weehawken, it seems like it would be possible to not have a car but I don't think that's applicable to most of New Jersey.

I currently live in Manhattan (NYC) paying about $2800 for an oversized studio, pulling in about $170k/year remotely. The opportunities to meet people here are endless, but the quality of life is poor, everything is expensive, and taxes are high.

I know @itouchyou lived in Dallas at one time. Not sure where he lived but it's possible to get a studio or smaller one bedroom for around $1,300 - $1,500/month and reasonably close to the city center (within 5-8 miles of Downtown Dallas). This would likely be a 1950s-1970s era construction place. It's not the greatest for impressing women as a 35-40 year old male but it's decent in terms of costs.

There are better apartment deals out there in lower cost areas as compared to Dallas.

 

[RickTheToad]

I mostly agree with all of this but come on @RickTheToad I live in a Condo. It depends entirely on the property. The HOA I’m in includes landscaping, snow removal, and all utilities except electric. The fee has gone up only 20% total in 7 years (last year the rate increase was 1%). With a fixed rate mortgage, that’s a lot less than the rate increases I saw while renting. My buddy had to leave Jersey because his rent was jumping 7-10% a year.

Not sure where you live, but HOAs are going up like crazy in JC, Hoboken, Edgewater, Weehawken, etc. I suggested for him to buy a multi-family, live in one unit, rent out the rest; not rent.

Impossible for rents to jump 7-10% a year in New Jersey. All municipalities have rent control in northern New Jersey. The max is the CPI or around 4%. Steep fines if they attempt to raise higher. All units 5 family and larger have to also file an annual certificate of rent and rental increases in Jersey City, Hoboken, Edgewater, Weehawken, Fort Lee, Englewood, etc. Elizabeth is 3% BTW. It used to be just $20.00 a year fixed.

 

[BackInTheGame78]

It’s not all about cost. Salaries are higher in NYC and people do not need a car (which is currently $1,000 / month all in for many people). If it were all about cost, no one would live in expensive areas. Yet people continue to move here!

Salaries don't offset the higher cost of living for the most part. If they did, people making 100K wouldn't need to have roommates.

 

[EyeBRollin]

Salaries don't offset the higher cost of living for the most part. If they did, people making 100K wouldn't need to have roommates.

Disagree. They more than offset it. Cutting costs is easier than earning more income. Yeah a house is $800K but when people move out they retire better off. That’s why most of Florida is northeastern wealth. The main cost difference is housing, which is more than a fair trade for higher salary.

Not sure where you live, but HOAs are going up like crazy in JC, Hoboken, Edgewater, Weehawken, etc. I suggested for him to buy a multi-family, live in one unit, rent out the rest; not rent.

Impossible for rents to jump 7-10% a year in New Jersey. All municipalities have rent control in northern New Jersey. The max is the CPI or around 4%. Steep fines if they attempt to raise higher. All units 5 family and larger have to also file an annual certificate of rent and rental increases in Jersey City, Hoboken, Edgewater, Weehawken, Fort Lee, Englewood, etc. Elizabeth is 3% BTW. It used to be just $20.00 a year fixed.

He was in central New Jersey. I only rented here for two years but the same happened to me. 6% hike and 7% hike before I bought. Guess my landlord didn’t get the memo.

 

[RickTheToad]

Disagree. They more than offset it. Cutting costs is easier than earning more income. Yeah a house is $800K but when people move out they retire better off. That’s why most of Florida is northeastern wealth. The main cost difference is housing, which is more than a fair trade for higher salary.



He was in central New Jersey. I only rented here for two years but the same happened to me. 6% hike and 7% hike before I bought. Guess my landlord didn’t get the memo.

How Much Can You Raise Rent in New Jersey? [2024 Guide]

Find out how much landlords can legally raise rent in New Jersey in this complete guide.

www.doorloop.com

 

[SW15]

That’s why most of Florida is northeastern wealth

Arizona is well known for a similar phenomenon. A lot of the wealthiest people in Arizona make their money elsewhere and then retire to Arizona.

In Phoenix, there is not a good base of corporate employment. Few top companies have their headquarters in Metro Phoenix, so a lot of the general business jobs are lackluster. If your job is in the medical industry, Phoenix has a decent employment base. The medical industry has always done quite well in Phoenix due to the fact that the area is a hub for retirees needing medical services.

 

[EyeBRollin]

How Much Can You Raise Rent in New Jersey? [2024 Guide]

Find out how much landlords can legally raise rent in New Jersey in this complete guide.

www.doorloop.com

No Middlesex, Monmouth, Ocean, Somerset, Mercer County listed?

 

[RickTheToad]

No Middlesex, Monmouth, Ocean, Somerset, Mercer County listed?

May not have rent increase laws. Not sure, as I do not know much about SNJ counties.

 

[BackInTheGame78]

Disagree. They more than offset it. Cutting costs is easier than earning more income. Yeah a house is $800K but when people move out they retire better off. That’s why most of Florida is northeastern wealth. The main cost difference is housing, which is more than a fair trade for higher salary.



He was in central New Jersey. I only rented here for two years but the same happened to me. 6% hike and 7% hike before I bought. Guess my landlord didn’t get the memo.

The extra money that you are paying in housing costs that you "make" by selling at retirement age and moving to a cheaper location would be dwarfed via contributing that extra money to a 401K/Roth IRA or other investments and getting compound interest year after year.

We are talking about taking 1500-2000 a month and putting that into something that returns 8-12% historically year after year. Do the compound interest calculation on that and it will likely shock you.

That 800K ranges from $2.2-7.5 million. Either way, 3-9+ times what you'd make from selling a house.

That's like the people who pay off their 2.5-4% mortgages early instead of investing that extra money. It's just bad financial sense...the interest you'd earn far exceeds the interest you'd save and you are taking a net loss.

 

[EyeBRollin]

May not have rent increase laws. Not sure, as I do not know much about SNJ counties.

Probably not, but they are considered central New Jersey. They are NYC bedroom communities; not Philadelphia.

The extra money that you are paying in housing costs that you "make" by selling at retirement age and moving to a cheaper location would be dwarfed via contributing that extra money to a 401K/Roth IRA or other investments and getting compound interest year after year.

We are talking about taking 1500-2000 a month and putting that into something that returns 8-12% historically year after year. Do the compound interest calculation on that and it will likely shock you.

That 800K ranges from $2.2-7.5 million. Either way, 3-9+ times what you'd make from selling a house.

That's like the people who pay off their 2.5-4% mortgages early instead of investing that extra money. It's just bad financial sense...the interest you'd earn far exceeds the interest you'd save and you are taking a net loss.

I think you are missing the point; the salaries are not equal. The “savings” that you are investing don’t exist. Instead, the smart buyer does what @RickTheToad suggested and finds more profitable housing situation. There is no replacement for income.

We pay our entry level associates $75-80K, right out of college. It’s NYC area pay scale. Lower cost areas aren’t paying that kind of money.

 

[BackInTheGame78]

Probably not, but they are considered central New Jersey. They are NYC bedroom communities; not Philadelphia.



I think you are missing the point; the salaries are not equal. The “savings” that you are investing don’t exist. Instead, the smart buyer does what @RickTheToad suggested and finds more profitable housing situation. There is no replacement for income.

We pay our entry level associates $75-80K, right out of college. It’s NYC area pay scale. Lower cost areas aren’t paying that kind of money.

So do software engineers in Pittsburgh. How do I know? My friend's son just got a job there out of college.

I think you greatly overestimate the extra money you make in that area compared to other places.

 

[itouchyou]

So do software engineers in Pittsburgh. How do I know? My friend's son just got a job there out of college.

I think you greatly overestimate the extra money you make in that area compared to other places.

It is moreso the higher income in later stages of a career that people make which makes them choose cities

 

[EyeBRollin]

So do software engineers in Pittsburgh. How do I know? My friend's son just got a job there out of college.

I think you greatly overestimate the extra money you make in that area compared to other places.

Software engineers make more than my industry. NYC entry level software engineer is easily 6 figures. An old flame of mine got into it right before the pandemic and started at 120K. She lived right in Midtown Manhattan. Broad started that whole traveling city girl BS. Ironically she moved to NYC from Dallas, for “career opportunities.”

 

[SW15]

Ironically she moved to NYC from Dallas, for “career opportunities.”

That is irony because a lot of people move to Dallas for "career opportunities".

 

[oc16]

Aren't there many more single women than men in NYC ?

How is the dating scene?