FUN FACT: I put only 10% down on my apartment and pay 2,500 for both maintenance and taxes. I'm paying less to OWN a 1 bedroom in Upper Manhattan than what I paid to rent a 1 bedroom in Forest Hills, Queens.
Curbed recently just shared some statistics stating the average 1 bedroom apartment in NYC is $3,050! That is so much money to just give to someone else. In one year, you're basically throwing away $36,600!
My dad always used to tell me it's better to own than to rent (yes, I am the daughter of a real estate broker). In some markets, I don't necessarily think that's true. Some markets are over priced and their rental rates are more reasonable (I'm looking at you, Santa Cruz, CA). But in New York, it is imperative to own your own property.
Of course I'm not saying take all your savings and go into financial ruin to buy a place. First pay off your debts, save way more than a down payment (for closing costs) and THEN buy. Talk to a financial planner if you need more information.
Buying property is the best financial decision you could make (also you can paint the walls and never change them back)! If you need any real estate help, whether you live in NYC or CA or even Jakarta, I'm always available.
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About This Blog
Living that life some consider a myth: sharing my NYC lifestyle and the things that inspire me