Rent or Run!
Trying to find an affordable living space in NYC today is close to none. With prices up to $3000+ for a one bedroom depending on location. It seems that everything is going up besides your paycheck, so what’s a New Yorker to do? You could consider buying.
Owning an affordable home in NYC in my opinion could be more reasonable than shelling 3k a month. Although owning is a headache in itself- investing in something that potentially gives you a return makes it worth while. There are pros and cons in renting vs buying which Fidelity points out in the provided link…. https://www.fidelity.com/viewpoints/personal-finance/rent-vs-buy
When All Else Fails….Run!
It’s no secret that anywhere is more affordable than NYC. I find more and more family members and friends saying “ I can’t afford to live here anymore”. NYC is becoming a land for the wealthy (many might think it already is) and let’s face it; you definitely get more bang for your buck in other states. I recently visited my parents who live in Atlanta, GA where 100k+ home gets you over two bedrooms, 1000+ square feet of space, and a back yard!
“NYC is becoming a land for the wealthy”.
Living in NYC has many challenges, but it’s a place I call home. As a native from Panama I came to the U.S. in 1985 and settled in Brooklyn. I love my borough because of it’s fast pace and diversity. Eventually I plan to leave NYC for a more “slower pace”, but for now I have faith that soon I will be a homeowner and claim a stake in the American dream.