Great video! What made you decide to buy in the end? I really like renting in NYC because it’s the ceiling max price of what I pay per month and fortunately my rent has gone down vs last year. My parents keep pushing me to buy. I choose to instead just invest in stocks where I’ve seen steady growth.
@@k10158 we bought 4 years ago when it was a much more reasonable price and better interest rates. However, back then I thought since we’re not in an old building that a lot of the appliances were all good, but we didn’t expect to have to update all of them 😅 this is more of a reflection of how I don’t think it’s worth it in 2024 but it was back then for me and maybe sometime in the future again!
I purchased my 2Bed 2BA condo in Brooklyn in 2000. Prices were lower then but quality was no better. Already replaced the AC twice. What neighborhood? When I started a family we moved to the suburbs for more space.
Very rare now, but usually people that have lots of cash to just give all cash offers 😅 Still, there’s a lot of competition and offers despite the prices and interest rates!
There a lot of "buying" that doesn't make it into the data. A Quit Claim Deed is recorded by a county clerk but exchanged values is not recorded. Almost all real estate data comes from traditional deals. Some homes are inherited. Some owner financing. Some are LLCs where several people buy together. A $800k house is only $267k when you have 2 other people willing to share the house with you. For most people born in the US sharing a house is completely unacceptable. But for people coming from other countries its no big deal. We also have the growing wealth or income gap. People love to complain about the gap but the reality is there are more people getting on the high side of that too. It's not just "all" young people will never be able to own a home. Some do well for themselves. It has always been getting harder to own. The best time to buy in Manhattan was 1626. Probably cheaper before that, but no records. But ever since 1626 it's gotten harder to buy. The world population in 1626 was about 500 million and today it's about 8 billion while the size of Manhattan has stayed the same. More buyers = higher values.
Are you Team Rent vs Team Buy in NYC? How was your experience trying to buy in NYC if you did it over the past few years?
Great video! What made you decide to buy in the end? I really like renting in NYC because it’s the ceiling max price of what I pay per month and fortunately my rent has gone down vs last year. My parents keep pushing me to buy. I choose to instead just invest in stocks where I’ve seen steady growth.
@@k10158 we bought 4 years ago when it was a much more reasonable price and better interest rates. However, back then I thought since we’re not in an old building that a lot of the appliances were all good, but we didn’t expect to have to update all of them 😅 this is more of a reflection of how I don’t think it’s worth it in 2024 but it was back then for me and maybe sometime in the future again!
I purchased my 2Bed 2BA condo in Brooklyn in 2000. Prices were lower then but quality was no better. Already replaced the AC twice. What neighborhood? When I started a family we moved to the suburbs for more space.
Downtown Brooklyn! Wow, you replaced the AC twice? Didn’t realize they don’t last as long as I hoped 😅
Who are these rare breed of people who are able to buy property in new york?
Very rare now, but usually people that have lots of cash to just give all cash offers 😅
Still, there’s a lot of competition and offers despite the prices and interest rates!
There a lot of "buying" that doesn't make it into the data. A Quit Claim Deed is recorded by a county clerk but exchanged values is not recorded. Almost all real estate data comes from traditional deals. Some homes are inherited. Some owner financing. Some are LLCs where several people buy together. A $800k house is only $267k when you have 2 other people willing to share the house with you. For most people born in the US sharing a house is completely unacceptable. But for people coming from other countries its no big deal.
We also have the growing wealth or income gap. People love to complain about the gap but the reality is there are more people getting on the high side of that too. It's not just "all" young people will never be able to own a home. Some do well for themselves. It has always been getting harder to own. The best time to buy in Manhattan was 1626. Probably cheaper before that, but no records. But ever since 1626 it's gotten harder to buy. The world population in 1626 was about 500 million and today it's about 8 billion while the size of Manhattan has stayed the same. More buyers = higher values.