Watch the rest of the NYC apartment series! bit.ly/NYCApartmentSeries See my dream apartment: bit.ly/DreamApartmentNYC Thank you Vidyard for sponsoring this video! Sign up for a FREE account: www.vidyard.com/sarahfunky
*EVERYONE LISTEN TO ME CLOSELY AS A PERSON WHO WENT THROUGH COVID19 AND ESCAPED THE VIOLENCE GOING ON THERE CURRENTLY 🤧 I ESCAPED TO CONNECTICUT COME HERE INSTEAD TO STAMFORD YOU'LL BE IN NYC IN MINUTES AND MUCH CLEANER , NICER, LESS FAKE , ANTI WANNABE , AND ALL THE FAUX POLITICS LIKE THIS IS EXPLAINING TO THE AUDIENCE TRUST ME THIS GUY ISN'T GETTING ANY BUSINESS RIGHT NOW ESPECIALLY WITH 67,000 APTS EMPTY IN NYC ...BRING 400K TO CONNECTICUT AND SEE THE DIFFERENCE NYC IS BASICALLY A FIGHT TO BE KING OR QUEEN OF THE TRASHHEAP STAY AWAY FROM NYC*
@Kyng Kraken *YEAH A SUPER IN A NYCHA BUILDING 🤫🥶🤣🤣🤣🤣 LIKE HOW MUCH CREDIT DO YOU HAVE 🤣🤣 WHO IN T.F WANTS TO LIVE IN NYC NOW ESPECIALLY WHEN YOU CAN GO TO JERSEY OR CONNECTICUT LIKE ME ! PEOPLE LISTEN AGAIN DO NOT GO TO NYC THEY ARE A BUNCH VSMPIRE REAL ESTATE AGENTS*
@@DavinLewisPRO when AMERICA falls all WILL jump for joy because you exploit the blacks and native Americans. Create a upper and lower class F YOUUUUUUU.
Approx 100 miles northwest of Carnegie Square, the kind of money that a studio costs to buy, can get you a piece of land 3/4 the size of central Park.😵
@Águila701 nothing wrong with renting. and who said you have to live in Manhattan?? you ever heard of Brooklyn, Queens, Harlem, The Boogie down Bronx?? you can even live in Long Island or Jersey and take the train straight to Manhattan. 20-40 minutes tops. NYC is meant for a certain type of people and if your not that, just go and visit, Don't Stay cause we don't need you
SCORPION Same as CA. I really can’t afford any apartment or house on my salary, but by living with some family members I am able pay the cheapest rent of the city I live in and save hundreds every month.
No one ever talks about this! Thank you for this video. I’ve lived here for 13 years and looked into buying once but when i found out how much down payment and liquidity you need i was out! I’m lucky enough to live in a housing lottery apartment in the city - you should do a video on those!
What people don't understand is that many apartments are bought up by international millionaires who want to park their money. That is why the prices are so unimaginable. These prices are not meant for local shmucks who can barely afford to rent a $2500 1/bdrm.
Lets called by the real name, money laundering rich people or corporations ready to wash up their pretty money in Nyc, because in their countries is getting dangerous. Miami was build by drug lords from all over Latin America and Europe.
This is incredibly misleading. I am a regular person who has owned a few apartments in NY over the past 20 years. I have upgraded apartments each 5 years or so. First of all, the transfer taxes and flip taxes are paid for by the seller and not a buyer. I don't even come close to having or making 350K a year, nor have I ever paid that much to purchase a place. None of the banks I have ever worked with require you to have 24xs the mortgage, and I've worked with around 4 of them. Your average person is not going to purchase an apartment for 1 million dollars. Also, why not live in one of the boroughs like Brooklyn, Queens or even right across the river. I just went on the MLS and saw apartments in NY for less than $1million so I'm assuming you are looking at just a search rather than doing the search base on the number you can afford. The search for an apartment should be starting from the amount you can afford, and not just random apartments. Yes, of course you can find a studio for 2 million, probably anywhere. I think most people can't afford to buy but I know plenty of people who can afford to buy and simply don't. In general NY is a city of transplants, people who are not from NY, and a lot of folks don't think of living here long term, but yet end up staying at least 5 years. They get caught up in going out, eating out all the time, taking exercise classes in 3-4 different gyms, buying green juices every day for $10, on top of all the entertainment...All of this spending better managed could be saved towards a downpayment or a portion of it. So when you add up all of the money you spent renting for 5 years, you could have been paying a mortgage. The problem, which is no small thing, is coming up with the downpayment. Which is a real thing. However, in general people "think" they can't buy but have actually never tried or made it a goal or priority. I think a lot of it is a mentality. 1- People don't think they can own because "New York is so expensive" so they don't even try or think to take steps towards it, or 2- they are not willing to sacrifice their lifestyle. Also, there are other boroughs like Queens and some areas of Brooklyn that are more affordable. I own my place and most of my friends own their condos or Co-Ops in Brooklyn, and some of them are teachers who don't make a lot of money in "relative" terms. If you want to own a place and make a decent salary, you will find one and make it work. I realize that not everyone makes a decent salary and I am not denying that NY is not expensive because it is.
Maybe it's time for Phillip to consider starting his own real estate TH-cam channel or maybe collaborate with you on more real estate related videos. This is very informative for someone considering moving to NYC or preparing to do so.
@ Annmarie Kane: I defected from *_The Peoples Republic of 'Nuke Yuck'_* in 1995, and I never looked back! Congradulations of coming back to America! We love you! *_:D_*
Depends🤔I have a few NYC apartments I look at where the total cost of ownership including a 20 year mortgage, fees and insurance is currently in the 3k a month range.
I've owned my own apartments in Manhattan since 1987. My first one was on 55 th i paid $35,000 and had a doorman . it was a 850 sq ft one bedroom. But my hoa was $870 a month but included heat and water
@Aaron Fridays no it wasnt nyc was a dump and cheap back then. Then Republicans fixed it and made it safe now democrats are destroying it again and rents are going way down and people are running out
This guy made NYC sounded like more expensive than it is. Flip tax and mansion tax are paid by the seller! NOT the buyer! Most coop application fee is around $500 the rest is move-in deposit, which you get it back after you move in. Keep in mind most realtors are like sellers' accomplice, most of them get paid by the sellers at the closing. In order to survive in NYC you need to outsmart the realtors, outsmart the sellers!
bovnyccc operalover My rent was $2200 when I lived in Park Slope 14 years ago. (I had roommates, of course.) I can’t imagine what it costs to live there now!
@@Maki-00 Hi! Native Brooklyn it's here, and it's still crazy expensive. Wish I could move back there, but it seems that Brooklyn is even more expensive than Manhattan!
if you want to afford to buy an apartment, why not become a real estate broker/agent and sell high end properties. Commissions will be enough to cover whatever apt you want. See my comment above.
Unlike before getting a home in Los Angeles was difficult, with Burbank many clients now smile, because Burbank offer a discount on every home you buy, with $60000-180000 you can now get a home in Los Angeles with little or no agent fee nor charges, to those who can afford it.
Nice video! Thank you! I just want to add that if you are a first-time homebuyer, you can put only 3.5% of down payment. If you look the property in Brooklyn, like a one-bedroom apartment for $300K, you your downpayment will be around 10K, plus cost of closing, another $10,000. So, you need 20K in total to make a deal!!
The Harlem listing is an HDFC coop, reserved for buyers with lower income only. Furthermore, the approval process is much much more gruesome. Love your video ❤️
I have a friend who purchased a brown stone house 🏠 in Manhattan 20 ➕ yrs ago for less than 300,000 when Harlem was not desirable. A few years later when the Harlem Renaissance took place his brown stone was worth 1.5 million.
Harlem is probably back to being undesirable. So many homeless people and criminals roaming the streets now. Someone I know just moved out of Harlem bcoz of that.
Awesome video! I admire New Yorkers and their lifestyles, they're very tough and always on the go. I was born and raised in a city like NYC but I moved to the slow southern Alabama. I love it though!
I am city born and bred (London) and seriously thought I would have to leave and move to some humdrum surburb in the outer boroughs. Fortunately, that nightmare scenario never panned out.
TineyStories If you move here you can rent a room ,it’s not as hard as it looks , and you can move into renting your apartment as you get to know the city .
Love this video, very entertaining and informative. I was born and raised in Chelsea and then moved...over sea's too Astoria. I inherited my parents home. Sold it in early 2000's. Now that house is going for 2 million dollars. Smh. I thought i would never move out of NYC. I did i can't imagine moving back to the city. No way. Just subscribed love your videos.
I was planing to buy a coop for 300k , I had 150 down payment but when I realized that I will get stuck with $900 mortgage for 30 years I decided to keep renting. Life is short better to use that money for traveling
I love the vid! I think it's important to note that coops are typically more "affordable" than the "condo" (with exceptions) even though a larger down payment percentage is required (although I have seen 90% financing on certain coops allowed). Most times the flip tax for the Coop is paid by the seller. There is also the option of purchasing an HDFC Coop, which is income restricted, and they are usually more affordable but can be tricky to find/seal the deal with all the paperwork and restrictions. It's still such an intense process regardless of the coop/condo in my opinion, but if you find the right place and team to work with, it can be totally worth it! :)
Awesome episode, thanks soo much for the insight. What about doing the next episode on buying something for $350-$400k outside of Manhattan, like upstate or NJ...yewww
I live in New York and work for these high-end condos for many years and no I don’t live there and I still scratch my head while I was living there and since I left why would somebody pay so much money for just that lifestyle where you can get just about the same or even better somewhere else in the US most New Yorkers just keep up with the Joneses just like anywhere else why you need to buy a Bentley when you just need a Toyota to get to work New York City you were only paying for the brand name and that’s all concept from Back in the day there has been so much changes to the world that the lifestyle New York City gives is irrelevant know
Manhattan is not only NYC , you have Queens , Brooklyn , staten Island and Bronx and it s cheaper to buy a house and co op in the other boroughs. So consider the other BOROUGHS .
The pandemic has discouraged renting in NYC, so rents have plummeted. This puts a lot of stress on the owners of the buildings, because mortgage, taxes and maintenance costs do not decrease. Owning property in NYC is a gamble.
Harlem is hot! I was sharing/renting an apartment with two couples and the rent was jacked up so high that we moved. If I had wanted to rent another apartment in the building, I would have had to pay a rental agent 15% of the annual rent. Buying an apartment was completely out of reach. I sold apartment buildings in Manhattan in the late 1970s and people were in bidding wars for less than today’s fees.
Wait.... YOU pay a rental agent 15% ? But...the agent works for the apartment owner, no? Hah, maaaaan, people be getting fleeced. What an arse over tit idea to pay an agent a tidy sum so that you can have a roof over your head. Do they get paid twice? Once by the owner to list a property and then by you if you take a property ? In the U.K an agent is contracted by the property owner and is paid by that owner. We pay a flat rent fee, that's it, nothing else to anyone else for the privilege of a roof over our heads. (apart from the usual local Gov tax for services). Some owners don't even use an agent, you jus rent direct from them.
Gee willikers! I live in a five bedroom home in San Diego a couple miles from the beach on a ten thousand square foot lot and a pool. I bought this house for $365,000. San Diego is a pretty nice place to live. I guess if you live in New York, you can see the theaters where they used to put on shows and the restaurants where people used to eat. That must be worth something.
Just remember. You can negotiate anything. I paid $1k deposit and settled in 7 days. As long as the seller know your good you can by pass anything except the taxes.
If 1000000 leaves the city there’s still 19 million so I don’t see the death of nyc anytime soon lol just because some rich privileged people leave doesn’t mean anything... real New Yorkers are here to stay
@@LeatherCocoJune Those are the people paying the majority of the taxes in the city. Are you high? Socialism sounds nice until there's no one paying the bills for it.
Buyers agent is actually not exactly “ free” it’s just added to the asking price. Agents split a 6 percent commission, so if you decide to purchase a home without a agent resorts rig give you, you can save 3 percent off the asking price. Of course, there are exceptions.
That’s why the majority of New Yorkers after get married and have kids move to suburbs. Here we can afford a nice house, better schools and take a train to work in the city.
OMG there are so many different fees I didn't even know about! As a teenager I always thought I'd move to NYC, but now as an adult I couldn't even imagine it 😂
I agree but this is just an alternative compared to the midwest. Alot of ppl might think the area your talking about is too slow....Also, ALL home prices is based on nothing more than supply and demand. The demand is much higher in NY then on the area where the land is 100k for 10 Acres
1 in 37 live in NYC and 1 in 20 are millionaires? 😳 and you’ll need a minimum of $377,250 in cash to buy a Co-op 1 bedroom. Hey, New Yorkers, y’all can buy a whole house with acreage in Texas (and elsewhere) and have NO MORTGAGE!
that's what they're doing and that's why my friend is looking for a home close to Dallas and can't find aaaaanything good under $700k, in previous years she'd get mansion with that money there. Same with Austin, many places in NC. Yes, people move out of CA and NY but to places where tech is also blooming, so there goes your cheap housing.
US$3200 per month average for a 1-bedroom apartment... that's NZ$1110 per week. We do weekly rentals in NZ. $1110 here in NZ would get you a 4 bedroom house in a very nice suburb in Auckland. With no COVID. Yeah, I'm staying put.
I paid 230,00 for a huge home on 5 acres, 5 minutes from the beach. While living in NYC may be nice, there's no way I would pay so much to live there. Ridiculous.
I keep watching all these NY apartment videos to remind myself never to move back! One day, I hope to visit again and enjoy NYC as a tourist without having to pay the expense of living there!
Maki You probably won’t as long as De Blasio is still running things. Most likely, everything will rise in price. Going to a 3 star restaurant will probably cost $40 for one decent meal.
I bought an apartment in the Bronx. One bedroom. I paid 82K all cash. 90K with closing costs and lawyer fees. I ate the neighborhood but LOVE my apartment and the location. I'm steps away from 2 major subways. I lived in Kew Gardens. Nicer neighborhood but I was a 20 minute to the subway. I'm happier in the Bronx.
It’s crazy expensive. Everyone has an attorney also so you get hit with lots of charges for them. My daughter bought a two bed/2 bath with an actual dining room (1400sqft) in Manhattan (the size of an average small home in the NE) 2 yrs ago. It was crazy expensive and complex. It took about a month even though the bank had no issues on day one. Her husband has been offered a job in Monoco ( a country that is extremely tiny attached to France which is even more expensive than NYC. . The price of rental property has fallen in the past few months so they won’t be able to charge enough rent not to lose thousands every month so even if he made over a million a year he would be underwater. They have no other debt. You need to have about $10 mil to be comfortable buying anything in parts of the city. If you are just eking by on the purchase you should think twice. Almost every 10 years something big happens or changes in the city. On 9/11 he was working in one of the world trade buildings that collapsed that afternoon and his apartment was close by so he wasn’t able to go back to his apartment and even then only for less than a hour to grab important things. He then had to commute to Connecticut because there was n’t available space in midtown for most of the financial district to move there. He ended up on the road 3 hrs a day added to his 10 hrs of actual work. Extremely traumatizing. He was lucky - a relative who worked for Cantor Fitzgerald died when the plane plunged directly into their offices. In 2008 the markets plunged which brought on a major recession that lasted years and now this. I sold my home and now rent a studio that is over $5,000 mo - some rents are actually $120,000 mo so what I’m paying is considered inexpensive. My payments on my home that I bought decades earlier was less than $1,000 but taxes skyrocketed and maintenance was insanely expensive. Something needs to give in the entire property market and the city needs rent controls again. With the rent plunges right now I can move to a larger/less expensive apt in my neighborhood but I will be gouged again in a year. I’m not tied down with ownership. Renting is a much better deal in the long run here even though it feels like you are just tossing money away. I recently sold my car but parking wasanother $600+ monthly. The city will come back stronger than ever but I may just buy a fixer upper in rural France. Property is really inexpensive there right now. That said I have toddler granddaughters so I’ll go where they go and schlep my piano along to maintain my sanity. Perhaps I can get a memory foam topper and just sleep on it.
I'm renting a big house with a garden in the best part of the city, right next to a park with a nice view for about 1k USD. I manage to invest at least half of my salary every month. And I'm just a PhD student... I live in Ireland. Just chilling, doing my research, noone is rushing anywhere... NYC souds crazy. I'd visit just for the experience though.
I'm from NY but still have family there so I like to visit at least twice a year. Hotels are expensive. We found a pied a terre in the South Bronx which is going through redevelopment. I love, love, love my studio co-op on Grand Concourse. It cost us $165K. Eventually would like to spend a third of the year in NY.
So this is wrong. Buyers don't pay flip tax. Flip tax is normally paid by sellers. By the way there are a lot more cost when getting a mortgage. Now you also have to pay the bank attorney, mortgage tax, and when you put less than 20% down you need to pay PMI that is why very few people put less than 20% down.
I lived here all my life so far I haven't seen any drops in the reds I've been looking myself because I don't like the building I live in but Anything I'll toss a note
Never use a buyer agent. They take part of the commission from the sale and you could've gotten a lower price just by dealing with the seller's agent. Buyer agents are NOT free!
Buyer agents are free for buyers. They represent you and work in your interest to get you the lowest price possible. If they do so you'll use them again for future purchases. Seller's agents represent the buyer and want the highest price, they don't care about the buyer they only want what's best for the seller.
@@blazehunter8173 Not true at all. Who do you think is paying the seller and buyer agents? The buyer is. The buying agent is actually incentivized to get the highest price possible because he or she would get more commission. I've dealt with many agents and that's how it works. They do this to make money when they do not have any listings for sale themselves.
@@giantsizecomics um no. Did you not watch the video. The seller pays the both the buyer agent and the seller agent. If you have a buyer agent who is not working for your best interests then fire him/her and hire a buyer agent who is serious about getting you the lowest price possible. Once again the SELLER pays for the buyer agent's commission and also the seller's agent. He pays 6% of the property's value at closing. Usually both the buyer and seller split 6% meaning they both get 3% equally. Note: Sometimes the seller pays 5%
@@blazehunter8173 No. The buyer pays the seller then the seller pays the agents. Essentially, the buyer is paying both of the agents. If less agents were involved in the transaction then the buyer could get a lower price due to the less commission needed to be paid out. Listen, if you want to pay a buying broker do it. It's a waste of money but if you think they "help" you, I think you're completely wrong. I'm in the real estate business and I know how real estate agents work. The buyer pays the seller then from the buyer's money for the purchase of the property, the agents are paid. Do what you want, just know who REALLY pays these agents.
@@giantsizecomics lmao no it doesn't matter. The buyer is paying for the price of the property. From the price of the property the seller will pay 6% to the seller's agent. If there is a buyer's agent the price will be split 3% by 3%. You just admitted that the seller pays the buyer's agent. If there is no buyer agent the seller's agent will get paid the total 6%. He doesn't care about the buyer because he is representing the seller and is looking for the highest price possible. He is motivated to raise the price to please his client and to put more money in his pocket. A good buyer's agent would be able to negotiate to get a lower price. Without representing you (as a buyer) don't look "serious" to a seller's agent. The seller's agent would rather take advantage of you and "try" to give you a good deal so that he can get a larger commission. The buyer's agent is incentivized to get the lowest price offer to get futuee referrals from you the buyer and to continue networking and getting future leads.
You're talking about the old days prior to the plandemic, rioting and looting. Now, hundreds of thousands have fled due to the depression which has hit the city with thousands of stores and restaurants closed and the crime rate which is out of control as it was back in the pre-Guliani days. It's not clear why anyone would still want to live in NYC since the powers to be such as DeBlasio and the Democratic Pary have destroyed the best parts of living in NYC. Of course, real estate prices are down substantially.
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This was a great video, thanks Sarah! It was super helpful to see the true cost broken down!
This makes no sense. You basicly work to pay your rent, that is insane. $3200,- for a one bedroom apartment is not a normal price to ask. Also due to the fact that the state of the apartments is very bad most of the times. My god luckely I dont live in NY and being ripped off big time.
NO! The average house/flat cost in New York Manhattan is $94,000.00. We need to understand that Money/Cash/Currencies are not a storage of value. Gold is. People who are ''rich'' they measure everything in GOLD. I've only set foot on American soil once but I do own a Manhattan flat, paid in full 8 years ago market cost $1.4mil, Real Price I probably paid $130k at that time in Gold. The USD $$ has lost most of it's value hence properties are more expensive, in reality properties prices don't fluctuate too much but the Inflation does, since 1950 USD $ has seen an accumulative inflation of 975.1% which makes the USD $ a worthless currency.
Adrian I agree. The reason we have had such increases in price is because of dollar devaluation. We have not been backed by gold since 1971. Every billionaire and multimillionaire in this country are “wealthy” due to inflation, fiat currency, and fake market surges.
The average figure of $38,000 is extremely misleading because some very high priced apartments at the top skew it way higher than it is. The median rent is much less. The median salary of an entire family of 4 in public housing is less than $30k TOTAL, and 5%-10% of all New Yorkers live in public housing.
Gotta admit costs are crazy, but depends how you look at it - I live in Switzerland, city of 400k people (one of the bigest cities in CH - Zurich) and here IN THE CITY, you won't find a 2-3BR apartment below $2.5-4M, so there is that... Also everything is dead and closed on Sunday, and all the shops closes at 8pm on weekdays :D Here also 70% of people rent for life, there is no pressure on buying, you don't have to own, that's it.
10:58 The numbers are on the high side because the unit is a condo and not a coop. So you don’t need the full 20% down payment, closing liquidity, coop application fee, etc. Also, I recommend never buying into a coop. Only buy condos.
Dear Sarah with over 8 million people in NY you can charge what you want. With that many people living there you can find someone who can afford to buy an apartment.
My husband and I bought a studio apartment year 2006. We do not have kids so it is comfortable size for us. It costs $78,000 but we had to renovate it. We put 20% down payment and paid off within 5 years. We took 5 years because we both had student loans but we accomplished and paid them off within 5 years too. Our income is average, but we could save money because maintenance is only $300. We renovated everything by ourselves except the bathroom. We hired a professional and shopped materials at Home Depot. All total we paid was $10,000 for bathroom. We spent only $3,000 for renovation our studio apartment. We live near Verrazano bridge which is close to Brooklyn. I like Staten Island because it is much cleaner than Queens and Brooklyn. I just want to tell people that may be you buy a small apartment and try to save rather than buy big place and obligate to pay interest for 15 years- 30 years or work so hard just to pay mortgage. We can actually sell this studio and buy a bigger one but we are 50 years old and we do not want to start over again, but would rather invest in stocks and save for retirement.
Dear Sarah, if you are able to have also some savings, you had better put it into gold. Dollar is becoming worthless. I hope you are aware of fractional reserve banking of commercial banks and monetary activities conducted by the FED which eventually is taking purchasing power of a dollar. So any person working hard for their money is being taxed by inflation.
Rentals and property prices in Manhattan are in sharp decline right now and will be free falling after the summer is up. Almost all my friendship group have already left or are planning on leaving crime-ridden and rat infested NYC. On a positive note, renters will be able to save more of their salaries because of reduced rent, to go towards a downpayment on an apartment. It will be a buyers market in 2021.
@@mrmikeyd2 Not true I work in Midtown and am in the office a couple of times a week, the landscape has truly changed with junkies, homeless and shady characters taking it over. The lease on our apartment runs out next month, never seen such good deals on nice duplexes in UES. Only sticking around because my wife's job cannot be done remotely, otherwise we would have escaped upstate months ago.
So basically you would realistically need 2m to buy and keep a 1m apartment.... Filp tax, mansion tax... Wow monthly tax 4.800....ive a funny feeling ill never get to live there.... Greatest place on earth.... Great clip as usual.... Keep posting keep safe.
Watch the rest of the NYC apartment series! bit.ly/NYCApartmentSeries
See my dream apartment: bit.ly/DreamApartmentNYC
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*EVERYONE LISTEN TO ME CLOSELY AS A PERSON WHO WENT THROUGH COVID19 AND ESCAPED THE VIOLENCE GOING ON THERE CURRENTLY 🤧 I ESCAPED TO CONNECTICUT COME HERE INSTEAD TO STAMFORD YOU'LL BE IN NYC IN MINUTES AND MUCH CLEANER , NICER, LESS FAKE , ANTI WANNABE , AND ALL THE FAUX POLITICS LIKE THIS IS EXPLAINING TO THE AUDIENCE TRUST ME THIS GUY ISN'T GETTING ANY BUSINESS RIGHT NOW ESPECIALLY WITH 67,000 APTS EMPTY IN NYC ...BRING 400K TO CONNECTICUT AND SEE THE DIFFERENCE NYC IS BASICALLY A FIGHT TO BE KING OR QUEEN OF THE TRASHHEAP STAY AWAY FROM NYC*
@Kyng Kraken *YEAH A SUPER IN A NYCHA BUILDING 🤫🥶🤣🤣🤣🤣 LIKE HOW MUCH CREDIT DO YOU HAVE 🤣🤣 WHO IN T.F WANTS TO LIVE IN NYC NOW ESPECIALLY WHEN YOU CAN GO TO JERSEY OR CONNECTICUT LIKE ME ! PEOPLE LISTEN AGAIN DO NOT GO TO NYC THEY ARE A BUNCH VSMPIRE REAL ESTATE AGENTS*
@Jeffery White *WHO IN T.F IS STILL IN NYC AT THIS POINT BUT THE DOWNTRODDEN 🤫🤣🤣🤣🤣👍🏾*
@Kyng Kraken *NYC BEFORE COVID19 WAS ALL ABOUT RACISM FROM MOST OF TIME A BUNCH OF LOSERS LIVING 18 TO AN APT*
@@DavinLewisPRO when AMERICA falls all WILL jump for joy because you exploit the blacks and native Americans. Create a upper and lower class F YOUUUUUUU.
I'm done with NY. This city is just too expensive and so many taxes.
Approx 100 miles northwest of Carnegie Square, the kind of money that a studio costs to buy, can get you a piece of land 3/4 the size of central Park.😵
My favorite tax that he mentioned was the "Mansion Tax". A 1 bedroom apartment has to pay a MANSION TAX!
@Águila701 I'm thinking Pennsylvania. My company is still based in nyc I need to be at least in driving distance.
@Águila701 But you go out to eat at a fancy restaurant filled with cockroaches, so there is that, lol
@Águila701 nothing wrong with renting. and who said you have to live in Manhattan?? you ever heard of Brooklyn, Queens, Harlem, The Boogie down Bronx?? you can even live in Long Island or Jersey and take the train straight to Manhattan. 20-40 minutes tops. NYC is meant for a certain type of people and if your not that, just go and visit, Don't Stay cause we don't need you
When I thought people wasted money in Las Vegas, New York City has us beat and there's not a single casino in sight.
SCORPION Same as CA. I really can’t afford any apartment or house on my salary, but by living with some family members I am able pay the cheapest rent of the city I live in and save hundreds every month.
@@taoist32 wish I can do that so i can actually save up to buy my house
Actually there is one out by the race track in queens.....
We have one casino in ALL of NYC; Resorts World in Queens, NY.
No one ever talks about this! Thank you for this video. I’ve lived here for 13 years and looked into buying once but when i found out how much down payment and liquidity you need i was out! I’m lucky enough to live in a housing lottery apartment in the city - you should do a video on those!
Same here! And I got Section 8...LOVE IT!
The discussion alone gives me anxiety , so I don’t wanna imagine the real emotions people in the process go through! 💆🏽♀️
What people don't understand is that many apartments are bought up by international millionaires who want to park their money. That is why the prices are so unimaginable. These prices are not meant for local shmucks who can barely afford to rent a $2500 1/bdrm.
Lets called by the real name, money laundering rich people or corporations ready to wash up their pretty money in Nyc, because in their countries is getting dangerous. Miami was build by drug lords from all over Latin America and Europe.
"Park their money"? You mean to invest?
This is incredibly misleading. I am a regular person who has owned a few apartments in NY over the past 20 years. I have upgraded apartments each 5 years or so. First of all, the transfer taxes and flip taxes are paid for by the seller and not a buyer. I don't even come close to having or making 350K a year, nor have I ever paid that much to purchase a place. None of the banks I have ever worked with require you to have 24xs the mortgage, and I've worked with around 4 of them. Your average person is not going to purchase an apartment for 1 million dollars. Also, why not live in one of the boroughs like Brooklyn, Queens or even right across the river. I just went on the MLS and saw apartments in NY for less than $1million so I'm assuming you are looking at just a search rather than doing the search base on the number you can afford. The search for an apartment should be starting from the amount you can afford, and not just random apartments. Yes, of course you can find a studio for 2 million, probably anywhere.
I think most people can't afford to buy but I know plenty of people who can afford to buy and simply don't. In general NY is a city of transplants, people who are not from NY, and a lot of folks don't think of living here long term, but yet end up staying at least 5 years. They get caught up in going out, eating out all the time, taking exercise classes in 3-4 different gyms, buying green juices every day for $10, on top of all the entertainment...All of this spending better managed could be saved towards a downpayment or a portion of it. So when you add up all of the money you spent renting for 5 years, you could have been paying a mortgage. The problem, which is no small thing, is coming up with the downpayment. Which is a real thing. However, in general people "think" they can't buy but have actually never tried or made it a goal or priority. I think a lot of it is a mentality. 1- People don't think they can own because "New York is so expensive" so they don't even try or think to take steps towards it, or 2- they are not willing to sacrifice their lifestyle. Also, there are other boroughs like Queens and some areas of Brooklyn that are more affordable. I own my place and most of my friends own their condos or Co-Ops in Brooklyn, and some of them are teachers who don't make a lot of money in "relative" terms.
If you want to own a place and make a decent salary, you will find one and make it work. I realize that not everyone makes a decent salary and I am not denying that NY is not expensive because it is.
Maybe it's time for Phillip to consider starting his own real estate TH-cam channel or maybe collaborate with you on more real estate related videos. This is very informative for someone considering moving to NYC or preparing to do so.
Sure, but everyone is moving out of NYC these days.
Left NYC 20 years ago and never looked back.
New york city replied, got rid of Annmarie Kane 20 years ago, thank god she hasn't returned........good riddance
@ Annmarie Kane:
I defected from *_The Peoples Republic of 'Nuke Yuck'_* in 1995, and I never looked back!
Congradulations of coming back to America! We love you! *_:D_*
I did too almost 18 years ago,born& raised in Brooklyn lived there 38 years it's becoming a dump
Smart. 09-11 cleared 1000s out too. I would not live or work in NY after 2000. No %=÷× way...
@@DavidLLambertmobile :
My question: why haven't we blown up the Hadji's stuff after what they did!?! *_>:(_*
I am 18 y/o but still watching this video.
Nyc is crazy and people like me are crazy for nyc.
Its cheaper to stay in a $600 a day hotel than own a co OP or apartment
Many B-list celebrities living in NYC actually did this several years ago, and might still do
But they do have rent controls
Depends🤔I have a few NYC apartments I look at where the total cost of ownership including a 20 year mortgage, fees and insurance is currently in the 3k a month range.
@@ZachATL For ownership, that would be a pretty good deal.
@@cashed-out2192 yea but it's a yr long wait list😒
I've owned my own apartments in Manhattan since 1987. My first one was on 55 th i paid $35,000 and had a doorman . it was a 850 sq ft one bedroom. But my hoa was $870 a month but included heat and water
Wow was that a deal? I wonder what the cost and fees would be in today's numbers.
@Aaron Fridays no it wasnt nyc was a dump and cheap back then. Then Republicans fixed it and made it safe now democrats are destroying it again and rents are going way down and people are running out
All the boomers have everything and left nothing for other generations. Oh well.
This guy made NYC sounded like more expensive than it is. Flip tax and mansion tax are paid by the seller! NOT the buyer! Most coop application fee is around $500 the rest is move-in deposit, which you get it back after you move in. Keep in mind most realtors are like sellers' accomplice, most of them get paid by the sellers at the closing. In order to survive in NYC you need to outsmart the realtors, outsmart the sellers!
I thought Los Angeles was overpriced until I watched this video!
I mean Thank God for Molalla Oregon kinda canby oregon. Wow My Father In-law is President Micah Trump. 😮
NYC is not only Manhattan. The outer boroughs are much more affordable if you don't move to the highly gentrified areas like Park Slope in Brooklyn.
bovnyccc operalover My rent was $2200 when I lived in Park Slope 14 years ago. (I had roommates, of course.) I can’t imagine what it costs to live there now!
@@Maki-00 Hi! Native Brooklyn it's here, and it's still crazy expensive. Wish I could move back there, but it seems that Brooklyn is even more expensive than Manhattan!
There is and old saying what goes up must go come down.
Rent and real estate prices in NYC have not gone down despite the pandemic and so many people leaving the city, losing their jobs, etc.
Impossibe, overpopulation is accelerating.
So glad we found the apartment we liked! But man, it is waaaaaay too expensive to just buy one. So many fees!
In a weird way, COVID might actually help us out a bit. Rent prices are already down a good amount.
@@SausyGuyFinn yeah that's true!
if you want to afford to buy an apartment, why not become a real estate broker/agent and sell high end properties. Commissions will be enough to cover whatever apt you want. See my comment above.
Pizza Rules And where would you live while training and testing to get the real estate license?
Unlike before getting a home in Los Angeles was difficult, with Burbank many clients now smile, because Burbank offer a discount on every home you buy, with $60000-180000 you can now get a home in Los Angeles with little or no agent fee nor charges, to those who can afford it.
This is insane, the minimum rent is more than twice my monthly wage.
Yet, I actually own my own home! It's all about location location location ...
and living within one's means
Nice video! Thank you! I just want to add that if you are a first-time homebuyer, you can put only 3.5% of down payment. If you look the property in Brooklyn, like a one-bedroom apartment for $300K, you your downpayment will be around 10K, plus cost of closing, another $10,000. So, you need 20K in total to make a deal!!
Petr Butkarev That’s a much better deal than a million dollar single bedroom apartment with $500,000 in fees.
The Harlem listing is an HDFC coop, reserved for buyers with lower income only. Furthermore, the approval process is much much more gruesome. Love your video ❤️
I love this guy!!! You should do a whole series with him, like an "apartment tours" series or something ☺️
METOO! mͫeͤtͭoͦoͦ!
True! He shared so many insights!
He's so dramatic though 🤣
I have a friend who purchased a brown stone house 🏠 in Manhattan 20 ➕ yrs ago for less than 300,000 when Harlem was not desirable. A few years later when the Harlem Renaissance took place his brown stone was worth 1.5 million.
Harlem is probably back to being undesirable. So many homeless people and criminals roaming the streets now. Someone I know just moved out of Harlem bcoz of that.
@@heliophitravelvlog your friend moving out of Harlem does not make Harlem undesirable.
Awesome video! I admire New Yorkers and their lifestyles, they're very tough and always on the go. I was born and raised in a city like NYC but I moved to the slow southern Alabama. I love it though!
Sweet home Alabama.
I am city born and bred (London) and seriously thought I would have to leave and move to some humdrum surburb in the outer boroughs. Fortunately, that nightmare scenario never panned out.
I used to dream of working and living in New York. Watching Sarah’s apartment series is sobering. 🙈😅
TineyStories If you move here you can rent a room ,it’s not as hard as it looks , and you can move into renting your apartment as you get to know the city .
Love this video, very entertaining and informative. I was born and raised in Chelsea and then moved...over sea's too Astoria. I inherited my parents home. Sold it in early 2000's. Now that house is going for 2 million dollars. Smh. I thought i would never move out of NYC. I did i can't imagine moving back to the city. No way. Just subscribed love your videos.
I was planing to buy a coop for 300k , I had 150 down payment but when I realized that I will get stuck with $900 mortgage for 30 years I decided to keep renting. Life is short better to use that money for traveling
I love the vid! I think it's important to note that coops are typically more "affordable" than the "condo" (with exceptions) even though a larger down payment percentage is required (although I have seen 90% financing on certain coops allowed). Most times the flip tax for the Coop is paid by the seller. There is also the option of purchasing an HDFC Coop, which is income restricted, and they are usually more affordable but can be tricky to find/seal the deal with all the paperwork and restrictions. It's still such an intense process regardless of the coop/condo in my opinion, but if you find the right place and team to work with, it can be totally worth it! :)
Awesome episode, thanks soo much for the insight. What about doing the next episode on buying something for $350-$400k outside of Manhattan, like upstate or NJ...yewww
One can still find $350-$400k places in Manhattan if need be.
I live in New York and work for these high-end condos for many years and no I don’t live there and I still scratch my head while I was living there and since I left why would somebody pay so much money for just that lifestyle where you can get just about the same or even better somewhere else in the US most New Yorkers just keep up with the Joneses just like anywhere else why you need to buy a Bentley when you just need a Toyota to get to work New York City you were only paying for the brand name and that’s all concept from Back in the day there has been so much changes to the world that the lifestyle New York City gives is irrelevant know
Manhattan is not only NYC , you have Queens , Brooklyn , staten Island and Bronx and it s cheaper to buy a house and co op in the other boroughs. So consider the other BOROUGHS .
The pandemic has discouraged renting in NYC, so rents have plummeted. This puts a lot of stress on the owners of the buildings, because mortgage, taxes and maintenance costs do not decrease. Owning property in NYC is a gamble.
Harlem is hot! I was sharing/renting an apartment with two couples and the rent was jacked up so high that we moved. If I had wanted to rent another apartment in the building, I would have had to pay a rental agent 15% of the annual rent. Buying an apartment was completely out of reach. I sold apartment buildings in Manhattan in the late 1970s and people were in bidding wars for less than today’s fees.
Wait.... YOU pay a rental agent 15% ? But...the agent works for the apartment owner, no?
Hah, maaaaan, people be getting fleeced. What an arse over tit idea to pay an agent a tidy sum so that you can have a roof over your head. Do they get paid twice? Once by the owner to list a property and then by you if you take a property ?
In the U.K an agent is contracted by the property owner and is paid by that owner. We pay a flat rent fee, that's it, nothing else to anyone else for the privilege of a roof over our heads. (apart from the usual local Gov tax for services). Some owners don't even use an agent, you jus rent direct from them.
Gee willikers! I live in a five bedroom home in San Diego a couple miles from the beach on a ten thousand square foot lot and a pool. I bought this house for $365,000. San Diego is a pretty nice place to live.
I guess if you live in New York, you can see the theaters where they used to put on shows and the restaurants where people used to eat. That must be worth something.
When did you buy it? Must have been a long time ago for that price
144 street. Ghetto, drugs, gun fire, gangs. Stay away
Just remember. You can negotiate anything. I paid $1k deposit and settled in 7 days. As long as the seller know your good you can by pass anything except the taxes.
with people leaving like crazy the prices will be dropping a ton. Way too much crime again like back in the 80s
If 1000000 leaves the city there’s still 19 million so I don’t see the death of nyc anytime soon lol
just because some rich privileged people leave doesn’t mean anything... real New Yorkers are here to stay
@@LeatherCocoJune Awe that's cute! Maybe some more sewer rats to add to the crime!
@@LeatherCocoJune Those are the people paying the majority of the taxes in the city. Are you high? Socialism sounds nice until there's no one paying the bills for it.
WOW, at least in LA you get space! All of these "taxes" are just ridiculous.
Buyers agent is actually not exactly “ free” it’s just added to the asking price. Agents split a 6 percent commission, so if you decide to purchase a home without a agent resorts rig give you, you can save 3 percent off the asking price. Of course, there are exceptions.
That’s why the majority of New Yorkers after get married and have kids move to suburbs. Here we can afford a nice house, better schools and take a train to work in the city.
Emma Pantoja yup!
Loving this series and bringing transparency to a crazy market!
Thanks Vanesha!
Honestly always wondered can’t wait to watch!!
OMG there are so many different fees I didn't even know about! As a teenager I always thought I'd move to NYC, but now as an adult I couldn't even imagine it 😂
You can rent and /or purchase affordable apartments...just go looking for them and you'll find plenty.
Pizza Rules Sure, the Ghetto areas are always nice.
No thank you! I'm good going out to the Midwest where I can get 10+ ACRES for 50k-100k...
@ Miguel I wanna come with! LOL
Facts 👏🏼
I agree but this is just an alternative compared to the midwest. Alot of ppl might think the area your talking about is too slow....Also, ALL home prices is based on nothing more than supply and demand. The demand is much higher in NY then on the area where the land is 100k for 10 Acres
Mott haven is one of the best places to buy in NYC right now. that's new builds not old clapped out buildings!
So much useful information Sarah! Thank you for explaining!
That money is going to the mob.
1 in 37 live in NYC and 1 in 20 are millionaires? 😳 and you’ll need a minimum of $377,250 in cash to buy a Co-op 1 bedroom. Hey, New Yorkers, y’all can buy a whole house with acreage in Texas (and elsewhere) and have NO MORTGAGE!
that's what they're doing and that's why my friend is looking for a home close to Dallas and can't find aaaaanything good under $700k, in previous years she'd get mansion with that money there. Same with Austin, many places in NC. Yes, people move out of CA and NY but to places where tech is also blooming, so there goes your cheap housing.
US$3200 per month average for a 1-bedroom apartment... that's NZ$1110 per week. We do weekly rentals in NZ. $1110 here in NZ would get you a 4 bedroom house in a very nice suburb in Auckland. With no COVID. Yeah, I'm staying put.
His French nails are on point!
Brilliant video! I love it. I learnt a lot. But these prices ... OMG!!! lol .... Thanks for sharing!
I paid 230,00 for a huge home on 5 acres, 5 minutes from the beach. While living in NYC may be nice, there's no way I would pay so much to live there. Ridiculous.
I keep watching all these NY apartment videos to remind myself never to move back! One day, I hope to visit again and enjoy NYC as a tourist without having to pay the expense of living there!
Maki You probably won’t as long as De Blasio is still running things. Most likely, everything will rise in price. Going to a 3 star restaurant will probably cost $40 for one decent meal.
I bought an apartment in the Bronx. One bedroom. I paid 82K all cash. 90K with closing costs and lawyer fees. I ate the neighborhood but LOVE my apartment and the location. I'm steps away from 2 major subways. I lived in Kew Gardens. Nicer neighborhood but I was a 20 minute to the subway. I'm happier in the Bronx.
The video was great thanks it'll be so good if you make a video about process and costs of rent in NYC too.
You could buy a 5 bedroom, 3000 SF house where I live for that amount. Guess it just depends on what you want in life.
It’s crazy expensive. Everyone has an attorney also so you get hit with lots of charges for them. My daughter bought a two bed/2 bath with an actual dining room (1400sqft) in Manhattan (the size of an average small home in the NE) 2 yrs ago. It was crazy expensive and complex. It took about a month even though the bank had no issues on day one. Her husband has been offered a job in Monoco ( a country that is extremely tiny attached to France which is even more expensive than NYC. . The price of rental property has fallen in the past few months so they won’t be able to charge enough rent not to lose thousands every month so even if he made over a million a year he would be underwater. They have no other debt. You need to have about $10 mil to be comfortable buying anything in parts of the city. If you are just eking by on the purchase you should think twice. Almost every 10 years something big happens or changes in the city. On 9/11 he was working in one of the world trade buildings that collapsed that afternoon and his apartment was close by so he wasn’t able to go back to his apartment and even then only for less than a hour to grab important things. He then had to commute to Connecticut because there was n’t available space in midtown for most of the financial district to move there. He ended up on the road 3 hrs a day added to his 10 hrs of actual work. Extremely traumatizing. He was lucky - a relative who worked for Cantor Fitzgerald died when the plane plunged directly into their offices. In 2008 the markets plunged which brought on a major recession that lasted years and now this. I sold my home and now rent a studio that is over $5,000 mo - some rents are actually $120,000 mo so what I’m paying is considered inexpensive. My payments on my home that I bought decades earlier was less than $1,000 but taxes skyrocketed and maintenance was insanely expensive. Something needs to give in the entire property market and the city needs rent controls again. With the rent plunges right now I can move to a larger/less expensive apt in my neighborhood but I will be gouged again in a year. I’m not tied down with ownership. Renting is a much better deal in the long run here even though it feels like you are just tossing money away. I recently sold my car but parking wasanother $600+ monthly. The city will come back stronger than ever but I may just buy a fixer upper in rural France. Property is really inexpensive there right now. That said I have toddler granddaughters so I’ll go where they go and schlep my piano along to maintain my sanity. Perhaps I can get a memory foam topper and just sleep on it.
Just write a book.
too much information here and nobody really cares.
Great video with an expert. A follow up to this in a couple months showing how apartment costs have changed over the virus would be good.
I'm renting a big house with a garden in the best part of the city, right next to a park with a nice view for about 1k USD. I manage to invest at least half of my salary every month. And I'm just a PhD student... I live in Ireland. Just chilling, doing my research, noone is rushing anywhere... NYC souds crazy. I'd visit just for the experience though.
@ Belfast
I'm from NY but still have family there so I like to visit at least twice a year. Hotels are expensive. We found a pied a terre in the South Bronx which is going through redevelopment. I love, love, love my studio co-op on Grand Concourse. It cost us $165K. Eventually would like to spend a third of the year in NY.
Good for you...Grand Concourse has some great Art Deco buildings.. Enjoy your apartment.
@@nasdaqua yes and you get a lot of space. More than new builds. Thank you.
You need to be as rich as Madonna or Anna Wintour to own land on this island.
He is literally sipping tea, lol I'm in love with Phillip!
Great stuff so true. Appreciate sharing this. It’s a great video
So this is wrong. Buyers don't pay flip tax. Flip tax is normally paid by sellers. By the way there are a lot more cost when getting a mortgage. Now you also have to pay the bank attorney, mortgage tax, and when you put less than 20% down you need to pay PMI that is why very few people put less than 20% down.
I heard rent got cheaper due to COVID and people leaving. But idc I’m ready to hustle to live in NYC
I lived here all my life so far I haven't seen any drops in the reds I've been looking myself because I don't like the building I live in but Anything I'll toss a note
This was amazing.. And very informative. 🥰 Great video x
Never use a buyer agent. They take part of the commission from the sale and you could've gotten a lower price just by dealing with the seller's agent. Buyer agents are NOT free!
Buyer agents are free for buyers. They represent you and work in your interest to get you the lowest price possible. If they do so you'll use them again for future purchases. Seller's agents represent the buyer and want the highest price, they don't care about the buyer they only want what's best for the seller.
@@blazehunter8173 Not true at all. Who do you think is paying the seller and buyer agents? The buyer is. The buying agent is actually incentivized to get the highest price possible because he or she would get more commission. I've dealt with many agents and that's how it works. They do this to make money when they do not have any listings for sale themselves.
@@giantsizecomics um no. Did you not watch the video. The seller pays the both the buyer agent and the seller agent. If you have a buyer agent who is not working for your best interests then fire him/her and hire a buyer agent who is serious about getting you the lowest price possible.
Once again the SELLER pays for the buyer agent's commission and also the seller's agent. He pays 6% of the property's value at closing. Usually both the buyer and seller split 6% meaning they both get 3% equally.
Note:
Sometimes the seller pays 5%
@@blazehunter8173 No. The buyer pays the seller then the seller pays the agents. Essentially, the buyer is paying both of the agents. If less agents were involved in the transaction then the buyer could get a lower price due to the less commission needed to be paid out.
Listen, if you want to pay a buying broker do it. It's a waste of money but if you think they "help" you, I think you're completely wrong. I'm in the real estate business and I know how real estate agents work.
The buyer pays the seller then from the buyer's money for the purchase of the property, the agents are paid.
Do what you want, just know who REALLY pays these agents.
@@giantsizecomics lmao no it doesn't matter. The buyer is paying for the price of the property. From the price of the property the seller will pay 6% to the seller's agent. If there is a buyer's agent the price will be split 3% by 3%. You just admitted that the seller pays the buyer's agent.
If there is no buyer agent the seller's agent will get paid the total 6%. He doesn't care about the buyer because he is representing the seller and is looking for the highest price possible. He is motivated to raise the price to please his client and to put more money in his pocket.
A good buyer's agent would be able to negotiate to get a lower price. Without representing you (as a buyer) don't look "serious" to a seller's agent. The seller's agent would rather take advantage of you and "try" to give you a good deal so that he can get a larger commission.
The buyer's agent is incentivized to get the lowest price offer to get futuee referrals from you the buyer and to continue networking and getting future leads.
Actual facts and experience and numbers unlike so many real estate videos. Thank you!!!!
I live in NYC and I'm learning so much!!!!!
You're talking about the old days prior to the plandemic, rioting and looting. Now, hundreds of thousands have fled due to the depression which has hit the city with thousands of stores and restaurants closed and the crime rate which is out of control as it was back in the pre-Guliani days. It's not clear why anyone would still want to live in NYC since the powers to be such as DeBlasio and the Democratic Pary have destroyed the best parts of living in NYC. Of course, real estate prices are down substantially.
This was a great video, thanks Sarah! It was super helpful to see the true cost broken down!
This makes no sense. You basicly work to pay your rent, that is insane. $3200,- for a one bedroom apartment is not a normal price to ask. Also due to the fact that the state of the apartments is very bad most of the times. My god luckely I dont live in NY and being ripped off big time.
Flip Tax. Mansion Tax. That's why everyone's leaving.
But now that $1,000,000 apartment is on sale for $750,000 and will probably be worth $1,500,000 in five years.
NO!
The average house/flat cost in New York Manhattan is $94,000.00. We need to understand that Money/Cash/Currencies are not a storage of value. Gold is. People who are ''rich'' they measure everything in GOLD. I've only set foot on American soil once but I do own a Manhattan flat, paid in full 8 years ago market cost $1.4mil, Real Price I probably paid $130k at that time in Gold.
The USD $$ has lost most of it's value hence properties are more expensive, in reality properties prices don't fluctuate too much but the Inflation does, since 1950 USD $ has seen an accumulative inflation of 975.1% which makes the USD $ a worthless currency.
Adrian I agree. The reason we have had such increases in price is because of dollar devaluation. We have not been backed by gold since 1971. Every billionaire and multimillionaire in this country are “wealthy” due to inflation, fiat currency, and fake market surges.
Thanks Sarah. Thinking of buying in Manhattan - this was very useful information.
NYC apartment/condo ownership prices are pure insanity. It's a type of social filtration system that will implode.
The average figure of $38,000 is extremely misleading because some very high priced apartments at the top skew it way higher than it is. The median rent is much less. The median salary of an entire family of 4 in public housing is less than $30k TOTAL, and 5%-10% of all New Yorkers live in public housing.
Ahh, I love seeing other nyc TH-camrs making videos together😄
Gotta admit costs are crazy, but depends how you look at it - I live in Switzerland, city of 400k people (one of the bigest cities in CH - Zurich) and here IN THE CITY, you won't find a 2-3BR apartment below $2.5-4M, so there is that... Also everything is dead and closed on Sunday, and all the shops closes at 8pm on weekdays :D Here also 70% of people rent for life, there is no pressure on buying, you don't have to own, that's it.
10:58 The numbers are on the high side because the unit is a condo and not a coop. So you don’t need the full 20% down payment, closing liquidity, coop application fee, etc. Also, I recommend never buying into a coop. Only buy condos.
I must be missing something but how do you buy a apartment ? Dont you buy a condo ?
Exactly. It's funny how people use words differently in other parts of the country.
Dear Sarah with over 8 million people in NY you can charge what you want. With that many people living there you can find someone who can afford to buy an apartment.
"Mansion tax" 😂.
Tf seriously 😫😂
OMG, living in New York is not easy. It is not a good idea to own your place I suppose . I am shocked with the figures 😲
It is a good idea to own your place...it's better than renting as you have equity vs none.
Individual Interior Design is also welcome :). I couldn,t live the same way as everyone else.
This is really educational and yet very entertaining.
Great info! I will continue to rent in NYC. Lol. GEEZ!
My husband and I bought a studio apartment year 2006. We do not have kids so it is comfortable size for us. It costs $78,000 but we had to renovate it. We put 20% down payment and paid off within 5 years. We took 5 years because we both had student loans but we accomplished and paid them off within 5 years too. Our income is average, but we could save money because maintenance is only $300. We renovated everything by ourselves except the bathroom. We hired a professional and shopped materials at Home Depot. All total we paid was $10,000 for bathroom. We spent only $3,000 for renovation our studio apartment. We live near Verrazano bridge which is close to Brooklyn. I like Staten Island because it is much cleaner than Queens and Brooklyn. I just want to tell people that may be you buy a small apartment and try to save rather than buy big place and obligate to pay interest for 15 years- 30 years or work so hard just to pay mortgage. We can actually sell this studio and buy a bigger one but we are 50 years old and we do not want to start over again, but would rather invest in stocks and save for retirement.
Really good info! You should have him on again to see if things changed.
2 bed 900 sq ft apt in Santa Monica rents for $4,600 per month!
OUCH
Pretty sure prices will be going way down in NY City.
I love Manhattan but I could never buy there. My goal is to buy in the other boroughs and other states.
Dear Sarah, if you are able to have also some savings, you had better put it into gold. Dollar is becoming worthless. I hope you are aware of fractional reserve banking of commercial banks and monetary activities conducted by the FED which eventually is taking purchasing power of a dollar. So any person working hard for their money is being taxed by inflation.
well, if you rent, you often have an agent fee. It's only free for buyers because sellers pay the buyer agent fee
It's a buyers market now. Put a bid in , you might be surprised !
I would wait a couple more months. Prices will plummet this fall, mark my words.
My parents have a co-op on the upper east side. You can get in for well below a million. LOL. But Monthly fees are always over $1000 a month.
There shouldn't be a mansion tax on a $295k co-op.
Yes, I wrote that in the video.
Rentals and property prices in Manhattan are in sharp decline right now and will be free falling after the summer is up. Almost all my friendship group have already left or are planning on leaving crime-ridden and rat infested NYC. On a positive note, renters will be able to save more of their salaries because of reduced rent, to go towards a downpayment on an apartment. It will be a buyers market in 2021.
you have watch way too much Fox Business News
@@mrmikeyd2 Not true I work in Midtown and am in the office a couple of times a week, the landscape has truly changed with junkies, homeless and shady characters taking it over. The lease on our apartment runs out next month, never seen such good deals on nice duplexes in UES. Only sticking around because my wife's job cannot be done remotely, otherwise we would have escaped upstate months ago.
I think they will drop but in a year when this virus stuff Is over it will go back up. That's why I wouldn't do the move.
@@sundinfamforlife4129 If you think " this virus stuff " will be over in a year, you're in for a rude awakening..
@@nasdaqua I'm hopeful. I'm already sick of this virus stuff already...
So basically you would realistically need 2m to buy and keep a 1m apartment.... Filp tax, mansion tax... Wow monthly tax 4.800....ive a funny feeling ill never get to live there.... Greatest place on earth.... Great clip as usual.... Keep posting keep safe.
One can still find affordable apartments in and around Manhattan if you search hard enough.