Quote:
Originally posted by dan79brooklyn
hmmmm. This is an interesting thread...My wife and I live in NYC where RE is GOLD. Unfortunately it is very expensive and we still don't have enough for a down payment on a small 1 bedroom coop/condo in even a semi-sketchy area in Brooklyn. We have maybe 30K saved up but need 80K for downpayment+closing etc...We can probably rent a nicer place then we can afford but the stability and investment in owning is too tempting. While we don't want to get in over our heads we could probably afford a mortgage of $2200 per month, which would be like a $350,000 condo/coop. I have not looked into mortgages yet, is it possible that they would loan enough to help towards the downpayment or is that up to us (plus friends and family) to come up with?
It's really amazing how expensive things are but we are pretty commited to the area and would stay in a place for at least 5-10 years.
Renting just seems like throwing money away at this point.
BIG SIGH
Thanks for any insights you guys can offer!
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How much would the same $350,000 condo rent for?