movingtobay2019 t1_iw1m13y wrote on November 12, 2022 at 6:13 AM

Reply to comment by MarbleFox_ in New York City Is Failing Tenants. So They’re Getting Organized by ethnt

You will be spending more on the mortgage. There is no scenario where your mortgage and rent is the same for a similar unit in the same neighborhood in NYC unless you put an obscene amount of money down (money people don't have), especially with today's interest rates. On a 30 year mortgage with 20% down, your interest payments will exceed your loan with today's rates.

Add in taxes, HOA fees, maintenance, and buying/selling costs.

But that's besides the point because you aren't going to get anyone to invest capital to build the $400M apartment building in the first place.

NetQuarterLatte t1_iw2et86 wrote on November 12, 2022 at 12:50 PM

That’s where I think the path for homeownership should be easier.

Coming up with the down payment, negotiating a lower interest rate, and doing it in bulk (many homeowners at the same time, many building maintenances at the same time, etc) is something that maybe only a government can help organize (organize, not run).

But you know, some people think it’s just better to chain those tenants to a lease for life.

MarbleFox_ t1_iw2iyrh wrote on November 12, 2022 at 1:33 PM

Who said anything about a similar unit in the same neighborhood? I’m talking about a similar budget.

If you’ve got $2k/m in your budget for housing, you’ll be building more wealth by buying something within that budget rather than renting even if the house doesn’t appreciate in value.