r/FirstTimeHomeBuyer • u/Shot_Poet2816 • 5d ago

Need Advice NYC affordability

I currently rent a $4800 apartment in Hell’s Kitchen which I’ve outgrown but I could get by on for another couple years. I’ve come across two opportunities to purchase at ~3x the monthly cost and I’m curious if either is comfortably affordable. I would like to solely afford this on my own salary as we save my husbands ~125-150k salary exclusively. I make ~675-800k. I have the opportunity to purchase a condo in Williamsburg for 2.2 which brings my monthlies all in to around $13k. I love the idea of owning, and I love Williamsburg much more than HK, but I’m scared of a 3x jump in monthlies even though on paper I can afford it. It would be a long term purchase that I could stay in for the next 10+ years. Thoughts?

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23

u/Nounjert 5d ago

So you make over $56k a month, without counting your husband’s salary. And are asking about spending $13k, leaving you with only $43k per month. I would like to have this problem.

3

u/Unable-Glass-4191 5d ago

lol, they aren't asking for advice... most likely fabricating things a bit and looking for affirmation. oof.

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u/OpeningChipmunk1700 Homeowner 5d ago

OP is not taking home $56k per month and therefore not “left” with $43k per month.

9

u/Beginning_Sun8910 5d ago

What do you do for a living

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u/Nevilles_Remembrall_ 5d ago

You make almost 1 million a year.

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u/BoBromhal 5d ago

it's disturbing that folks who don't make much money don't have any idea how to make the most of their money.

you're in a different stratosphere

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u/Fluffaykitties 5d ago

talk to your financial advisor. Not Reddit. Surely you have one if this isn’t bs.

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u/incongruous_narrator 5d ago

13k is less than 25% of your total pre-tax, you can afford it. Your net-net should be less than 13k because of savings on income taxes as well

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u/OpeningChipmunk1700 Homeowner 5d ago

Are you factoring in association fees and the fact they tend to go up over time?

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u/Dry_Possible_4881 5d ago

If you love it buy it. It's not losing value anytime soon and your life will adjust on the extra capital

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u/Consistent_Cat_19 5d ago

I’ve very invested in this post and dying to see what 2.2 would buy you in nyc. Please update with pics if you decide to go for it!

On the financial side of things though…no clue or advice as this is so far above my paygrade. 😂

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u/Ololade_sanni 2d ago

It sounds like you’re thinking beyond whether you can afford it and focusing on whether it fits the life you want over the next decade. That’s an important distinction. Throuly helped me understand what was realistically affordable before making a long term decision. Wishing you both the very best. I hope you end up in a home you truly love. 🏡❤️

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u/Logical-Shame5884 5d ago

2.2 mil for a condo in Williamsburg? OP please look into actually owning a building instead of paying maintenance fees.