Author Topic: In NYC about to buy a home - seeking advice  (Read 3479 times)


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In NYC about to buy a home - seeking advice
« on: August 19, 2019, 04:20:32 PM »

Hoping to get some advice on what to do, (buy vs, rent).  We are both 33, live in NYC and about to get married next fall,  making combined 250K/year and saving 50% now for the house fund, and 50% income to be invested in index funds after.

Currently saved:
401K (Pretax): 225K
Roth IRA: 20K
Investment account in mostly US equities: 15K

Liquid assets (planned for home)
13 month CD: 72K
Savings account: currently 28K + 40K to be saved from 50% income saving now until March 2020.
Gift from parents: 30K

Planning to buy a condo/coop in Manhattan next year with a budget under 600K, with a plan to pay it off within 10 years, 3% mortgage rate.

We are on track to retire by 50. We currently rent a 2 bed 1 bath apartment for 2500/month. Should we buy next year or continue to rent?

Thanks in advance for any insight.


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Re: In NYC about to buy a home - seeking advice
« Reply #1 on: August 27, 2019, 06:59:43 PM »
There are 2 components of a house purchase, the financial and the emotional (you buy a house but make a home.)

The NYT Rent vs Buy calculator is a good tool to evaluate the financials. It provides default values for many of the critical parameters that lean towards "buy", and I encourage you to review and assess each input.

This post is also a good review of the financials:

For the emotional side, it is important to think about why you want to buy a house. Is it because everyone is doing it? Prices always go up? You want to change the color of the kitchen from ivory to creme? Do you fully understand the lifestyle ramifications of owning?

This post may help think about this side of a possible purchase:


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Re: In NYC about to buy a home - seeking advice
« Reply #2 on: February 25, 2021, 02:50:47 PM »
qgrad008, curious if you decided to buy in Manhattan or not?