Rent or Buy in New York City?
December 8th, 2007Everyone says that you have to be a C-level executive or Investment Banker to by any kind of home in New York City. My question: is that true really true? Even if you could buy something, is buying or renting in NYC a better choice?
I moved NYC in August and spent about two weeks looking for Manhattan apartments, and found something that appeared to be reasonable (relatively) after about 10 days. After living in this apartment for a few months, I am hearing that it is a little overpriced considering how old the building is and that I can hear my wonderful upstairs neighbors sneeze.
I have been wondering what it would really take to buy a condo in Manhattan. I know I am not going to get a place as large as the 1,000 square foot apartment in Denver that I previously had.  So if I accept that I am not going to get a large place, can I get any place on a IT job/Graduate Degree salary?