Rent vs Buy NYC
Out of context: Reply #20
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my wife and i were looking to buy; problem is we're only planning on being here for like 4 years;
if you own, you're paying off your loan, (which approximates to about $600/month for every $100,000, i.e. a $500,000 place is about $3000.month for your mortgage), but you can look at that as an investment...
THE PROBLEM is that you have to pay taxes and fees, which in the areas we were looking(hoboken) were about $1,200 a month ON TOP of your monthly payment.Summary:
If the market goes up you're golden.
If the market goes down you're effed.
If the market stays the same, you're still effed because you're dropping $1,200/month on taxes that you won't get back.Our plan:
we're just going to save the $1,200/month we would have paid and then in 4 years have $50k to put towards a house out west.