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Forum -> Household Management -> Finances
Rent so hight, housing crisis. what to do?



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amother


 

Post Sun, Dec 21 2014, 7:48 pm
I dont even know where to start. we live in brooklyn, and as everyone knows, rent is crazy. we are bh a nice size family and live in a small 2 bedroom apartment. no garden. no porch. no courtyard or hallway the kids can play in. we are on top of each other and all going nuts (chas vesholom). as the rent here for a 3 bedroom is close to $3000, people have suggested we buy a little out of the main neighborhood, as one can get there a house with mortgage easily for less than $2300 (besides down payment and taxes. so we started looking out of the neighborhood, but there everything is also over $650000 for a small 1 family house.
help?
what do others do?
any hope for families like me to ever own our own house or condo?

ps. I know you are about to say relocate to a different state, neighborhood. problem is, here we do not need car (most out of town you do need, that is an added expense we do not have now. we have good benefits, if we move, benefits are much less. and here our school gives us a real cut in tuition, I have asked around and other cities do not give as much discount. so yes rent will be cheaper but tuition and much else will be more. I have a good payed flexible job here, so moving will loose that income.
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STovah




 
 
    
 

Post Sun, Dec 21 2014, 8:02 pm
If moving out of Brooklyn is not an option, you need to look for ways to increase your income.
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amother


 

Post Sun, Dec 21 2014, 8:08 pm
Some people borrow money to help with a down payment.

For that you need realistic prospects of getting a mortgage, and a realistic plan how to pay back everyone.

It's a huge headache and pressure. I question if it's even worth it.

Have a house that costs a half lifetime if earnings so that the kids can fight over it in the will?

But rent is crazy, too...

What
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naturalmom5




 
 
    
 

Post Sun, Dec 21 2014, 8:10 pm
Wow OP
You give me what to be happy for
I have 1 acre backyard , huge fr yard
Garage, driveway, shed, 4 bedroom house with nice den and fireplace
Rent 1300 a month
Maybe this belongs in the pos ths about Lakewood thread
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amother


 

Post Sun, Dec 21 2014, 9:21 pm
amother wrote:
Some people borrow money to help with a down payment.

For that you need realistic prospects of getting a mortgage, and a realistic plan how to pay back everyone.

It's a huge headache and pressure. I question if it's even worth it.

Have a house that costs a half lifetime if earnings so that the kids can fight over it in the will?

But rent is crazy, too...

What


tx, that is not a problem to borrowing etc, but to go and pay 750000 for a small 1 fam house in the outskirts is ridiculous and too much of a mortgage to cover.
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seeker




 
 
    
 

Post Sun, Dec 21 2014, 9:46 pm
I know of people who bought a 2-family house even though it's technically beyond their means, because the income from renting one of the units pays their entire mortgage. That way their regular income goes straight to other expenses and repaying whatever loans they needed to make it happen, and they have an ongoing source of income for the long term because there is generally plenty of demand for rentals in Brooklyn. I'm sure it takes a lot of doing, but seems like a pretty smart idea to me, for someone who really wants to stay and buy in Brooklyn.
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TwinsMommy




 
 
    
 

Post Sun, Dec 21 2014, 9:51 pm
curious how they get a mortgage based on projected income with no past proof? Schedule E-ing and being a landlord is a HUGE time committment too-- not for the faint of heart.

I recommend Cleveland. We pay under $1400 a month for a 3 bedroom 2 bathroom house with attic, basement, detached garage, and nice backyard.

What benefits are offered with NY jobs that aren't offered with jobs anywhere else? Health insurance (that you have to pay into anyway, so what's so different), ..... ? So the salaries in NY are really in the hundreds of thousands? I can't imagine how.
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MaBelleVie




 
 
    
 

Post Sun, Dec 21 2014, 9:58 pm
TwinsMommy wrote:
curious how they get a mortgage based on projected income with no past proof? Schedule E-ing and being a landlord is a HUGE time committment too-- not for the faint of heart.

I recommend Cleveland. We pay under $1400 a month for a 3 bedroom 2 bathroom house with attic, basement, detached garage, and nice backyard.

What benefits are offered with NY jobs that aren't offered with jobs anywhere else? Health insurance (that you have to pay into anyway, so what's so different), ..... ? So the salaries in NY are really in the hundreds of thousands? I can't imagine how.


Lots of people get a cosigner on the mortgage.
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Dolly Welsh




 
 
    
 

Post Sun, Dec 21 2014, 10:22 pm
naturalmom5 wrote:
Wow OP
You give me what to be happy for
I have 1 acre backyard , huge fr yard
Garage, driveway, shed, 4 bedroom house with nice den and fireplace
Rent 1300 a month
Maybe this belongs in the pos ths about Lakewood thread


Wow. If you tell the name of your kehilla maybe OP will move near you. Maybe in a PM not on this thread. One can always visit Brooklyn.
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SplitPea




 
 
    
 

Post Sun, Dec 21 2014, 10:57 pm
Is there a way to rent on the outskirts?
Or possibly rent within commuting distance like far Rockaway or queens?
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amother


 

Post Mon, Dec 22 2014, 8:52 am
SplitPea wrote:
Is there a way to rent on the outskirts?
Or possibly rent within commuting distance like far Rockaway or queens?


maybe but then again, you need a car.
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SplitPea




 
 
    
 

Post Mon, Dec 22 2014, 10:21 am
amother wrote:
maybe but then again, you need a car.


Yes you would but a a car payment with insurance would more than make up for the rent difference.

In Bayswater you can get a 3 bedroom apartment for $1500- in other areas of far Rockaway you can get it for around $1900 that's. I know people renting entire 5 bedroom Houses for 2200. So the $ you save is well over the cost of a car.
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Tova




 
 
    
 

Post Mon, Dec 22 2014, 12:16 pm
Ami has had an ongoing "Housing Crisis" series ongoing since Succos. This past week the focus was on Bayswater...
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SplitPea




 
 
    
 

Post Mon, Dec 22 2014, 12:19 pm
Tova wrote:
Ami has had an ongoing "Housing Crisis" series ongoing since Succos. This past week the focus was on Bayswater...


Interesting would love to see that
Then again if tons of people move here housing will no longer be cheap.
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amother


 

Post Mon, Dec 29 2014, 10:39 am
does it pay to look into pre-foreclosure houses, or are they too much of a pain to work with?
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amother


 

Post Tue, Dec 30 2014, 3:48 pm
I tried searching via zillow.com and trulia.com. does anyone know which one is more accurate?
many are on 1st site on market, and 2nd claims its off market.
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