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Future in Brooklyn?

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Forum -> Inquiries & Offers -> Moving/ Relocating

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amother

OP

Wed, Nov 20 2019, 6:07 pm

Is there any future for the average young family in Brooklyn? My husband and I make a nice living for people our age - about 150k pretax, are both still in our 20s, have three kids, live in a 2 bedroom apt. We can make it maybe one or two years more in our apartment - but where do we go from here?

We can maybe afford a house that costs up to 600k - that is about 2600 a month mortgage, plus who knows what in utilities will make it tough but probably doable. There's no such house in a frum area though, and we really don't want t olive on the fringes, both for chinuch and convenience.

I doubt there are many young families who make more than we do - so is there anyone young, besides the few rich or children of the rich, who can afford more? Is Brooklyn doomed to slowly die as everyone leaves? Are we going to be backed into a corner in a couple of years, and have to move out? We really are happy with our jobs, schools, and family here.

Does it make sense to try to find a 2 family in the million dollar range and rent out half to make up the mortgage? Or, even should that work, are we doomed to be raising our children here in loneliness as all the frum young people leave? We have friends still in apartments, but very few seem to be buying here.

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Sebastian

Wed, Nov 20 2019, 6:13 pm

There's no future unless you're sefardi

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amother

Navy

Wed, Nov 20 2019, 6:24 pm

I’m in a similar situation and was wondering the same. Wish there was a way we could stay, specifically wish there were more young families.

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dovebird

Wed, Nov 20 2019, 6:25 pm

Sebastian wrote:

There's no future unless you're sefardi

What does that mean?

1

amother

OP

Wed, Nov 20 2019, 6:27 pm

Sebastian wrote:

There's no future unless you're sefardi

I know sefardi couples in the same boat

amother

Gray

Wed, Nov 20 2019, 6:28 pm

Aren't places like marine park thriving?

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dovebird

Wed, Nov 20 2019, 6:34 pm

amother [ Gray ] wrote:

Aren't places like marine park thriving?

They are, which is why houses there mostly start above 600k.

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nicole81

Wed, Nov 20 2019, 6:35 pm

I personally think Brooklyn is going to dwindle and housing prices are going to level off.

I'm not young, but I am in my 30s and got a mortgage 5 years ago that's more than what you're estimating. I'm definitely not rich, and I work super hard, but working for the city itself has its perks. I would love to live elsewhere, but I can't for at least the next 5 years.

There should be houses around 600 in mill basin. Maybe you consider that the fringes, but it's a thriving community and young people are moving in. If you want to stay in Brooklyn, it's an option. But if you are on the fence, just move out!

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amother

Puce

Wed, Nov 20 2019, 6:39 pm

I live in Brooklyn (Flatbush) and plan to stay here. My kids are in good schools and we have decent jobs here. We bought a house for $700,000. Mortgage is affordable at the moment ( we got a good rate bh). My neighbors are all in the lower 30’s or high 20’s.

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amother

Gray

Wed, Nov 20 2019, 6:40 pm

amother [ Puce ] wrote:

I live in Brooklyn (Flatbush) and plan to stay here. My kids are in good schools and we have decent jobs here. We bought a house for $700,000. Mortgage is affordable at the moment ( we got a good rate bh). My neighbors are all in the lower 30’s or high 20’s.

Can I ask which general area of flatbush? Because I know some parts have mostly older people 50+, and we are also looking to buy now.

amother

Puce

Wed, Nov 20 2019, 6:41 pm

amother [ Gray ] wrote:

Can I ask which general area of flatbush? Because I know some parts have mostly older people 50+, and we are also looking to buy now.

Ave I and east 12/14 area.

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amother

Navy

Wed, Nov 20 2019, 6:44 pm

amother [ Puce ] wrote:

I live in Brooklyn (Flatbush) and plan to stay here. My kids are in good schools and we have decent jobs here. We bought a house for $700,000. Mortgage is affordable at the moment ( we got a good rate bh). My neighbors are all in the lower 30’s or high 20’s.

Does your house have more than three bedrooms? And do you have a private driveway? Those are rlly important to me and I haven’t seen a house with private drive and four/more bedrooms in young area. Certainly not for a less than a million.

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amother

Puce

Wed, Nov 20 2019, 6:45 pm

amother [ Navy ] wrote:

Does your house have more than three bedrooms? And do you have a private driveway? Those are rlly important to me and I haven’t seen a house with private drive and four/more bedrooms in young area. Certainly not for a less than a million.

It has 3 bedrooms and a driveway. We plan to extend in the near future. We live here for over a decade.

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amother

Coral

Wed, Nov 20 2019, 6:50 pm

I was waiting for this thread because we are kind of desperate for a house as I am expecting #7 living with 1 bathroom and out of space. I can borrow to buy 1.1 house by how will I pay everyone back and make bar mitzvahs and weddings iyH. We are settled with jobs and families.

9

amother

Slategray

Wed, Nov 20 2019, 7:55 pm

I'll join this club:(
We're young, earning around 150 pretax - and don't see how we can possibly save up enough to put down on a 1 million dollar house. How are young families doing Flatbush?

amother

Floralwhite

Wed, Nov 20 2019, 8:04 pm

amother [ Puce ] wrote:

Ave I and east 12/14 area.

Surprised to hear that, we lived in the area until 2 years ago and it was mostly the 45+ crowd. I guess there has been a lot of turnover recently

amother

Floralwhite

Wed, Nov 20 2019, 8:07 pm

Op, your income is nice, but will it stay like this or likely increase?

With 150 pre-tax, after paying a mortgage and utilities, you won't be left with enough for tuition, food and other basics. 200+ is more feasible.

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amother

Navy

Wed, Nov 20 2019, 9:03 pm

amother [ Floralwhite ] wrote:

Op, your income is nice, but will it stay like this or likely increase?

With 150 pre-tax, after paying a mortgage and utilities, you won't be left with enough for tuition, food and other basics. 200+ is more feasible.

200+ is feasible, but is it worth it? When you can get a nicer/larger home, with open space and an eiruv elsewhere? Wondering myself...

1

professor

Wed, Nov 20 2019, 9:27 pm

There's always Staten Island where you can get more for your money, live around young families and have easy access to brooklyn

amother

Floralwhite

Wed, Nov 20 2019, 9:32 pm

professor wrote:

There's always Staten Island where you can get more for your money, live around young families and have easy access to brooklyn

Are the young people there mostly chassidish? Or depends which area?

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