Would I be better off to by a small home in New Jersey then pay NYC (Manhattan and Brooklyn) rent and not get anything out of it? Homeownership is a goal for me anyway, especially if I can do it for about the same price as renting.
I suggest westchester or rockland county. its a 30 minute commute from the city, homes arent nearly as expensive as long island or new jersey, and the tax burden isnt as serious. trust me, long island is almost as expensive as manhattan, and new jersey is ridiculously corrupt, your taxes will go through the roof. an average home in a new york suburb will run you at least 300k, a starter home will cost maybe 250$
but my dude, aint you like, only 19? you cant afford to live here on your salary even if there were three of you. the only possible way you would be able to afford to live in NY as a college student is if you lived in a dorm, and dorms suck.in this area, anything decent will still set you back at least $300k and up. but the current turmoil in the national housing market is bound to affect this area one day, so i_d still rent until things settle down. you could also think about buying a cheaper coop or condo within the city as opposed to a house farther out in the burbs. you may prefer being more conveniently in town than out.
i used to own two coops until i sold them just before the market here peaked, and i_m glad i did. i could have waited until now to sell them, and i could have raised my offering price quite a bit more, but they would have stayed on the market twice as long or even longer. some apartments i have kept track of have cut their prices several times, and people still aren_t interested.
in the meantime i_ve come to think of home ownership as highly overrated, and that it_s a financial sinkhole instead of a bank. real estate makes much better sense if you can derive income from it. of course renting has its own disadvantages, but i much rather enjoy not having home ownership problems and keeping my money in other investments. i can pay a good portion of my current rent from the money from selling my apartments, and i consider it just another _cost of doing business_...You_d better better of buying in a decent NJ suburb. Property taxes are a killer in NJ. Remember, you_ll be moving to the most corrupt state in the US. Don_t expect much from your local government.If you are looking for a tax write off, then buy a house. You are going to have to spend somewhere around $275K or up. Depends if you want the best looking house on the block or a fixer upper. Look on Yahoo real estate.Owning is usually your best bet. Real Estate appreciates over time. Remember, it is not a short term investment. Homes generally start at about $250K for a starter. Now, that same home was $150K 10 years ago. So, you can see how it works. It is a good market to be a buyer, there is a huge selection, which gives you more bargaining power. Property taxes in NYC are generally lower then NJ or Long Island. good luck to you.
