It’s not all that surprising. If you buy a house and put down less than 20%, you typically got hit with PMI (Private Mortgage Insurance). I’m not sure if that’s still the case.. a lot has changed in 26 years.
And also the part where they have to make 80x the rent, which is 6 figures or more for 90% of apartments out there. It’s basically a way to keep rich kids housed and no one else.
I'm soo glad you uploaded this video it still doesn't change the fact it's nearly impossible to be lucky to get the best deal but at least more people can be aware and prepared
I live in an apartment in NYC, it’s not the best but I can call it home. The process to get an apartment in NYC is such bullshit that instead of finding a new apartment ima just stay in mine and deal with the stuff I don’t like. What kills me is how everyone, especially realtors talk about the process as if it isn’t insane. I definitely got lucky with my apartment
I'm actually in the city this week looking for apartments. This video and all of your videos have been instrumental in assisting my move to the big apple :)
Very informative. What would you do in situations like apprenticeships and programs that only last a semester ? You only intend to live in the city for a few months ? Can you do short term leases.
You don't always need to make 40x rent, well at least in my case when I was living in NYC. But you would need to show proof that you can afford the rent. Like 2 recent paystubs, or have a bank account that shows proof you have money coming in lol. It was like that for me.
- 2:11 That's just the excuse they made to make it illegal to pay rent in advance; the real reason is to prevent people from paying it at the current rent so they can keep raising the rent every month. 😒 - 17:34 You go to a club often enough that you need to find a place near it because it's your most-traveled-to place? 🤨
1 month rent or 15% of annual rent for agent's fee sounds ridiculous high. Are there brokers who would charge you on an hourly basis or how feasible would it be to find a place on your own? Thanks for the video!
It's a rip off the landlord suppose to pay them a commission if they charge you 15% of the yearly dont do it. I'm speaking from personal experience a broker tried this with me went to another broker for the same apt and that broker got me a meeting with the building owner with no charge because the broker fee is for the landlord to pay
Broker's are useless and a waste of money for renter's. NYC needs to pass a law that makes it mandatory for the Landlord to cover the Broker fee instead of the prospective tenant unless the tenant hires the broker directly. Finding a place in NYC that meets your needs is hard but not impossible. If you're diligent, start early, and dedicate a couple hours a day to research and scheduling outreach etc. You can find something within a few weeks.
@@DMaC02121 If one is local and have the time, I can see how it won't become a huge hassle. For someone looking to move to NYC from another part of the country or even other countries, it sounds like it would be more difficult.
@@hanlee3093 I moved to Brooklyn last year from another state (not another country so I get it), but yes it’s a lot harder when you don’t have the luxury of being able to walk around in prospective places.
This just feels like a long advertisement for her. Why not mention housingconnect or any other affordable options? Specially if you’re looking in the longterm. If you’re wealthy/well-connected enough to go for any of the options she talked about, I can’t imagine you’d need a RU-vid video to tell you where to go.
I have nothing against dogs, I think dogs are great but I do believe that this interview would have gone much better without the dog present since it was very distracting.
NYC is not worth it anymore, NYC was very cool back in the days now rent is ridiculously high, cost of living ,ETC, I wanna move to the suburbs with a quiet town and no traffic and no alternate side parking.
Wow, NYC doesn't make it easy. Your "convenience" of living within the city for work and play, really isn't convenient (or price-wise). Coincidently, a study was report today (6/19/2023) stating someone making $250K, living generally in NYC, has an effective wage of about $80! You really got to analyze if it really is worth it.
@@eltronics multiple of us have done it. Standard instant approve mortgage. Expenses don't scale linearly as income goes up; everything costs the same except housing, so you can spend more on it and you still end up saving way more. 1 mil purchase 25% down = 750k mortgage, current jumbo rate is at most 6% (jumbo loans are cheaper rn than Fannie Freddie, it's complicated), so that's 4500/month, which is super shy of your budget of 250,000*.36)/12=7500/month (stander banker 36% calculation), so lots of room for maintenance and savings
@@eltronics it's automatically approved by all banks as a standard. You got so much money left to eat and save. And obviously there's no car you're in Greenwich village it's pointless
renting is so stupid, you pay huge money for years but you're just a guest and one day you still walk out empty handed, all that money went to waste. I'd rather live with my parents until 40 if that's what it takes but save up and buy my own home, you pay up once and you own it forever, do what you want with it
I get it, but people want the freedom or live their dreams in NYC, and they don't have the funds, credit, etc. to get a house, condo, etc. Everyone has different priorities in life
1) Living with your parents until 40 is an option only if your parents agree, and you're willing to deal with the lack of privacy for that long. 2) NYC is hugely expensive so unless you have a great job, you still may not be able to save enough by 40 to buy a home. 3) If you own a home, you will still pay yearly property tax. Sure, it's much less than rent, but you will never be bill fee.
