Is it a good time to buy in NYC?
We were in no rush to upgrade our 1 bedroom apartment but I recently found out that I’m pregnant! :) Since I wfh full time and my partner wfh 2 days a week, I worry that our productivity will take a big hit unless we get another bedroom. We found a 2 bedroom apt that checks all the boxes but it requires us to take out 1.2M loan. Is it smart to buy now? Combined TC: 600k (I don’t work for JPM anymore)
You cannot keep moving homes with every baby that's born. Have a broader vision - are you planning more kids ? If so, directly buy a 3 bed house or bigger (think parents will also visit so youll need more rooms+ 2 offices ) maybe in a suburb or something if budget is an issue. Is each kid going to get a separate room? How's the noise proofing situation? Is there an ADU you can use as an office? All this is super important now
We want 2-3 kids, but I’ll have to see how the first one goes... So much to consider. Thank you for pointing this out!
Wait. Interest rates are very high right now and the housing market should crash.
Wtf are you talking about interest rates are very high? https://fred.stlouisfed.org/series/MORTGAGE30US
OP, chances are that housing prices will drop in the next 12-18 months as interest rates (aka monthly payment) have risen and stocks (aka down payment) have fallen. So, if you are buying now, you should be prepared to hold the apartment for at least 10 years to come out ahead financially. As @Hsd25 suggests, if you plan on expanding your family further, better to buy something bigger than a 2 bedroom apartment. At least 3 bed/2 bath.
Reg. pregnancy , we bought both our homes when my wife was 9 months pregnant. It was a bit hard but we were able to manage
NYC apartments are tough - the maintenance is sooo high that even for a $1.2M place you could easily spend $10k+ a month. You’ll outgrow even a two-bed in a couple years anyway - I would just upgrade your rental and stay there until you’re ready to leave the city.
A tough reality - I don't want to leave Manhattan but every additional bedroom costs another million and you're right about the carrying cost. Might need to reskill and change careers to boost earning potential.
we got a 2BR with a 1.2M loan in Manhattan when pregnant and are loving it, 20mo old kid is very happy and excited to see fun stuff in front of our doorstep each day :) higly recommend