Before nyc housing price recover fully, im planning to buy house
Current rent: 3800
Target proce of house purchase: 1.5M
Mortgage plan: 1m, rate 3.1%
That means if i buy house, will need to spend ~ 6000 per months for hoa, prop tax, and mortgage.
Certainly i will pay more than what i am now but is this worth? Tax benefit will be small (~8900usd gain after tax)
Especially when nyc housing price is not drastically moving up, i am seriously wondering what would be the benefits i can have by purchasing
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comments
Continue to rise indefinitely. Think of buying more as a hedge against rent inflation and inflation in general than an immediate cost benefit analysis.
Then there is the social aspect.
Only reason not to buy if you can afford it is if you don’t want to settle
Down for >5 years