Buy an apartment in LIC or Brooklyn, NY?

Viacom
wTwK65

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wTwK65
Mar 7, 2021 12 Comments

Hi Blind team,

I know that buying a 1BR apartment in NY sounds crazy, but I am just wondering if anyone has specific thoughts about buying in Long Island City or Brooklyn at this time. Non-city prices are extremely tempting, but I am from the suburbs and I know I don’t want to live there, at least not for a long time.

I am a first time buyer and I eventually do want to own an apartment or house, whether for living or as an investment. I don’t have a high TC compared to everyone on Blind... so I’m not sure if I should take the leap now, or wait until I have a higher TC and more savings.

Reasons for buying:
- No debt
- Enough saved for 20% down payment
- Have been in New York for 3 years, still love it, and would want to be there long term
- Even if I move out due to life events, I can rent it out or airbnb, and potentially move back in if life brings me back
- Don’t want to give money away to rent anymore, want a place to call my own, and tired of moving every so often
- Prices down at the moment

Reasons for not buying:
- TC is only $125,000 (not worried about monthly rent, since I spend relatively little, but I wonder if other housing fees and property tax will burden my budget?)
- I hear that real estate market lags so the price will become lower later?
- Worried that the overall NY real estate value will continue to drop, now that people can work remote from other states

I would appreciate any thoughts specific to these parameters (I’ve already skimmed other general posts about house buying). Thank you!

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TOP 12 Comments
  • Deloitte / Product
    V.Y

    Go to company page Deloitte Product

    BIO
    Hi There! How can I help?
    V.Y
    With that TC I'd be hesitant to even rent an apartment in NY what more buying. I would Leetcode and get your TC double or tripled first
    Mar 7, 2021 3
  • Twilio
    twiliooooo

    Go to company page Twilio

    twiliooooo
    Should specify where in Brooklyn. Neighborhood differs a lot across the borough..
    Mar 7, 2021 1
    • Viacom
      wTwK65

      Go to company page Viacom

      wTwK65
      OP
      True. I like downtown Brooklyn and Park Slope areas. I’m aware that they are much higher in price however I’ve found a few apartments I thought were reasonable (relative to NY prices) and I can put down 20% on.
      Mar 7, 2021
  • Industrious / Project
    ZGStardust

    Go to company page Industrious Project

    ZGStardust
    Great job saving. With current interest rates, it may be a good time to buy and lock it in. The market is currently getting hotter with people asking for in person open houses and folks that left the City coming back.
    If you have the cash, to make a down payment, it might be worth while. Brooklyn is currently the hottest borough, so you may get more for your money in Queens/LIC.
    Mar 7, 2021 0
  • Citadel
    ALk123

    Go to company page Citadel

    ALk123
    Did you save 55k in a year?
    Mar 7, 2021 2
    • Viacom
      wTwK65

      Go to company page Viacom

      wTwK65
      OP
      Do you mean this in response to my previous comment? Sorry, for clarity, I was able to rent in New York on a salary of $55,000, and was still able to save what I thought was a relatively decent amount compared to my salary.
      Mar 7, 2021
    • Citadel
      ALk123

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      ALk123
      I think i misread your comment, sorry about that.
      Mar 7, 2021
  • BNP Paribas / Finance
    @BNP

    Go to company page BNP Paribas Finance

    @BNP
    I’d advise against buying too. Seems like the maintenance, HOA and property taxes are usually equal to rent (and then you have to pay mortgage on top of that).

    That said, if you really wanna buy as an investment: I think LIC prices will go up in the next few years. But have you considered Harlem? That’s really up and coming (but safety today might be an issue)
    Mar 7, 2021 1
    • Viacom
      wTwK65

      Go to company page Viacom

      wTwK65
      OP
      Thank you!! I was worried about the additional costs that come with owning property. I’ll look more deeply into each of these individual costs.

      I am also considering Harlem! It’s not my ideal location but am doing some research to see what it could be like in the future.
      Mar 7, 2021