New NY State License Plate Revealed—And Required On All Cars
Cops: Columbia Prof Punched Woman In "White Privilege" Brawl
Despite Gay Brothers, State Sen. Diaz Still Anti-Gay Marriage
Cops: Fort Greene Violence Sparked By Chicken Wing Promotion
Flashback: Last Brownstone Standing
Some new Census Bureau data reveals yet another way New Yorkers are very different from the rest of the country: About 65% of New Yorkers rent their homes, whereas about 67% of Americans own a home.
The NY Times notes that the half of renters and one third of mortgage holders nationwide "spent at least 30 percent of their gross income on housing costs, the level many government agencies consider the limit of affordability." Which means what most people do in NYC is totally not affordable.
Another intriguing stat from the Census' American Community Survey: When taking the five boroughs together, the median price for a home is $496,000 in NYC, but the median in Manhattan is $788,000 (per the NY Times). Also: DC has the greatest percentage of college graduates, the percentage of married-with-children couples decreased from 23.5% (2000) to 21.6% (2006), and California and Hawaii have the highest median value of owner-occupied homes.
add to stumble upon
add to reddit
tweet this
post to facebook
Correction:
"DC has the most college graduates out of any other state"
Apart from the grammar "most...out of any other," the sentence is misleading. It should read:
"DC has more college graduates than any state."
DC isn't a state.
Yes, we spend too much money on rent, but I'd be curious to see how our rent + transportation costs compare with people in cities who buy cars and drive everywhere.
DC is not a state, in fact it's a territory.
Yes, #2, I agree with you. I live in a share with a rent of $800/month (including utilities), and $76 for the Metrocard. So, I spend less than $900/month.
I have a friend in upstate who owns a home, but lives with others (rents out a room). Homes are extremely more affordable than here...$150k will get you a nice, new 2-3 bedroom house with a yard. His mortgage minus the rent he charges is $500/month. Add in utilities (including paying for heat) he spends about $800/month. He also owns a car, which he makes a monthly payment of $300 for. Add in insurance ($100/month), and gas ($150/month), that is an additional $550/month. So, in all, he spends about $1350/month.
Of course, if I did not share, and had my own place and spent about $1300/month on rent, I'd be spending just as much as him. Still, you would think he'd be spending less since he lives way upstate.
#4
your friend will own the house and have positive cash flow in years to come. don't forget about the tax write-offs he's getting which may knock off another say $200/mo. you would have nothing.
#5
But then you'd still be living upstate. Who REALLY wins that one?
Upstate isn't bad per se, it just depends on what kind of lifestyle you're looking for. If dude paid 150K, that's pretty far up the line though, probably around dutchess or ulster county, maybe Orange in certain places. All three are pretty scenic and historic Hudson Valley locales.