Owning a home is one of the few ways that regular people like me can accumulate any sort of wealth. And, the husband and I’ve been (sort of) considering buying a house. (We also kick around the notion of moving overseas and living in some exotic locale, so it’s hard to rate our seriousness level sometimes).
Because we like New York, because we LOVE taking the subway and not owning cars, and because it’s the best place in the world to live if you’re a journalist (more job opportunities and far higher pay), we want to buy something here, and truly make it our home.
However, I’ve got to say, my heart sinks every time I start to peruse real estate listings in New York or the surrounding burbs. For a moderate-size home (3 br, 2 bath) that’s solidly built, not in the ghetto and close to mass transportation, the minimum price tag is at least uusally $500,000. And I mean very minimum.
An example, a house in the Bronx: Cute, nice but worth that much $$$?
If you move closer to my office in Manhattan, that same amount of cash gets you even less square feet, and far less privacy. This is a good example.
Often, I miscalculate the number of zeros in the listings, and have to remember to double-check the price. Me: “That condo isn’t $125,000, it’s $1,250,000! AAAAGGGHH.”
THIS JUST IN: Brooklyn apartment and townhouse rices jumped 16 percent in 2006, according to a just released Real Estate Board of New York report. *Sighing*