These are the painkillers for the tiny apartment. I remember a similar sentiment during the pandemic. It was all, WE HAVE TO GET OUT OF HERE!!! LET’S BUY A HOUSE IN THE COUNTRY! I heard this from people who never once considered a second home. Sometimes a little perspective and a simple time-bound goal can offer you the perspective you need.
This might be the best advice to a young professional ever ( that and don't burn a lot of money on new cars)! I hope the reader can hang in there for 12 more months - in 30 years it will feel like a literal blip or maybe the most fun year of their life!
Thank you! As financial planners, we were taught that housing should always be less than 30% of income, and no landlord will approve you if the rent is more than 40%, but it's such a tough ask in a real estate market like NYC with so much foreign and corporate money coming into the rental market.
I find that most realtors, property managers, and even lenders these days take that guideline as 30% gross, not net. I don’t know how people pay for housing when it’s half (or more) of their take home because of the calculation on gross.
So solid, AJ. What a great reframe.
Love these recommendations! I think options for coworking space and the designer option are spot on!
These are the painkillers for the tiny apartment. I remember a similar sentiment during the pandemic. It was all, WE HAVE TO GET OUT OF HERE!!! LET’S BUY A HOUSE IN THE COUNTRY! I heard this from people who never once considered a second home. Sometimes a little perspective and a simple time-bound goal can offer you the perspective you need.
This might be the best advice to a young professional ever ( that and don't burn a lot of money on new cars)! I hope the reader can hang in there for 12 more months - in 30 years it will feel like a literal blip or maybe the most fun year of their life!
A blip! And a fun blip that will feel like a game.
This is a great assessment and your recommendations are solid. I like keeping my housing expense pensé to max 33% of net.
Thank you! As financial planners, we were taught that housing should always be less than 30% of income, and no landlord will approve you if the rent is more than 40%, but it's such a tough ask in a real estate market like NYC with so much foreign and corporate money coming into the rental market.
I find that most realtors, property managers, and even lenders these days take that guideline as 30% gross, not net. I don’t know how people pay for housing when it’s half (or more) of their take home because of the calculation on gross.