Hello,
I am in my third year out of fellowship (age 34, single) and am moving to NYC this spring for a new position. So far I have been a lifelong renter - my question is about whether it would be better to rent or buy in Manhattan.
Certainly the cost of buying in Manhattan is very high (a suitable apartment in the area I would like to live might be about 1.2 million), but rent would also be high (about 4-5k per month), and perhaps it may be more prudent to spend a similar amount or slightly higher per month in a mortgage rather than renting. Any advice is appreciated, thank you.
Salary : 330K
Student Loans : 215k, paying 4k per month, but due to Loan Forgiveness (PSLF) in 18 months from now
Assets : Cash 100k + Non-Retirement (taxable) 450k + Retirement 100k
Total Net Worth : (Cash + Non-Retirement + Retirement - Student Loans) = Just over 400k (and not accounting for loan forgiveness in 18 months)
I am in my third year out of fellowship (age 34, single) and am moving to NYC this spring for a new position. So far I have been a lifelong renter - my question is about whether it would be better to rent or buy in Manhattan.
Certainly the cost of buying in Manhattan is very high (a suitable apartment in the area I would like to live might be about 1.2 million), but rent would also be high (about 4-5k per month), and perhaps it may be more prudent to spend a similar amount or slightly higher per month in a mortgage rather than renting. Any advice is appreciated, thank you.
Salary : 330K
Student Loans : 215k, paying 4k per month, but due to Loan Forgiveness (PSLF) in 18 months from now
Assets : Cash 100k + Non-Retirement (taxable) 450k + Retirement 100k
Total Net Worth : (Cash + Non-Retirement + Retirement - Student Loans) = Just over 400k (and not accounting for loan forgiveness in 18 months)
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