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@ecogirl: Haha, it is a small world. Neither my husband or I are from Portland originally, but we LOVE it here. No desire to move away, it’s such a wonderful little city. And I love that it is just a 2 hour drive to Boston and 5 to NYC (or you can take the train).
20k seems so high until you look at the sale price of nice apartments in nice areas. My aunt and uncle used to have a beautiful place on Park Avenue, and are looking for property now. When places are several million dollars, it doesn’t take long until you are paying 10k or 20k a month in mortgage! (I still can't imagine, though!)
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Well, most people that buy homes in that price range only get a mortgage up to the deductible amount of interest, so the traditional calculators dont really work, IMO.
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It depends on what you want. I live in a college town in the middle of nowhere and kids will pay $800 each for a poorly upkept room in an apartment. It's kinda crazy for it being in the middle of nowhere prices here are somewhat comparable to Philly/DC area. You can find better deals though, but it's an expensive market for being in the middle of nowhere.
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The rent for our 3 bedroom apartment here in tokyo is about $4300, if you convert yen to dollar. DH's company pays our rent though, so we actually pay zero.
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interesting how this poll is set up... wouldn't it be better to have broken down the category for $1100-$5000 into smaller increments? that's a huge range so no wonder it has the majority of votes.
anyway, we live on the Upper West Side and are in the upper limits of that category for renting a 2 bed, 2 bath apt in a full-service amenity building (includes gym and playroom). We are moving to a similar apt and building in Los Angeles though with more square footage and same amenities for almost $2,000/month less.
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BluestripedBee I don't mind at all. I think if I worked it out correctly (I haven't done math in a long time haha) we spend 10% of our income on mortgage for this house. His income is from an international company so I don't know if it correlates.
Tequiero21 We were able to put a lump sum down for the down payment which made the mortgage a little better monthly. Thank you so much!
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@mrsjazz: if you don't mind me askingm what nabe in BK are you looking at? That price sounds too good to be true!
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Nycalimama I guess I should have broken that part up. I only got four spaces so I think I panicked haha
Good for you for saving $2000 a month on mortgage! That's a pretty good chunk of money to save!
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3 bed/2 bath 1700 sq. feet, $1040 a month in a suburb of Dallas that's just starting to get built up, so there's lots of open space. Walking distance to the lake.
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@plantains: I know, doesn't it? But these are in I guess what would be considered neighborhoods that are currently being gentrified. So far, Bed-Stuy, Crown Heights (although I don't really want to live in these neighborhoods), and then further out in BK, Flatbush/Midwood (near Brooklyn College).
We are looking at some new/newish co-ops developed for middle-income families (range from $185k-250k)and if we can't get into one of those then we may have to wait a couple years to save more money.
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@mrsjazz: Wow, I had no idea there was anything to be found in that price range in the Flatbush/Midwood areas.
I am currently thinking Park Slope or Prospect Heights, but the Park Slope is too expensive and I'm not entirely sure about the schools in Prospect Heights. Aaaaagh, so stressful.
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@plantains: There aren't many, though, which is why we're not sure it's going to happen for us. We can't afford to buy in the areas we like, which is a major bummer. We might just be renting for a few more years.
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@mrsjazz: I hear you. We pay $2300 right now in rent for a 1 bdr and it is really annoying me. I'm over paying silly rent.
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Wow, from the looks of it, we are really fortunate.
We pay $600 a month in rent and that gets us 2 bedroom, 2 bath, 3 story duplex with attached garage and finished basement. Backyard and only 3 blocks from the LO's school! -
@ecogirl: looking at your friend's listing, that is interesting how the property tax isn't as high as i thought. seems like it is a lot more in westchester!
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In California (Ventura County) we paid $1500/month for a 2BR/1BA condo. When we moved to MN, we paid $1000/month for roughly the same set up!
We now have a 4BR/2.5BA house (2300 sq feet) and we pay $1200/mo with taxes, ins, everything.
Crazy to think that we got an entire house for less than we paid for a dinky apt. in Cali! -
We are moving in a few weeks and our rent, for a 2 bedroom 1 bath in a small little town is $618 a month which includes water, heat, pet deposit and of course snow/lawn care. I'm content with the price
Although, in that area you can purchase a 3 bedroom house and mortgage would be around that or less...
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Our mortgage on a 3 bedroom (with extra room for office), 2 bath house is $795/month and we're in central CA.
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Andrea Well maybe I won't tell my husband about the higher taxes in Westchester when I bring it up! haha
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2 bedrooms are around 3-4k in a nicer building in new york. it costs more to live here, but i think salaries are also higher here.
park slope is not really cheaper than manhattan, but you do get more space for your money.
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Wow that is a beautiful home, and honestly... I would love to live in NYC if I had the money. But my 4 bedroom 1.5 bath for 950$ a month seems like the perfect thing for us.
We have a yard, above ground pool and we use pretty much every square inch of our house.
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@blushink: wow you can't even get a studio for that price here!
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MrsBee I was just about to say that! What a wonderful deal Blushink!
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@Mrs. Bee: Ha! ya.. you'd think we'd be able to pay off debt faster in that case, but our salaries are also not very high. Especially in the next coming year. (baby + daycare + hurt husband that can't work much )
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We pay 1100 a month for a 3 BR/2 BA split level house with a finished basement that is less than 10 years old. It's a corner lot so we have a huge yard for our pup and future kids.
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We pay (in rent) $1850 for 3 bed, 2.5 bath approx. 1900 sq feet 3 story townhouse with no garage or yard, on a busy street, in a suburb about 25 mins from downtown Boston. We got a pretty good deal though because the unit next to ours (almost identical) rented for $2200.
We have a condo in the city (Allston, a neighborhood of Boston, kind of like Queens is to NYC) which is a 1 br 1 ba 620 sq feet in a concierge building with gym, pool, and underground parking. Our mortgage payment is low but our condo fee is high. The current tenant is paying $1875, and that more than covers our costs for the condo, which is great.
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I"m sorry, did you say $20K/month in mortgage/maintenance? Wow! We just bought a small 2 bedroom and I think our monthly payments are around $3,700 total. Our maintenance is about $1,100 so I guess the mortgage is $2,600. Definitely higher than average, but I guess not that bad for NYC.
If we were to rent our place out right now it would for sure go for around $4,500/month. We live in the west 70's which has less than a 1% vacancy rate and it's a real 2 bedroom with updated kitchen and bath. It also gets a ton of light and has a live in super so we get packages. Sorry I sound like I'm selling my apartment, lol!
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Our mortgage is $1750/month for a 3,000 sq. ft/4 br home in MI suburbs.
My parents rent a 2 br 900 sq ft apt for $850/month.
We're looking into refinancing because rates are so low right, our mortgage will likely stay the same, but our 30 year term will be cut in half!!
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Our mortgage is $1800 a month, plus we pay $300 a month to my parents to pay back the loan they gave us for the down payment. Our mortgage includes our taxes, which are about $3800 a year. We love in a suburb of Philly. It's a 3-bedroom, 2-bath, about 1900 square feet.
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$1195 for a 1b/1ba. We'll be moving soon and hopefully staying around $1300 for a 2bd, but it will be a longer commute. 20k/mo would be like if we won the lottery! Lol.
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We're on an accelerated payment schedule at $1700/month for a 2 bedroom condo in Toronto.
To get a better understanding of the housing market here, it costs a minimum of $650,000 for a 1500sqf townhouse in north Toronto (on subway line, but 20 minute drive from city core). That means $3000/month with a 20% downpayment and 20-year amortization period at current Canadian interest rates.
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@ecogirl: so the link you provided isn't your place, but yours must be gorgeous nonetheless. I'm so jealous!
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Our mortgage is $2400 for a 2bd/2br condo in the SF south bay. Most of the comparable apartments in our area rent for about the same, while a good number go for even more (usually $2500-3000).
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Your monthly rent is enough to finance an adoption. We have to save for years to scrape enough together for that.
If we get a 4 bedroom, 3 bath, 2500 sq ft house on 2 acres with a 15 year loan, we're looking at $1400 a month. $1000 on the 30year. Not on 2 acres with a kitchen the size of a garage, then we're looking at $1K a month on the 15 year loan.
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ModernDaisy Haha
It sounds lovely!Emahlee Thank you so much! You are so sweet
Cyneswith I would love to have 1 acre much less 2 acres!
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Wow - @ecogirl, what a beautiful home. I'm sure yours is just as gorgeous especially with a pool!
We are in a rental apartment until our house is ready - it's a two bedroom, two bath and pay $1,800 plus we pay more for parking. We're in the process of buying a four bedroom, three bath 3,500 sq. foot house for a little less than $600,000 - it's a short sale so it's a very good deal! We live in Seattle.
We also own a small one bedroom unit in a cooperative building in Washington, DC, which is currently rented at $1,900 a month.
I'm so envious of people who live in lower cost of living cities but we're happy to be here in Seattle. We moved from SF just five months ago, where we were paying $2,400 for a one bedroom rental plus an additional $250 for parking.
It's amazing how the cost of living is so varied across the country!
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AlittleP Thank you so much!! You are so kind
I have never been to Seattle and have always wanted to go! How do you like it? I am really amazed at how varied the cost of living is too! -
I work in the real estate industry here in NYC. If you are paying $20K per month, you must own or rent a very LARGE townhouse or apartment in a very high end neighborhood in Manhattan. I'm not saying $20K per month isn't possible, but you must be lucky to live in an extremely luxurious home. Nice....:) We own our apartment in Brooklyn and because of what we've put down we pay less than $3K per month for a small 2 bed/2ba apartment.
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BKCaribbaby We have a 5 floor townhome on the UES near the park. It's about 3800 sq feet which isn't huge I know
I think the indoor pool and carriage house bump the price up though. It is luxurious but I still feel that in another state it wouldn't be worth 6 million. You are the expert though so I will defer to you! I am lucky that we have the good fortune to have our home I agree with you there! Thank you! -
@ecogirl: If you want to take the train in from NJ you can get an indoor and outdoor pool with a lot more space and yard for a less then a third of that. But then you don't have the city right there.
Good for you for saving $2000 a month on mortgage! That's a pretty good chunk of money to save!
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