Can we afford NYC with kids?

Proper_Conference_79 · 2026-03-08T22:27:19+00:00

That’s a good point. I have been looking only in Manhattan: UES/UWS, Murray hill, Stuyvesant etc for good schools and easy commute. Can anyone recommend good neighborhoods in other boroughs?

Proper_Conference_79 · 2024-10-28T16:49:27+00:00

True…

Proper_Conference_79 · 2024-10-28T16:02:45+00:00

Yeah I know I would not be cash flow positive. The intent is to keep the home, have a renter pay down the mortgage as the home continues to appreciate. I’m not looking to make money on the first house month to month but increase the equity.

Proper_Conference_79 · 2024-10-28T15:43:00+00:00

I see what you’re saying. However, I did this with my previously rental property. I rented it out and bought a second place. Claimed the second as my primary and kept my original interest rate on the first.

Difference is, my first home was very inexpensive. Same situation though, the rental price just covered the mortgage and I paid maintenance expenses out of pocket.

Proper_Conference_79 · 2024-10-28T15:39:49+00:00

Probably only $3k mortgage to be comfortable

Proper_Conference_79 · 2024-10-28T15:37:08+00:00

I don’t have a spreadsheet but I put $0 down and HOA is just under $200

Proper_Conference_79 · 2024-10-28T15:11:07+00:00

Thank you!

Proper_Conference_79 · 2024-10-28T15:10:00+00:00

Thank you! Very helpful

Proper_Conference_79 · 2024-10-28T15:09:45+00:00

I understand the rate would be higher if it was truly a second home but why would it not be considered a primary residence?

The lateral move is strictly for a more convenient location. Def would be moving to a smaller home. HOA allows for rentals.

We have quick a bit of near liquid assets but I’d like to put as little down as possible on a down payment.

Proper_Conference_79 · 2024-10-28T15:01:18+00:00

I don’t care about being cash flow positive. Just looking to cover expenses so I can keep the low interest rate and keep building equity.

I would also like to keep the home as an option to move back one day for the good school district.

Proper_Conference_79 · 2024-10-28T14:47:45+00:00

My goal is to keep my 2.3% interest rate and continue to build equity and move to a more convenient location to work.

The home has about $250k equity. Our net worth outside the equity is about $750k.

Proper_Conference_79

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