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The graph is misleading. Sure Manhattan is expensive but you can easily find a 2 bedroom in Jackson Heights for under $300k and still take the F train to work
by rcpt 3y ago
The graph is misleading.
Sure Manhattan is expensive but you can easily find a 2 bedroom in Jackson Heights for under $300k and still take the F train to work in the city. In the Bay Area that price point will have you on the freeway 4+ hours every day.
- Aunche 3y ago>you can easily find a 2 bedroom in Jackson Heights for under $300k I agree with your overall point, but home prices are somewhat misleading in NYC. The "affordable" places tend to have lots of fees. That $300k 2b in Jackson Heights that's within walking distance to a subway line is probably going to have a $900 HOA.
- sologoub 3y agoHOAs in CA are frequently above $500, so the $900 HOA won’t skew the payment that much, plus you also have to account for amenities included in the HOA. CA HOA amenities tend to be fairly light and building/lot maintenance focused.
- navaati 3y agoBeg your pardon ? After you have sunk all that capital, you still have to pay an amount that's basically equal to a (small) rent ?
- rcpt 3y agoYes.
- TheCoelacanth 3y agoHave to pay for maintenance of the building somehow. When you own a detached house, you usually pay for that out of pocket. With shared ownership models, you typically pay into a shared pool that can be drawn from to pay for maintenance needs.
- navaati 3y agoOoh, we are talking about appartments, not houses ! Makes more sense. I'm not from the US and I thought the HOA were only these evil organization that control the color of your paint and the height of your lawn, paying that much for these felt very wrong. In the context of an appartment building it's different (although still super expensive !).
- bubblethink 3y agoThey are the same. The HOAs exist to maintain the housing and its market value. You are not paying them to act as hall monitors. That is a by product. You are paying them to fix things when they break.
- endisneigh 3y agoYou’re not comparing like for like. You might as well say, if you want a 2000sqft detached house within a 30 minute commute in the Bay Area you could do so for under 2 million there and it cost hundreds of millions in Manhattan.
- reaperman 3y agoLike-for-like: "within a 30 minute commute" would include areas outside of Manhattan. https://www.zillow.com/homedetails/187-Cambridge-Ave-Jersey-City-NJ-07307/38895655_zpid/ https://www.zillow.com/homedetails/187-Cambridge-Ave-Jersey-... is $774,000, 2,000 sq. ft., has something resembling a yard, and is a 22-minute drive to central Manhattan.
- endisneigh 3y agoThat’s not detached tho, but in any case my point was their example wasn’t really a good one
- AnimalMuppet 3y ago> has something resembling a yard LOL. That's some of the faintest praise I have ever heard.
- rcpt 3y agoThe difference between the two is because California doesn't have density. No, I don't have an example of a reasonably priced detached single family home in NYC near a subway stop.