parents buying apartments, now i get it

Hey poster #1:

Um, and what is wrong with parents helping out a kid with a place to live and making an investment (even if we may or may not agree with the timing)?

Or is the REAL issue that you're just bitter that this wasn't the case for you?

And before you jump down my throat accusing me of being a spoiled hipster type kid, let me give you the basics - I'm mid 40's, moved to NYC right after finishing university about 17 years ago, and came to NYC with $5,000 in my pocket saved up from working summer jobs.

I mean, who are you to sound so judgmental?

What they show there is not really parents buying an apartment for their kids. It is buying with their kids as all parents kept some sort of ownership. And the indian chick looks cute.

#6 , OP here I got tons of money, made it myself and never in a million years would i plunk 900k for my kids digs AFTER paying for their college.
OWN3D!

Well, first of all, you're actually 'plunking down' about $90,000. And I assume the kid is assuming part or all of the monthly payment.

#6, you would even pay for their college?

I would love to have family that would help me with my downpayment and monthlies. I would love to have a trust fund or to have won the lottery. But this isn't my reality. I may be envious of those who do, but what can you do?

#10 - I will certainly pay for their undergrad degree. Depending on where thay went from there, I might assist to some extent with Graduate School, only after they had gotten student loans, applied for fellowships, etc.

well, i don't see a problem helping your child, whether he/she is 18 or 30, financially to pay off student loans, college tuition, or housing. For few, it is unbearable to imagine any parent putting up thousands of dollars for their child to go to school or to house them. At the end of the day, it's about my cultural upbringing and relationship with my child. Yes, I helped him through school so he wouldn't have to work more than a part-time job to pay for unnecessary expenses. He fianlly graduated three years ago. I was proud of him. His internship base salary is less than minimum wage for 80hrs/wk. So, I helped him out financially to pay the down payment for a condo apt in Manhattan and 90% of the mortgage. It's now 3.5 yrs later - he has an excellent paying job and only needs to pay off the HOA and taxes. His condo apt is now worth 1.5x the amount purchased.

It is always up to a parent to decide how much they can give and how much financially they can offer their child. I'm lucky to be financially stable and able to help. If I had to do it all over again, I would do the same or contribute more.

Well I see a problem reading #13's post. Why would you write so much, no one cares about your thoughts or opinions. No one likes you.

#9 are you thick headed? Maybe #8 is paying for the whole thing and not just a down payment, use your brain, dumbass.

#13, ok good job fostering that america quality of entitlement.
my kids know how much our family has, they have a good idea that when I die they will get about 50% of the estate, the other 50% going to charity.
But after paying for their college, about 2M altogether, its all on them to make it in the world, they know for a fact they won't get a dime from me, and you what they appreciate that and they know the value of money.

and then all us spoiled kids have to remember we will be paying it back one day to help out our old parents, and kids, and grand kids...what goes around comes around...

#16, my son knows the value of money. He worked hard to go through medical school and training. He's now stable with an excellent base salary. I'm in the process of helping my other kid who's planning to move to the city for college this fall. The best part is his older brother is flipping a 20% down payment and 50% of monthly mortgage for him while I pay the other 50%. He understands he'll be responsible to get a part-time job to pay his hoa + taxes. So why waste thousands of dollars putting him in a dorm or renting an apt for him, I would rather get him an apt of his own. Family is always about helping each other. I've raised them well.

I can't understand why any of you are shocked by what you read about parents helping their children purchase residences. When my husband and I first married we used to get into heated discussions about whose family was poorer! When we finally scrimped and saved enough for a down payment on our first home, I was so proud. When I began making friends in our new neighborhood (we lived in one of the least expensive homes in a very expensive neighborhood) I marveled at my new friends' homes. I truly wondered how they became so successful in such a short time to afford the splendor that they were living in. And then I found out over time that it was their families that helped them buy their homes and more often than not, they were also working in the family business.

Fast forward 25 years, after scrimping and saving we afforded a nicer home, raised three children, and now recently helped our oldest with a down payment on a Manhattan Co-Op. Like us, it's probably among the least expensive homes in his part of town and is no bigger than a closet. We gave him just enough for a portion of the down payment that would make his mortgage and maintence costs affordable to him. Since the purchase the value of the Co-Op has increased by 100% of the down payment, not a bad return. Believe me I would have loved to have had my parents helping me and my husband establish ourselves when we were younger, but that simply wasn't possible. While I now have the means to afford helping my kids, it would never occur to me to set my kids up in a $900k loft even if I could afford to. My husband and I could have probably helped our son buy something a little bigger than a closet but we were very clear that it was up to him to afford the monthly payments and clearly on his paycheck that would have been difficult.

I think what we're discussing here is the feeling of entitlement that 20 somethings have and how they and their parents somehow believe the child needs to have it all before they're 30. I think patience is a virture and so is saving. Indulging your offspring and teaching neither value is a mistake. I wish my son well and hope in a few years that he will be successful and be able to afford on his own an even nicer residence.

Again, I'm not shocked that parents help their kids buy homes, it's being done forever and ever.

Well, here's a parent looking to buy for her daughter. I realise I can't take it with me. Plus Im sick of seeing her living in slum conditions. She's paying $1000 in a rent stablised apartment. Question, should we buy now? Im thinking of something in the region of 600K.

#21--Thats why many coops have restrictions against parents buying for kids. Because generally, the kids treat the place as a rental, have very little respect for other people who actually have to foot their own bills, let alone respect fo other people's time (usually because they have plenty of free time) and run have wild parties late into the night during the week. They think its MTV Real World. I've got no problem with parents buying for kids as a general consept of course--its a free country. just that I don't want to live with them.

#20- Why would you be on this board if you weren't contemplating buying? Have you discussed this with your daughter? The bottom line is can your daughter see herself owning and I don't mean can she see herself in a trophy apartment. Can she afford a mortgage? Does she see herself staying put for 3 to 5 years? Does she have a solid income that will grow?

And to answer #21, if the answer to #20's is yes, yes, yes and yes, then there's nothing wrong with parents helping their children purchase apartments. I'm #19 and my son keeps his apartment nicer than he ever kept his dorm room, frat room and bedroom! He's furnishing his closet carefully and has been helping his neighbors as much as they've been helping him.

There is a HUGE difference between buying your kid an apt and co-signing and/or helping with a down payment. Obviously, the decision as to how much, if at all, you help your kid financially , is totally personal.

Helping your kid with a down payment will not somehow make them "entitled", not understand the value of money or make them a poor neighbor. At that age, your kids are either spoiled or they aren't.

NYC is probably one of the places which kids legitimately need help in many cases.

Williamsburg is a shithole. Who would send their daughter there if they could afford a place somewhere else.

For those who get help from parents to pay for the downpayment, don't you get taxed for any money that you receive above $12K from a parent(or $24K from both parents)?

i live in a pretty high-end coop in greenwich village. im happy that my board does not allow parents to buy for their children. from experience, most of these cry babies are obnoxious thinking that they truly earned it. and to the poster #2--it's sad that you dont see that there is something wrong with it.

#26--- there is no tax consequence to the recipient of a gift. A gift is not taxable. The donor experiences a tax consequence above the trigger amount, yes, this is normally in the case of outright cash or other valuable gifts directly to a child.

#28 - Are you sure only the parent is taxed for the amount of the gift (cash) above the trigger amount? No tax consequence to the child? Does the child need to show proof (to the IRS) that the cash is a gift?

Gifts are not taxable to the donee, period. regardless of the amount.

#23 -- I AM contemplating buying. The question is whether this is the moment.
#25 - why did you say Williamsburg is a shithole.
My choice of Williamsburg is that all her friends are living around that neighbourhood. Since she will be living alone, as a parent, Im more at ease to know that she has support nearby. But #25, please do clarify your statement. BTW, Im more than a little concerned about the oil spillage in that area. Do tell me more.

I understand you are contemplating buying otherwise you wouldn't be on this board. As far as whether this is the right moment, you're going to hear from lots of well meaning individuals who are going to either say the sky is falling, so wait for the market to stablize, or you're going to hear from people like me who will say, have you discussed this with your child and what do they think? The moment to buy is when YOU feel it is the right time, not a moment sooner nor a moment later! And by all means, make sure your daughter is an ACTIVE part of the process.

Again, when my son was looking, he was the only one of his friends looking at the time. Before that, only one friend had bought, another subsequently bought and now one is actively looking. The rest of his friends are living in the arrangements you described regarding your daughter. Believe me, my son would have LOVED to live like the way your daughter is living. However, we made it clear to him when he graduated college we would not help him with rent money. We would however, help him finance a down payment once he had a job where he could afford the mortgage and maintenance. Lucky for us, he was more than happy with that arrangement. And besides, by the time he landed his first job, his friends were already paired up living in lousy apartments, so even if he wanted to live with any of them, they were already sharing apartments.

Talk to your daughter. The decision is really hers. I have a friend who presently wants to also help her son buy an apartment. Believe it or not, he's stonewalling her. He claims to be too busy at work to look and can't see himself in a closet when he presently lives with his folks in a spacious home with meals cooked by his mama!

When my son landed his "dream job" the next weekend he began his hunt! When he finally narrowed it down to one apartment, he showed me it. Again, was it the right moment to buy you may ask? Well, again, it was a personal decision. All I said to my son was "Can you see yourself living here for the next few years?" After a brief pause, he said, "Yes." So that was the right moment to buy. Simple, no regrets.

As far as Williamsburg, again, it's a personal decision. Have you asked her? Does she enjoy living there? It's her decision! When my son began his hunt, I asked, how about Brooklyn or Queens, he wouldn't think of that! He picked an area to focus his hunt and couldn't be persuaded otherwise. I distinctly remember when my husband and I first looked for a home it seemed we were looking up and down the eastern seaboard! How we came to chose the area where we live now, I couldn't tell you because I can't remember. What I do remember however, was when we were looking for our second home in that same neighborhood there were very specific boundaries about where we would look and you couldn't persuade us otherwise.

I hope you get the big picture. TALK TO YOUR DAUGHTER! Oh, and I might add, I have another younger son and also have a daughter, so I know sometimes it isn't that easy to talk to daughters, but trust me, she'll welcome the discussion and so will you! Good Luck!!!

Take a look around #31 and you'll see why williamsburg is a shithole. If you are contemplating moving to brooklyn or queens there are much better neighborhoods.

#32 Many thanks. Your story is most relevant to me. I will have another serious talk with my daughter. This is on the asumptuion that she knows what she wants in another year or so. One things for sure, there cannot be any regrets, once a decision is made.
You are right about daughters!! :)

#33 so where would you buy for your daughter? Bearing in mind that her friends are all in Williamsburg area.

Williamsburg is great. I live in Tribeca. I have many friends in Williamsburg, and it really feels to me like Tribeca did 15 years ago. Great restaurants, shops, and really close to Manhattan. Five years from now, Williamsburg is going to have twice the number of young families that it does now.

This article mentions how not too long ago (I'd say 8 years ago), you could buy at least a studio for $150k in Manhattan. The fact that prices for studios and 1-beds has tripled was not caused by a great increase in demand or decrease in supply. It was not caused by New Yorkers' wealth tripling.

I assert that this incredible inflation in prices of small apartments is entirely caused by parents "helping" their adult children to buy. If no parents did this, studios and 1-beds would go for 1/2 or less than what they do now.

PLEASE STOP "HELPING" YOUR KIDS. It's making NYC more expensive for yourselves and everyone else.

(Not to mention that your kids are lame. Tell them to stop buying $800 shoes/purses and taking $200 worth of cabs every week if they want to live in this town on $90k/yr.)

I think people are just dumb bidders overall #37. Bidding more gives them an opportunity to tell their friends about the rich neighborhod they live in and the expensive (meaning way overpriced) homes/apartments in the area.

So #38, does that mean they should instead pay some ridiculous rent so they can impress their friends or would you be content to have everyone leave Manhattan and instead have a run up in prices in the 'burbs?

And #37, as #19 so eloquently pointed out, parents have been helping their children with down payments forever.

You're right about some kids being lame, but what we're talking about is after shelling out the down payment, it becomes the kids responsibility to foot the mortgage and maintenance. And that's all about maturity and discipline. Some kids get it, and then there are others which we all know what kind of adults they turn in to!

Folks, don't turn into sour grapes! Perhaps one day with your good fortune you'll be on the giving end! Giving in moderation never hurt anyone!

So then do you have a problem with children inheriting their parents' houses? Isn't this the same, except it's only 20% of the value (assuming downpayment only), and the children get to choose where they live? Oh yeah, and their parents don't have to die!

With todays inflated prices, I wonder how young people can afford to buy if no help is coming from somewhere. A lot of them have to pay back college loans too.

#39 and others, in my experience, these "children" (whom are about 10 yrs into adulthood), don't pay the entire mortgage and maintenance on that $900k apartment (which would be $5-6k/month). Either their parents put down ~50% or they pay part of the mortgage/all for the children. This used to be the case only for the very wealthy, but now even the middle-middle-class is getting into the game. In terms of teaching children respect for money, to each his own, but stop ruining the real estate market for those of us who don't have or choose not to rely on someone else's money!

To #41, I know a 26 yr old who has >$120k in grad school debt. She took out the max allowed in school loans (though not really necessary) and, during school, insisted on weekly manicures and pedicures, a semester abroad, expensive accessories, and was the first to point out when someone was being "cheap" by not wanting to spend $100 on a night out.

Now, she has an $85k/yr job which would lead one to think she'll be in debt forever. But, alas, her middle-class single mother has decided to give her the downpayment for an apartment, along with continued monthly "help". The daughter has learned that there are no consequences to spending way beyond her means.

So, to answer your question, young people (such as myself) should be taught/ learn the hard way to be fiscally conservative, to strive for lofty goals such as owning a home. If parents saw how their kids are living like rock stars in this city, paying $600 for a bottle of vodka in a club every Friday/Saturday, getting $5k Hamptons shares, etc, I'd like to hope that many would think a bit harder about forking over their life savings. Many of my peers in Manhattan have absolutely no respect for money. They think it will magically be replenished and their parents fuel this belief.

P.S. - Much like my immigrant grandfather, I put myself through undergrad and grad school, have paid off my loans and saved enough for a downpayment, even in this inflated market, all before turning 30...and have become quite skilled at painting my own toenails.

To #42 - Look carefully at what I said (#39)- Once the down payment is made, it is up to the adult child to pay the mortgage and maintenance. That implies not "helping" them further. You are absolutely correct that the parents shouldn't be "helping" afterwards. I recently heard on a business report that rather than give money, the best gift for parents to give their adult children is a book about finance and budgeting.

The 26 year old whom you are referring to is the same type of person that other posters described as "lame." I agree that there are probably many people in the boroughs like her. Clearly, the behaviors you are describing were fostered throughout her lifetime. Unfortunately there are many more people out there like her, otherwise those authors of those budget makeover books wouldn't be profiting!

I think like your immigrant grandfather you have a great head on your shoulders. Good luck to you. Perhaps when you have adult children you won't give them "help," but I'm willing to guess that if they grow up to have as good a head on their shoulders as you do, if you have good fortune, then don't be surprised if you end up giving them a little "help."

Surely there are as many outragous parents as there are children running amok in the City with so much money that there isn't enough things for them to spend it on. There are also parents who can barely afford their own necessities and yet continue to "help" their adult children to their own and children's detriment.

And then there's you and your family who proudly live independently within your means.

Finally, there's a group of parents who raised consciencious children who set realistic financial boundaries that both could live with. Again, moderation.

I suspect alot of this middle-class parent help was made possible by HELOC money. Guess it just feels like free money to boomers who have owned their own home for decades.

What's HELOC?
I do agree with #40 - Give now or give later, its still giving. I believe in helping (without inflicting too much hardship on us parents) and at the same time not spoiling them. I think children can get resentful if their parents live royaly and they live in dangerous slum

#45 A HELOC is a creature which in sewer pipes in the suburbs and is known to hand out hundred dollar bills to parents of nauseating spolied pukes.

HELOC Home Equity Line of Credit

generally speaking, do coop boards view this as a negative (i.e., when young people buy apartments with what is clearly financial help from the parents)? is it sufficent if the young buyer can show that he/she will have enough liquid assets post-closing and has enough income to cover all the monthly expenses? are other factors, such as limited work history (due to young age), a problem that will prevent somebody from getting board approval?

We accept parents buying for children with great success. We get the parents to sign as guarantors. Since we advertised this fact to the brokerage community, our building sells faster and at a 10% over a similar coop next door. Most buying since are not as such, but like the fact the building had better liquidity. I personally am elated with the results

In terms of risk, divorces or deaths or just as risky, but in the end the bank always steps up and makes the maintenance payments to preserve the asset.

Buildings are very clear about who may purchase. Many ads will clearly state "no parents buying for children" or "no guarantors." Likewise, some ads will state,"no pied-a-terres." In terms of resale, I would prefer a "reasonable board." Again, what is reasonable to one person, may be unreasonable to another. But when we went looking for an apartment to co-purchase with our child, obviously we were looking for a building that allowed parents buying for children. However, I didn't want a building with an overly generous sublet policy. The building has a small turnover each year and apartments sell quickly. Interestingly, I've been watching the activity of a building that we liked that had draconian rules, and an apartment that we liked is still on the market more than a year later. Furthermore, other apartments in the building are also for sale for more than a year.

I would stay away from buildings that require more than 25% down and don't permit parents buying with children especially if you're a first time buyer. With a harder board, the pool of potential buyers diminishes.

OK, here goes. I've lived in NYC for a long time (15+ yrs) and there a few truisms:

1.) Someone will always have more money than you and,
2.) Someone will always have less money than you....

I worked my tail off when I graduated and had a starting salary of about 32K. I was always jealous of my friends who worked on Wall St and were making tons of money. I stayed at work late at night so I could have the company pay for my dinner...it was either that or I wouldn't eat...I could barely afford 3 dumplings ($3.00)from the picture menu of the greasy place nearby. I had 2 roomates and most of my meager pay went for rent and normal bills (like gas and heating.) I didn't take taxi's - hoofed it to the nearest subway a 25 minute walk and lived in a rather tough part of town - alphabet city - which was rather druggy in the early 90's.

But, as I started to earn more I was able to save more, had no debt, funded my 401K,yada, yada. yada.....and 2 yrs ago, my husband and I were eager to buy a place. I had major sticker shock. I thought we were macking a pretty good living. But, there was no way we could afford to buy in the city with 25% down and 2-5 yrs liquidity after close. We could have afforded it in the late 90's or early 2000's, but not with the recent breath taking increases. My inlaws generously stepped in and helped with half of the down payment.

I would suggest this: 1.) help does not mean spoiling and, 2.) Prices are so far out of wack with salaries that there is almost no way anyone can afford today's prices in the city without it.

#51-- Prices are out of whack with secretaries, policeman and school teacher's salaries, not with i-bankers, lawyers and hedge fund guy's salaries. this is new york city, home of the rich. thats life in the big city.

#51 and #52 are both completely correct. The prices are totally out of whack with many different careers. People working in several occupations who in other cities could afford a nice house or condo can't afford to by anything in Manhattan, and in many cases have been priced out of Queens and Brooklyn. So long as there are hedge fund guys, i-bankers, and stockbrokers doing well in this city housing prices will continue to be high.

My questions is what happens when teachers, policemen, nurses, etc. are unable to live here and in turn move. I have been saying for a few years that I think this housing market is bound collapse really hard soon due to the overpricing that is going on. So far I have been very wrong. But I have to say I would feel very nervous spending 900K on an apartment knowing that if the economy takes a dip and bankers and stockbrokers aren't making their big bonuses there won't be anyone who can afford to buy my place should I want to move.

I am a very big believer in owning realestate and I think it is one of the smartest decisions someone can make. But frankly it is an inventment and the old addage is buy low sell high. Well I wouldn't be buying now...

53-- your living in the past. all these "oh my god, apartments cost $1 MM" people are equating 2007 dollars with 1992 dollars. To my recollection, school teachers, policeman and the like were NEVER able to afford in prime manhattan. the only difference now is that alomst all of manhattan has become prime, even parts of BK. Soon, the entire City will be prime. That is the irrevocable progression of this City.

But will there be enough wall st people to pay for all this prime real estate? How many apts/homes do all these people need? besides wall st who else can afford manhattan?

Manhattan inhabitants include heirs and heiresses, celebrities, lawyers, surgeons, wall streeters, hedge fund people.

1 million dollars is not a lot of money anymore. "Millionaires" used to be an elite class. This is no longer the case.

#56 posting again -oh yeah foreigners can also live here. . .

to #57, 1 million dollars is actually still a lot of money - just not in manhattan or probably the boroughs either. . .

it will take you far in quite a few places.

yes, but when people used to dream about being a millionaire, it was a LOT LOT of money. Nowadays the upper-middle class are becoming millionaires.

... read about the AMT problem affecting more people.

I love the ends of the poles - either your a secretary or a hedge fund manager. nothing in between. Where are the in betweens going to live? You know, the folks who run things like streeteasy, or write for the NY Times, etc.

They will rent. . .until they save some money.

I am an in betweener. There is nothing affordable (that I am interested in) in manhattan or brooklyn. Most of queens is out of my reach too. That is unless I want to have any money left over each month after I pay my mortgage. This is the problem with the overpriced housing market in NY. If it doesn't tank a bit soon those of us in between will start to move and there won't be anyone who can pay these prices. Frankly I think we are will be entering a pretty strong recession in a year or so. If that is the case anyone who has bought an apartment in the past two or three years will lose a lot of money. Unfortunatly I don't think NY will rebound too quickly either. I can't even tell you how many people I know who have left recently to move to NC or PA and Atlanta. THey all blamb the high housing prices here. I am certainly a believer in market value and if someone will pay a ton for your apartment good for you. But as a buyer I just wouldn't do it because the housing prices in NY are going to be what undoes this city.

#64--your universe is limited. People have been leaving for Atlanta and Florida since the 80s. these are generally the people who could not get the work that the well educated and highly skilled people from Atlanta and Florida and Texas, et. al. could get. If you are not highly educated and/or highly skilled in something here, you will need to move. This town will always attract the best and brightest. Don' mean to be insulting, but this is the truth.

"Frankly I think we are will be entering a pretty strong recession in a year or so."

#64, based on what?

To #64, I do not say this to be mean but if you cannot afford Manhattan, Brooklyn and most of Queens - I would not consider you "an in-betweener". You have covered quite a few territories with a wide range of housing in that sample.

#61:
#62 is correct.

Why do 2/3 of the rest of USA own whereas only 1/3 do in NYC?
Because it was always expensive to buy and because most ppl treated their time in NYC as transient. How many ppl do you know over the years that moved to NJ, upstate or LI to start a family? Most of my coworkers did this throughout the ealry 90's and mide 90's. This is not new.

Now that ppl want to raise families in NYC (there were recent articles in the NYT talking about the vast increase in the last 5 years of under 5's in Manhattan for example) they are finding it expensive to buy family sized prices but so did my coworkers of 10-15 years ago who moved to the burbs.

#65 you are correct there have been people moving south for a long time. But I disagree with the trend that is happening now. There are very highly skilled people moving from NY because, frankly the cost of living is unbearable. There are also lots of companies who are leaving NY because they have realized that with the advances in technology and the ease of today's business travel, they can save a lot of money staffing offices in other cities across the company. In my insustry two large companies recenlty relocated out of NY. One moved to Charlotte, the other to Maryland.

Being highly educated, skilled and intelligent don't always mean you make a lot of money. There are pleanty of fields where you can have great jobs but not be paid a fortune. Frankly there are lots of unintelligent 23 yeaar old stockbrokers who make more money than ivy league professors in this city. And that is the main issue here.

#67 I believe most people would very much consider me an in-betweener. The difference is what you see as an affordable place and what I see as an affordable place are very different. Looking at the cost of condos in queens (we aren't even talking prime neighborhoods here) a true two bedroom is very hard to find under 500K. I consider 500K for a two bedroom apaartment in QUEENS so be ridiculous. Hense I don't know how much longer my family will continue to get ripped off here. And as far as carreers I have a good job in media and my wife has a masters degree from Columbia. I make quite a bit more than she does. Her field (in which you need to be highly educated) doesn't pay all that well. She also works in the health field. What happens when all the other people in her profession (and similar professions where rich people need their services) decide it is too expensive here?

Also I should note in my wife's field the pay in other cities is usually more than in NY so that is another strike.

With all that said I should mention that I absolutely love it here and really don't want to live anywhere else. I know lots of others feel the same way which has helped NY become the strong market it is. But it is going to get to the point where I think those of us who don't make half a million a year are going to end up leaving.

No offense but I don't think the amount of money you make is a direct correlation to how smart or well educated you are. Frankly, I know a ton of 'dumb' hedge fund managers.

#73 "Frankly, I know a ton of 'dumb' hedge fund managers."

Translation: You blew two of them and watch Mad Money.

#71 -- The social workers and nurses move to Staten Island (which, byt the way I see large upside in).

#70 -- Whoever considers Ivy league professors to be highly intelligent clearly did not attend an ivy league school.

best and brightest? Do you really think most of these people buying these apartments are really all that bright? #73 hit the nail on the head. In a lot of cases the best and brightest realize what a rip off housing here is so they move.

highest salaries in the country for certain (higher paying) professions are in NYC. Lawyers, Ibanking, and the like. Yes, if you are a nurse, you should move to Wisconsin but nurses probably make more here too.

To #77 sure, but without nurses who will take care of NYC's lawyers and Ibankers?

Actually there is a nurse shortage, so nurses generally do relatively well.

#79 here - people tend to commute if they want to live here and dont make enough. Same thing happens in even more expensive London or Tokyo.

#79 you are correct there is a shortage, and it will continue to get worse if housing prices continue to be unaffordable to people who do their type of work. Yes, nurses do very well in NYC. BUT THEY STILL CAN'T AFFORD TO BUY!!!

Did I miss something, wasn't the topic about parents helping children buy apartments?
Whatever!

Since you all changed the topic, on HG Sunday night they talked about viewers favorite places to live. If you LOVE pizza, move to New Haven, Connecticut. Coolest city was Austin, Texas. But the top three places that viewers chose to want to live -- drum roll please---were- #3- San Diego; #2-Denver; and #1---take a wild guess -- Manhattan!

As long as there are people who dream of moving to Manhattan, property values will continue their upward climb. And for every person who leaves the city, there's some dreamer who arrives!

#79 - I am pointing out cities with the same issues and they still have nurses that commute - London, Tokyo. It all depends on the demand for people to live/work there.

Anyone have opinions about children helping parents to buy?

#82 I saw that thing on pizza. New Haven pizza is the most overrated pizza in the country. the pizza in hoboken is better.

Everyone else: Go to ANY developed country. All the young people dream of moving to the big city, meeting a spouse, raising kids then moving out. In the USA, NYC is the big city. Sure there are other big cities but those are regional big cities. This is the national big city. Always has been, always will be, until the towelheads nuke us, that is. Even then, real estate prices will rise in the non-nuked remnants of what was NYC. Bitching about it wont do any good.

And how much do nurses make, anyway? I know that good paralegals can make six figures in this town.

#84- Interesting question! Just read a financial column question on the subject. A parent asked a child for help in buying a home. The advice columnist told the woman that if her parents' credit was poor and stood in the way of them purchasing a home, then she shouldn't do it because it might affect her future credit. Instead, if children have enough money to buy a second home, then by all means, they could purchase the home and then rent it to the folks. I'm not sure if family makes the best tenants, but I guess it's been done for thousands of years! I know of wealthy friends who buy up condos in Florida and rent them to their parents and their parents friends. The bottom line is, if the parents, after all these years are unable to afford to buy a home, then they are probably unable to afford OWNING a home.

#86 - you need to take a hit off the nearest bong.

#87 - Believe it or not, from time to time there are plenty of children who help their parents. I guess you're too high to realize it!

http://www.drphil.com/articles/article/46 Here's what Dr. Phil thinks about children helping parents financially