NYC: Better to rent than buy

Ha! No you did not. And if you did, then it won't be any trouble retyping your answer. Would you rent it or buy it then? And then, what difference in cost would it take for you to change your mind? Assume rent and monthly carry costs both start out at $3000.

Crickets from Estevao...

steve is having trouble understanding basic concepts again. Interesting . . .

Estevao was getting his hair cut, bjw. My mother said I was too old to have long hair.

I've answered it - in Brooklyn, rent if it's an apartment. I might buy a house, though, in the Kensington area. In the Bronx, rent. In Manhattan, to me there is no such thing as "all things being equal" because of the nature of the market, so I would have to analyze on a case by case basis.

My current apartment, if I could get it for $3,600 out of pocket to buy, I'd buy it in a heartbeat. My last apartment, nice as it was, as much as I liked it & the nabe, I would only rent. But I would live in both places, obviously, because I did.

LICCdope, the only basic concept I have trouble understanding is why you incessantly post about Manhattan real estate when you live in Long Island City. You should be posting about the #7 train to Secaucus or something like that.

"In Manhattan, to me there is no such thing as "all things being equal""

I don't think it makes a difference if it's Manhattan or not - the actual likelihood of ATBE at any given time are probably quite quite slim. But for the zillionth time, that's not the point of the question.

Anyway, based on your answer, your clear preference is to buy. Fine. Now, how high does the monthly payment have to be before you decide, "I'll rent this instead," assuming the rent remains flat at $3,600? $3,601? $4,000? More?

I have no idea what the second part of your question means.

Regarding the first, that is your inference - I do not have a clear preference to buy because, regarding Manhattan, I do not accept the "all things being equal" premise.

So try again. Show me the property that rents and sells for the same out of pocket per month, and I'll tell you what my preference is.

Your theory is that all apartments are fungible and heterogeneous; they clearly are not.

Some have pistachio walls. But, sadly, not the rentals.

"I have no idea what the second part of your question means."

It's really not that hard Steve. The monthly carry is $3,600, and the rent is $3,600. You say "buy!" Ok. Same scenario, but we start to gradually increase what the monthly carry is. At a certain point, assuming you're rational, you'll say "Stop - I prefer to rent this place instead. Owning is too expensive for my tastes." What's the approximate dollar amount where that happens for you? $3,601? $4,000? More?

careful, bjw2103, you're holding people just a little too closely to their oft-repeated stances

"I do not accept the "all things being equal" premise."

You're confusing things. I'm not even saying it currently exists (I don't think it does). This is a hypothetical, Steve. You went to Columbia - this shouldn't be so hard for you.

"Your theory is that all apartments are fungible and heterogeneous"

Never said it - don't put words in my mouth. Again.

lowery, can't help it. Steve beats people over the head with his formulas and condescending HAHAs. His reputation concerning real estate has already gone kablooie, so I guess I'm guilty of rubbernecking here, but I am genuinely interested in his answer if he ever decides to give me one. His feigning of ridiculously poor comprehension is immensely entertaining though.

I have my entire family wear pistachio tinted glasses, this allows me to save $10k month on my rental versus a for sale unit downstairs. My wife's prescriprion pistachio tinted glasses are expensive, but luckily both my kids and I have excellent bubble seeing eyesight

Steve, now that you've had a few days to mull it over, what are your thoughts?

Hello? Is this thing on? Steve? No answer at all?