Reply to How do People in the Bay Area buy 2-3 million houses

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Same way 'people' in NYC are able to buy 2-3 million condos. Start off with a larger base income with all the lawyers and financiers present, otherwise the rest of the buyers are independently wealthy or the top 5% in their respective fields like fashion, publicity etc.

There's also the fact that 65% of the people living in New York City [b]rent[/b]. That's roughly 5 million people renting for their entire lives. 1/5th of those renters have a household income over $150,000.

https://www.nytimes.com/2018/02/15/realestate/rent-increases-2017.html

https://www.rentcafe.com/blog/rental-market/new-york-high-income-renters/

[b]All that to say - I believe people are vastly overlooking the fact that the broad majority of Bay Area dwellers or NYC dwellers just can't afford to buy at all. [/b][/quote]

Every person I know who is living in NY and hadn’t bought, can’t afford to do so.  Even those making 500k plus.  They live such fancy and high consumption lifestyles that they are unable to save the 20-50 percent needed for a downpayment.  They act as though renting is easier:better deal but we know that’s not why they are still renting.  [/quote]

Yes. And the NYC renter's market is CUT-THROAT. $5K month for a tiny 1,100 3 bdrm, walk-up, no view, window a/cs and bars with deposit, first month's, and last month's rent is doing excellent and you're splitting that with 2 other women.

[youtube]https://www.youtube.com/watch?v=JBZTZZAcFTw[/youtube][/quote]

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