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[quote=Anonymous][quote=Anonymous]I have plenty of friends living large in NY but their situation is different in that they don't own their apartment.  Or a few do, but most do not.  Instead of saving for a downpayment, most of my friends spend a huge amount of money on travel, uber, dining out and drinking.  I get that it's Manhattan and you want to take advantage of it but it gets harder not to judge the older we get.  We also enjoyed living in the city but when you get into your 30s and are spending a 500k salary (two earners) in taxes, rent and entertainment it just gets silly.  Once in a while I'm envious of their first class flights to some fancy destination and their charity events, but then I remember they may be unable to retire and will be lifelong renters.  [/quote]

+1. I started my career in NYC but moved out ~7 yrs later. I have friends and colleagues there who rent in the type of apartments that would sell for $2-3 million -- luxury everything, new-ish construction, views etc. They don't want to buy bc they don't have the type of down payment that you'd need for a $2+ million place to say nothing of making $2000-3000 in monthly fees to cover common + taxes. Every few yrs they'll get it in their head that they should buy so they'll go look at normal apartments - 1 bedrooms in doorman buildings that were built in the 60s-70s. And even for the nicer/renovated places, their reaction is "ew - not living there" bc once you're used to luxury everything, it's hard to adjust. So then the cycle continues -- keep renting the fancy places, ubering everywhere, vacationing 2x/yr. It's a great life and I do consider it myself once in a while -- BUT then I fear what happens in retirement when your savings are very fixed yet your rent and NYC COL goes up every year. And as much as everyone says -- you move away in retirement, knowing these types of people, they will do everything possible NOT to leave Manhattan or Brooklyn ever after they've spent 40 yrs of their lives there.[/quote]

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