Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Also, anecdotally, I know a family bringing in $800K but they rent, sent their kids to public schools and Regis. Lots of people in different situations but renting is common here.

$800k isn’t enough to own a nice property and send kids to privates in NY. Of course they rent.

We make it work pretty easily.

Anonymous wrote:

Anonymous wrote:The rent v buy calculus is so skewed towards renting that you shouldn’t buy unless it’s a niche housing type you can’t rent (e.g. prewar park avenue coop). Don’t let a perception of negative stigma push you into buying a condo or coop that won’t appreciate at the rate of inflation and with monthlies that will eat you alive should your circumstances change.

Except then you have to rent in retirement and rent goes up every year. You also have to live in a rental building.

If you’re using a rent/buy calculator you’re not wealthy enough to send kids to privates in Manhattan. A nanny is also more expensive than daycare, and NY private school parents aren’t using daycare.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Renting has been more beneficial for so many years now. We sold three properties to become renters. Should have never bought them.

Owning can be beneficial. The outer borough and suburbs have appreciated over time. It forces people with bad spending habits to save.


In addition, the math isn’t straightforward. If are wealthy enough to own a place that can host and impress guest with the view (increase networking opportunity), privacy / security of knowing everyone in the building, etc…

We rent in a family friendly building on UES. Lots of people know each other, people have been here 10 plus years.

Anonymous wrote:Does every TT family post here? Doing the math and if every poster who claims to have a kid at a TT really does, that would be a lot of them. One would think they have better things to do.

Anonymous wrote:

Anonymous wrote:The rent v buy calculus is so skewed towards renting that you shouldn’t buy unless it’s a niche housing type you can’t rent (e.g. prewar park avenue coop). Don’t let a perception of negative stigma push you into buying a condo or coop that won’t appreciate at the rate of inflation and with monthlies that will eat you alive should your circumstances change.

Except then you have to rent in retirement and rent goes up every year. You also have to live in a rental building.

If you’re using a rent/buy calculator you’re not wealthy enough to send kids to privates in Manhattan. A nanny is also more expensive than daycare, and NY private school parents aren’t using daycare.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s common in NYC. Big spenders who can’t manage their finances and can’t afford to buy. They will try to rationalize it by rent is so much less expensive or whatnot, but really it’s because they don’t have the down payment. M

Once you have kids in the city and haven’t saved a DP you’re screwed unless you earn millions a year. I don’t mean $1-2 million but $5 plus.

I know a renter who had a baby horse for both her kids for 16 weeks and TWO nannies, and the husband told my husband they still don’t have enough saved for a down payment.

Be careful assuming private school and renting makes any sense financially. You’re just renting a lifestyle.

We have over $10mm in invested assets and rent. I guess we are the outliers.

You are. Definitely.

Anonymous wrote:

Anonymous wrote:Renting has been more beneficial for so many years now. We sold three properties to become renters. Should have never bought them.

Owning can be beneficial. The outer borough and suburbs have appreciated over time. It forces people with bad spending habits to save.


In addition, the math isn’t straightforward. If are wealthy enough to own a place that can host and impress guest with the view (increase networking opportunity), privacy / security of knowing everyone in the building, etc…

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s common in NYC. Big spenders who can’t manage their finances and can’t afford to buy. They will try to rationalize it by rent is so much less expensive or whatnot, but really it’s because they don’t have the down payment. M

Once you have kids in the city and haven’t saved a DP you’re screwed unless you earn millions a year. I don’t mean $1-2 million but $5 plus.

I know a renter who had a baby horse for both her kids for 16 weeks and TWO nannies, and the husband told my husband they still don’t have enough saved for a down payment.

Be careful assuming private school and renting makes any sense financially. You’re just renting a lifestyle.

Pretty silly assumptions. Renting gives us flexibility to move when we want. It’s cheaper as well. And can easily earn more $$ investing the down payment.

It’s better in our opinion to buy a second home. Which is what we did.

How am I screwed per your comment?

Wouldn’t it be your first home if you rent your primary residence?

Anonymous wrote:

Anonymous wrote:Also, anecdotally, I know a family bringing in $800K but they rent, sent their kids to public schools and Regis. Lots of people in different situations but renting is common here.

$800k isn’t enough to own a nice property and send kids to privates in NY. Of course they rent.

Anonymous wrote:

Anonymous wrote:We own but it pains my husband (finance guy) since the money could be doing better in the market. We think the renters are pretty smart!

We wanted a prewar place in a co-op west of Lex and you can’t really rent those. You also tend to need several times the purchase price of those apartments in cash to make it through the board process which may also make some people gun shy on buying. We were only able to make that work with help from family. Lots of people are getting help with down payments (not to mention private school tuition, hence the dog and pony show for “Grandparents Day”) so no shame in the renting game…. You do what works for your family.

They don’t have it. That’s why they rent.

Anonymous wrote:Does every TT family post here? Doing the math and if every poster who claims to have a kid at a TT really does, that would be a lot of them. One would think they have better things to do.

Anonymous wrote:Renting has been more beneficial for so many years now. We sold three properties to become renters. Should have never bought them.

Anonymous wrote:Does every TT family post here? Doing the math and if every poster who claims to have a kid at a TT really does, that would be a lot of them. One would think they have better things to do.

Anonymous wrote:We live in 20k a month rental and send DS to TT SS school. We are not worried that we don’t own a home in the city lol. We used to own in a prestigious coop in the UES and we had no problems but neighbors ended up suing each other and some board members were really difficult with potential buyers and applicants. It was exhausting so we sold and found a nice rental that leaves us a lot of flexibility. We have a house out east that we do own though.