I make 450k and I can't buy a home right now

so my solution is to buy a home 3 hours away from nyc? yikes.

Instead of Rye check out Briarcliff, instead of Alpune NJ check our Ridgewood, instead of Rumson NJ check out Marlboro instead of Jericho on LI look at Syosset.

You might not be able to afford the cream of the crop, the north shore Gold Coast or Westchester's most luxurious neighborhoods but there are very nice school districts and areas that are within your price range, with decent commutes.

I got outbid in Briarcliff and ridgewood actually.

I will say a prayer for you tonight.

You're making a big mistake by chasing the market, which is exactly the wrong time to buy.

Wait until the market crashes, then make an offer based on value of the property and below the asking price, never above what the asking price is.

I agree with saving your money, and when you've made enough then move out of NY to a more desirable and less expensive location.

OP sounds poor.

I suggest saving up, and moving out of NYC to virtually anywhere (besides San Francisco). The cost of living turns your 450k into probably 150k salary in Las Vegas or Denver.

Why are you so concerned about buying a home or getting outbid when you can save $150k A YEAR IN CASH.

just keep saving money

and stop complaining

Oh, sorry. You're looking in neighborhoods in your range and not the most exclusive. And you're well aware that 1.2 is greater than median range. Sorry to hear this, good luck.

Would you consider Long Island neighborhoods or Central Jersey? I've got banking friends and relatives who live in Marlboro NJ, Plainview, Syosset, Merrick and Rockville Center LI. The school districts were good and their kids went to outstanding colleges. The commute into the city is about an hour.

I am now looking at glen head area - less expensive but nice still. I just got outbid by an all cash buyer this weekend actually.

Rockville center looks nice.

the problem is there are so many people like me. 450k is not that much in nyc finance scene. everyone is backing off buying in Rye, Manhasset, Scarsdale and targeting Glen Head, Rockvlle Center, Ridgewood etc, hence the intense competition.

DING-DING-DING!

Okay, such companies are not *all* the problem, but they surely contribute.

As do some foreign buyers, looking to park (Did I say "launder"?) cash.

And sellers looove all-cash bids, in any case. Just simpler. If we ever put our apt. (maybe worth a couple mill in this market?) up for sale, I too could be easily swayed by an all-cash: one session with the lawyers, and done.

If you invest $150k a year, you’ll be worth 8 figures in like 15 years. So keep doing that and also STFU

Ah. So you think:

1. The US is a true meritocracy.

2. The merit indicated in #1 is necessarily predicated on intelligence.

I understand as I've lived here my whole life. A teacher friend of mine moved to Glen Head but that was before the pandemic. I have no clue what it's like now. My relatives also bought and sold before and at the beginning of the pandemic when it was cheaper.

The people I know have always looked at, I guess the 2nd tier locations or a bit further out from the city. The Rye, north shore, Rumson areas are for the uber rich now.

I had a conversation with my wife who can't understand why her brother who is in a similar situation like you pays 6,000 a month rent. This is why.

Have you looked into nice neighborhoods of Queens? The homes are expensive but the taxes are much less.

How the the deal be ‘killed’ when you didn’t have a deal to begin with?

But Biden does suck, that’s for sure. The economy is tanking.

I hate queens. driving around there gives me major major anxiety/stress(soooo many people/cars...its chaos). Need to be in a calmer area.

I've got a friends and relatives who "lived within their means" in Plainview, South Merrick, and Marlboro NJ. They lived well, went on great vacations, sent their kids to good schools and bought small weekend getaway studios.

The upper middle class neighborhoods are still good.

lol.

Manhattan had nearly a 7% drop in population in 2021, but you can’t find a home? Granted a lot of the people that left were probably renters.

Still, on paper it seems like New York would not be the most difficult place to get a home. The only logical explanation is that investors are scooping up real estate with cash to benefit from rising rents. I would think the exodus from cities since most white collar jobs can be done remotely would offset potential rent increases due to more supply than demand.

Real estate is much easier to buy in FL than it was 12 months ago, even though we had the second largest population increase last year.

I wouldn’t be in a rush to buy a $1.2M home with a mortgage right now anyway. Your debt service alone will be like $5K per month.