In NYC we mostly have condos and coops. It’s important to do due diligence on a building’s financial health(how much they have in reserve, operating expenses, any planned major expenses, mortgage outstanding). You would also look at if the building has any needed major repairs. We also look at the board - how strict they are at approving purchases. Some coops have high down payment requirement, which makes it hard to sell sometimes.
My maintenance has not increased in 10 years. My mother lives in a condo and she is very happy with it.
I think the only downside is if you have bad neighbors, which I have one upstairs. I am hoping they will move soon - they have 2 young kids in a two bedroom apartment.
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You need to come out to the midwest. We have several aerospace companies that pay well and homes (decent ones) can be found for $120,000. So places exist but sometimes you have to live in areas that you haven’t thought of.
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Good point, but can you get a job at those companies? Plus a lot of people want to stay near family, etc. And I know people who don’t mind renting if they get to be in a place they like. I wouldn’t want to live in a place I don’t like just so I can own a home…
But, if you really want to own a home and live somewhere affordable you do have to look…
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Our HOA is pretty good, but sometimes we hear complaints that they don’t do enough…so it’s like the opposite of ones that are too stingy…
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That is not the norm as far as condos in the Seattle area over the last several years. They haven’t appreciated like houses, but the value has definitely gone up. Makes me think they paid too much for the condo, or something is hurting the resale value substantially.
That’s bizarre to hear another story like that in Seattle. I wonder if those condos were priced too high to start with due to the area? We have followed this for years, as we rented and then sold four condos in the suburbs of Seattle in the last two and a half years, and I’d guess they’ve appreciated 80-100% over what they were valued at six years ago.
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My sister bought a condo in Chicago a few decades ago (when she was single). My dad was vehemently opposed, but changed his mind after she sold it for a nice profit. She moved to SoCal and bought a condo there. After she married and moved she held onto the condo and has always had good renters and it has proven to be a nice investment.
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Suburbia RE benefitted a lot during Covid from folks who did not need to live closer to downtown to commute to their jobs. Also, Amazon and other tech co expansion to the Eastside drummed up more interest in RE in that area.
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It’s actually a nice area. And yes, there are good jobs available. We are an hour and a half from Chicago, 2 hrs from Milwaukee and close enough to enjoy northern Wisconsin. My daughter lives in DC and what she spent on a condo, would buy an estate with 20 acres here. Living here has allowed us to enjoy a higher standard of living. It fits us well.
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I spent the holiday in northern Wisconsin. I think I’d love it in the summer but not so much in the winter.
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I want to wait for the housing market to drop and for rental markets to drop a bit. But, I am thinking of helping ShawD buy a two- or three-family house.
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shawbridge - curious, why are you thinking a 2-3 family house for your daughter? So she can have a rental property? That’s an interesting idea, if so.!
To create a second source of income. But also because the market seems to charge a premium for a house that has been broken up and converted into condos. So, this would leave her with a property that, when she has a family, she can live in, take over two units, or use all units for income, or convert herself.
At the moment, she would probably get a roommate for her unit and rent out the other unit or two units. Most of the mortgage/expenses would be likely be covered by the rental income.
At least, that’s my hypothesis based on my cursory observation. I want to see how the market is pricing things.
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Our older daughter and SIL just had their offer accepted. We’re helping with the down payment. H’s parents gave us no-strings money over the years and to us this is a good way to share our good fortune.
Getting gifts from the ILs never affected our work ethic nor stopped us from achieving our dreams.
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shawbridge - interesting! Helping an adult child get not just a home but a supplemental income source is something I hadn’t thought of - but could really assist them, long-term…
zeebamom- agree, I don’t see many downsides with helping with a downpayment. I’d do that if I could (but only after the child had the financial stability to maintain the house, etc.)
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How many young people are interested in being landlords? I don’t think any of mine aged 25, 30,34 would be…
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Mine would.
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Mine wouldn’t enjoy being landlords . And they want their own space. My son and his wife just bought a DC rowhouse that has a space in the basement that could be rented out. But they have no interest and will be removing the kitchen appliances down there. Other son rents a house and doesn’t even have a roommate. Some might enjoy being a landlord though and maybe @shawbridge daughter is one of those would.
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Oh sure! Some will like this option. Wasn’t try to indicate no one would. 
Just also mentioning it as part of the equation of whether it’s a good choice/offer or not.
The rental income of course is nice. Landlord troubles often not so nice!
Not everyone is cut out to want to, have the time to, or the know how to…handle tenant/building issues.
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A friends’ son bought a multi family home and is renting the other floors. I was zapped when I heard this - he was only 25 or 26 when he did this. But he loved the idea. My kids wouldn’t be interested in being landlords!