<p>So first you’d need to save $33k - plus closing costs, lets conservatively make it $35k. Then you get a $2400/month mortgage & taxes PLUS homeowner’s insurance - at least $2500/month, for the next 30 years. And you end up with a 1300 square foot house that needs work, on a 5000 sq foot lot - so you can’t even add on to the house.</p>
<p>And you have to save that $33k while paying NY/NJ rent. And commuting costs (which can easily run several hundred dollars a month).</p>
<p>I’m glad I’m not 25 years old and working in NYC!</p>