First-Time Buyers Week

Is it worth downsizing from your rental just to be able to buy an NYC apartment?

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It’s one of the biggest conundrums for New Yorkers: Is it better to buy a small (and affordable) apartment or rent a big one? After all, experts say it’s harder to unload a studio than a larger apartment and, for many of us, it’s a drag to live in a shoebox.

Then again, to buy is to invest in this city we all love so much and some say it’s a better move tax-wise to own versus rent. So which appeals most? We asked five New Yorkers to weigh in:

I’ll buy outside of the city Being an "I want it all" kind of girl, I'd prefer to rent a comfortably sized apartment in NYC and use the money I'd have to spend on buying a small apartment in the city to buy a larger place elsewhere, either as an investment or a weekend destination. —Shelley, Upper East Side

Attachments are overrated I would rather rent a large apartment rather than buy a small one as there is some great literature out there about the downside of owning property. Also, as someone who is a bit averse to attaching myself to things, I actually find the idea of renting liberating. I'm not tied to one location forever. Also, if I want to host friends for an evening or family for a week, I'd rather have a large apartment to do it in. When I die I'm not going to miss the money that went to rent, I'm going to cherish the memories made in my big-ass apartment! —Phillip, Lower East Side (pictured below)

Small is working for us My boyfriend and I currently rent a studio on the Upper West Side and we’ve made it a year without biting each other’s heads off, so I’d rather buy a small apartment. Then I wouldn’t feel so bad about throwing all that money away every month and could paint the walls a more soothing color that’s not the current poop brown shade. —Katelyn, Upper West Side

Living in the short term I would rather rent a large apartment, because I’m a millennial and consistently opt for short-term satisfaction over long-term stability. —Jamie, East Village

Large works for me I would 100 percent prefer to rent a large apartment. I can’t bear the thought of owning anything more expensive than my MTA monthly pass. —Kylie, Fort Greene

Verdict:  Go big and go home to your spacious apartment!

 

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