Most Renters Think NYC is Unaffordable but Still Plan to Stay

 

By LAURA KUSISTO

For all the talk from mayoral candidates about the middle class and proposals to make New York City more affordable, most New Yorkers think City Hall can’t do much to bring down their cost of living, according to a Wall Street Journal/NBC 4 New York/Marist poll.

 

Source: WSJ/NBC NY/Marist poll of 1,118 NYC registered votes conducted June 17-21 (2013)

 

And while few believe the city is affordable, most New Yorkers said they plan to stick around, according to the poll, highlighting the city’s complicated relationship with the high price tag of living here.

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Another Reason Housing Costs Are So High In New York: Government Taxes And Requirements On Closing Costs

Daily News

Homebuyers know and stats show that closing costs you a ton in New York

State is No. 1 in closing expenses for a third year in a row, Bankrate surveys

BY / NEW YORK DAILY NEWS

PUBLISHED: MONDAY, AUGUST 6, 2012, 11:42 PM
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BILL TURNBULL FOR NEW YORK DAILY NEWS. Would this Elmhurst, Queens, house work for you? Keep in mind that average closing costs total $5,435 for a $200,000 mortgage on a single-family home purchased with a 20% down payment. The cheapest state to get in the door with a mortgage is Missouri, with average costs of 3,006.

 

HERE’S ONE more reason why it’s so ridiculously expensive to live in New York: We have the highest mortgage closing costs in the country.

For the third year in a row, New York State leads the way in fees associated with getting a home loan, according to a new survey from Bankrate.com.

The average closing cost here is a whopping $5,435 for a $200,000 mortgage on a single-family home purchased with a 20% down payment.

Compare that with Missouri, the state with the lowest closing costs, where they pay an average of $3,006. The national average is $3,754. Continue reading