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

New Housing Initiative: Tiny Apartments

If tiny apartments are so desirable, why doesn’t New York City revive single room occupancy (SRO) uses?

— Jack Freund, Executive Vice President, Rent Stabilization Association 

(Views and opinions expressed are those of the author and do not necessarily reflect the policy or position of the RSA.)


 

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Mike pushes for smaller apts. for young singles

ERIN DURKIN
Monday, July 09, 2012
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Mayor Bloomberg with Commissioner of City Planning Amanda Burden, announce…

And you thought your apartment was small.

Mayor Bloomberg launched a contest Monday to stir development of teeny-tiny apartments — called micro units — for young singles willing to cram themselves into shoebox-sized digs.

The new closetlike flats will be just 275 to 300 square feet — larger than a jail cell but smaller than a mobile home — and will have special permission to ignore city rules requiring newly built apartments to exceed 400 square feet.

“The city’s demographics have changed,” Bloomberg said. “It used to be the average household was a family, a couple of adults and some children.”

That meant that the city was filled with larger dwellings, leaving just 1 million studios and one bedrooms — not nearly enough for the 1.8 million one-and two-person households.

At a news conference Monday, the mayor announced a contest seeking a developer for about 80 micro units at a city-owned parking lot on E. 27th St. in Kips Bay.

The ministudios will be just big enough for a bathroom, kitchen and sleeping and dining areas — but Bloomberg said tenants shouldn’t plan on doing much entertaining. Continue reading