[montag813]

I live in NYC and make somewhere between $100-150k a year. I rent atiny studio apartment, don't have a car, buy much of my clothing at TJ Maxx etc. Forbes estimates might be extreme, but even $250k barely buys a "middle class" lifestyle in Manhattan.

You could afford a mortgage, maintanance and taxes on a Chelsea condo worth $1.25 million. At current rates, the total would be 4,200 per month, or $50k, most of which is deductible, so the IRS pays you to live there for the first several years.

[ChicagoHebrew]

You could afford a mortgage, maintanance and taxes on a Chelsea condo worth $1.25 million. At current rates, the total would be 4,200 per month, or $50k, most of which is deductible, so the IRS pays you to live there for the first several years.

You are very wrong. First of all, I don't have the $100-200k I'd need for a downpayment. Secondly, the AMT would eliminate most or all of the home mortgage deduction. Thirdly, $4200 a month would mean I'm spending about 75% of my take home on rent. There's no way I could afford that.