Brooklyn rental question

[gozalim]

Not disputing, just curious how you come to that figure? And how to factor in the risk of a market correction in the short term as inflated as it is right now?

Person looking within Frum Brooklyn communities. to what extent do market corrections even dip there? has CH seen a dip like that ever?

[Yehuda57]

Person looking within Frum Brooklyn communities. to what extent do market corrections even dip there? has CH seen a dip like that ever?

I'm new to the market, so I can't say, but even granting that CH is crash proof, is the same true for Kensington?

Either way, my main question is the first part.

[ExGingi]

Person looking within Frum Brooklyn communities. to what extent do market corrections even dip there? has CH seen a dip like that ever?

Yes. At least twice that I can recall. It's hard to tell what might happen if mortgage rates persist above 6% (or higher).

For that amount of bedrooms, you probably need a full house. If you need it long term (+2-3 years), probably makes more sense for you to buy, and then sell when you need to move. A mortgage should cost you around 3-4K.

Always the case, buy and sell don't rent

It's not only the mortgage payment, it's the closing cost (buying and selling), maintenance costs, taxes and insurance, as well as the cost of capital of the down payment.

[sguitarist18]

That might be a first floor + basement, don’t think that’s what the OP is looking for.

I'd be open to a 1st floor and basement if it gives the needed amount of space/rooms, as well.

[dovy2]

I was basing it off the fact that posters were mentioning that rent for the OP would more than 5K a month. In 3 years, that is 180k in wasted rent. Way more than required to justify any closing costs etc.
Obviously, if OP doesn't have enough for a down payment, or not eligible to be approved for a mortgage, then this won't work for him.

OTOH, after seeing this past weeks mortgage rate huge jumps, I might have to retract my suggestion 

[Yehuda57]

OTOH, after seeing this past weeks mortgage rate huge jumps, I might have to retract my suggestion 

Maybe not the right thread for this, but what are the chances prices drop to match the higher mortgage rates in markets like CH? And how long would it take to see such drops?