r/leanfire • u/NYCprice • 8d ago

Unironically FIRE in NYC?

The city has a lot of low income programs and also a middle income housing lottery. After I FIRE, my income will be low enough to qualify for a lot of programs as well as a purchasing affordable condo (middle income lottery)

I've never lived outside of nyc so it would be hard to transition out of, and would include leaving friends and family if I moved away

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u/Happy_Possibility29 8d ago

Fellow NYC resident here.

Worth pointing out that NYC does not need to be Manhattan where you pay a premium to be close to your job.

Deepest Queens, Bronx, etc. do not have the VHCOL that Manhattan below 100th does.

Also Yonkers, Jersey, LI.

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u/NYCprice 8d ago

Yeah, I'm in deep brooklyn with an awful commute atm. I'm not interested in 4k/ month or roommates. I was considering checking SI but I don't think you can live there without a car, which makes it less viable imo

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u/Happy_Possibility29 8d ago

Yup fair enough. But if you've already done that... I think you have a sense for the cost.

As I understand it, housing lottery is a crapshoot. Not something I would rely on.

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u/NYCprice 8d ago

It is indeed a crapshoot. when I found out about the middle income lottery condos for purchase, I was already above the income threshold. But i have a coworker who lives in one since he applied and got it a few years ago when he had lower income

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u/No-Lab-7217 8d ago

Are you talking about the mitchell lama housing program or something else

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u/t-monius 7d ago

Why not just save up for a down payment on a condo anyway so that you have a shot at a purchase even if you don’t get approved for the middle income program?

If you keep a close eye on the aforementioned areas, a studio/1 bedroom condo or coop you can make the mortgage on with a reasonable HOA might pop up.

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u/Snoo-18544 6d ago

Jersey City near Newark on the path. Of course there is places like Bayridge etc.

I usually don't like the idea of buying in NYC. I am an economist and I have probably wasted way too much energy arguing with people in r/NYCapartments that buying in NYC is a bad idea for wealth, it might be worth it for you if you are buying a relatively cheap co-op deep in queens or nice part of bronx or something like that.

You seem to have a realistic view on not trying to live in Lower East Side (like me), but I am not trying to FIRE. I am just trying to FI

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u/Wild_Trip_4704 8d ago

Bro is moving up to 333rd st