"She is worried that her dream, however, may not be realistic. She wants to live in Manhattan because of its vibrant arts and culture, walkability and public transit infrastructure, world-class healthcare and ample opportunities to volunteer and build community. It's important to her that she lives in a city where she doesn't need a car. She's single, has never been married and has no children."
"Of course, New York City, and Manhattan in particular, is one of the most expensive places to live. It also boasts the most expensive housing market in the U.S. Rena wants to know whether her retirement savings, pension and Social Security will be enough for her to buy a small apartment in Manhattan, and afford the cost of living in the Big Apple."
"Rena has $600,000 in cash that she was planning to use to buy her Manhattan dream apartment. She has an additional $250,000 in retirement savings. She'll get a modest pension of about $1,000 a month in retirement. And if she starts Social Security at 65, she can expect to receive roughly $1,900 a month. Rena has seen listings for studio apartments around $500,000, and wonders if adding another $100,000 to her savings would be enough to last"
Rena plans to retire in three years and wants to move back to Manhattan for its arts, walkability, public transit, healthcare, and volunteer opportunities. She is single with no children and prefers a car-free urban lifestyle. She has $600,000 in cash designated for a Manhattan apartment, $250,000 in retirement savings, a modest $1,000 monthly pension, and an estimated $1,900 monthly Social Security benefit at 65. Studio listings around $500,000 may fit her cash, but average condo prices range from roughly $770,000 to over $1 million. High housing costs and ongoing city living expenses could challenge long-term affordability.
Read at Aol
Unable to calculate read time
Collection
[
|
...
]