Living the city life would be one of the many dreams of most people wanting to be in the center of action. However, finding a dwelling in the middle of the city seems to be near to impossible, not just because of the unavailability of a particular place but as well as the practicality of the price involved.
On a published story on nytimes, artists and educators, Graeme Sibirsky and China Aroh Sibirsky, shared their attempt of finding a much a larger place to stay in Brooklyn. With their $600,000 budget, they started searching for a three-bedroom house but at no avail. For as to their experience, all they can find is a much smaller place compared to their current apartment. And such move would mean a downgrade instead of an upgrade for them.
The experience of the Sibirskys is not an isolated case, for most city dwellers who are still renting an apartment are having a hard time searching for their dream house in the urban setting. Though some of these urban professionals are making for themselves good income, they still can't compete with more affluent consumers when it comes to bidding. Even with the presence of a co-op, raising enough funds would still be difficult due to the strict requirements.
As result of this event, most people turn to purchasing a second home first. By this it would mean that an individual would have to settle for a vacation house upstate or somewhere near the city. One of the reasons behind this move is linked to the notion of most people wanting to have the benefits of homeownership, especially for young people who cannot amass a down payment that's substantial enough for a city dwelling.
Moreover, part of the reason behind the inclination of some people buying second home first is because of the rising rental prices in the urban areas. As a repercussion of the said increase, it is more difficult for them to save enough money to be used as a down payment for their own city house or apartment. Additionally, most real estate outside the city requires less cash up front, thus giving less pressure for them to rush into a purchase, and second-home market prices are relatively bargain compared to the city's market price.
