Even before the pandemic changed the world as we know it, many young people found themselves priced out of the ability to purchase a home in the New York metro area. Housing prices weren’t the only issue. Tuition, shul dues, real estate taxes and state income taxes all make living here very expensive. Even such day-to-day needs as commuting, recreation and babysitters push the cost of living too high for many young people. Many started to consider moving to other communities to raise their families.
Data from public sources confirms that the cost-of-living challenges that often arose during Covid has made this problem even more prevalent. The low inventory of homes has created a sellers’ market that has pushed prices higher and shut out many from the prospect of homeownership. Investors, realizing the benefit of rental income, have taken many possible homes off the market. Bidding wars, no appraisal or mortgage contingencies, and a growing number of cash buyers make it difficult for many to succeed in securing a home.
While this challenging reality is not limited to the New York metro area and is impacting the housing market throughout the entire nation, pricing is much more reasonable in many areas outside of New York, and people are succeeding in finding homes in cities they can better afford. Income potential in some communities is not sacrificed, and young people don’t start life with high monthly mortgage payments.
In addition, many people like the idea of living in a smaller community where everyone knows each other, and each person can have an impact helping the community grow. They appreciate the fact that people with different worldviews (hashkafot) are comfortable in the same shul. Yeshivish, modern and less observant all daven under one roof. Many of these communities are welcoming to young families, often offering support as well as financial incentives to new members.
This column will highlight a different community every week, including a sample listing of recently sold homes so readers can view at a glance what is available. There is life outside of the New York community, and perhaps now is the time to explore it. Starting next week, watch for helpful information on other communities outside NYC that might be a good fit for you.
So, pack your mobile devices, load up on snacks and get ready to input some addresses into your GPS. We’re going to travel through the U.S. in search of kosher communities. You won’t need a plane ticket, train reservation or a full tank of gas. Read at your leisure, and when you find a community that interests you, we will provide the contact information to follow up and inquire about what might be your next home purchase.
Our first stop is Las Vegas.
David Siegel is a vice president of Mortgage Lending with Guaranteed Rate Affinity (GRA), a top national retail mortgage lender*. GRA is licensed in all U.S. states except Hawaii, and works with many lenders, which allows it to provide competitive pricing and a broad channel of unique options to handle the often complicated needs of the community. David has over 15 years of experience at both major banks and mortgage bankers and understands the guidelines of different lenders to help direct his customers to the best alternative. No one lender is the best option for everyone. David will help you find the right choice for you. [email protected] 201-725-9527.NMLS 277243
*2021 Scotsman Guide List of Top Lenders