option 1: cheap rent and save. option2: buy coop and hope for equity

[PRIYA K.]

Hello,

Please provide your thoughts and advice on matter of rent versus buy based on my special case.

I am 33 yrs old and live in a rent stabilized apartment at Spanish Harlem, New York. I pay $750/monthly for 2 bedroom apartment. Electricity/Gas = $100-150/monthly
my credit card bill average $500-600/monthly. I also give $400 to my parents each month. Total monthly expenses is $1900 plus/minus ~ 23k/year

I work 2 jobs. First is a full-time job earning 78k/year, where the job is not stable. second is a part-time job earning 23k/year, where the job is stable. After tax, insurance, etc, I bring in 62k/year.

I get to save close to 39k a year. Half of the saving is invested in stocks/mutual funds.

I am wondering if i should leave this apartment and buy a coop for 200k at Riverdale or stay and continue saving money. I have 55k in savings and 38k in stocks and mutual funds.

Financially speaking, I believe living in this apartment would be smart. But I also feel like it would be smart to buy a coop.

Another path, I considered is to continue staying in this apartment, save upto 250k and then buy the coop with full cash.

Thank you

[Olga Shkolnikova]

Buy an investment property that would bring income and stay at the rent stabilized apartment?