House Hacking in NYC

[Shawn Lin]

I recently just graduated from college and my full time job starts in a few months. I've been considering house hacking in Manhattan instead of paying rent since I see myself working there for the next 2-5 years. Knowing that Manhattan rent keeps increasing, I thought that house hacking would make more financial sense. Has anyone managed to house hack successfully in Manhattan? It seems like condo/coop are the only options in Manhattan for house hacking. I ran through some numbers and none of them make sense because the HOA fee/maintenance fee run up to 1K-2K... It seems like it would only work in the outer boroughs like the Bronx or maybe even Brooklyn but I would still prefer to live closer to my office which is in midtown. Any input would be appreciated! Thanks.

[James Perdomo]

@Shawn Lin congrats on graduating! House hacking in Manhattan is extremely difficult as the numbers (as you've seen) are nearly impossible to pencil. HOA fees pretty much kill all condo/coop deals in NYC. In addition to that, the HOA's are usually pretty strict and even house hacking may be a challenge. I see condos on the market that are much more expensive than coops as you have a bit more freedom and there is much less supply compared to coops. Your best bet would be to try to get into a 2 fam in an outer borough or single fam with a basement you can rent out and rent any extra rooms out. It is possible to live for cheap or even cash flow a little with this strategy, however finding a deal that makes sense is the most difficult part. Hope this helps!