House Hacking in NYC

[Demiss Shippley]

Hey everyone, I live in Brooklyn, NY and I am looking to house hack. I was wondering if anyone can give me some information/guidance if getting into house hack in NYC (expensive market) is doable or what kind of asset class is better for this area. I was also looking into condos since prices are lower but wont be able to house hack. Thank you in advance 

[Abel Curiel]

Quote from @Demiss Shippley:

Hey everyone, I live in Brooklyn, NY and I am looking to house hack. I was wondering if anyone can give me some information/guidance if getting into house hack in NYC (expensive market) is doable or what kind of asset class is better for this area. I was also looking into condos since prices are lower but wont be able to house hack. Thank you in advance 

 Hello Demiss,

I agree with @Benjamin Sulka's points here. 

What you want to focus on here is something that could match or lower your current living expenses. Whether or not you'll be able to lower your current living expenses by househacking will depend on:
- the type of property
- property taxes - which are relatively low in BK compared to other counties
- down payment
- projected income

That said, househacking in NYC is totally doable and most first-time househackers find success in located small multifamily properties (2-4 units) preferably with some sort of additional income potential (i.e. ADU, parking, storage, laundry). Alternatives to NYC househacking include searching in the surrounding suburbs - Long Island and Westchester County.

All the best to you on your journey!

Abel