It’s a hot summer afternoon in July 2009. I’m standing in an empty apartment holding a can of Pabst Blue Ribbon. My fiancé (now husband), Ken, stands with me as we survey our new home. Earlier in the day, we were sitting in a dingy law office, signing a towering stack of legal documents, before handing over a very, very big check. I felt a little dizzy when the lawyer gave us the keys. It was official: We were the proud owners of a 700-square-foot, one-bedroom apartment in Park Slope, Brooklyn. How the hell did we get here?
Well, PBR had something to do with it. And, peanut butter sandwiches.
Roots Down
Ken and I aren’t millionaires. We’re not Wall Street bankers or trust-fund babies. We didn’t win the lottery, and we're far from financial geniuses. We’re savers. Frugal may be one of the least sexy words in the English language, but there are some benefits of being penny pinchers (another ugly phrase). Because of our careful spending, Ken and I were able to save close to $100,000 in six years. It was enough to snag a piece of the American dream — in New York City, no less. And, trust me when I say that dream does not come cheap in the big city.
New York isn’t exactly known for embracing its middle class. According to Zillow, the median home value is $513,500, while recent census data revealed the average yearly income in Brooklyn is $45,850. Beyond an outrageous real-estate market, there’s the high cost of living: food, entertainment, clothing, and general “keeping up with the Joneses.” This is not a town for savers.
Compound the expenses of living in New York with the fact that Ken and I work in creative fields — industries not known for paying six-figure salaries — and saving money gets even tougher. When we bought our apartment, I was an associate editor at a book packager. Ken worked for an educational publisher and spent much of his down time growing his freelance writing career. While we made decent salaries, we weren’t exactly rolling in it. After rent, groceries, and bills, there wasn’t a ton left over. We managed to save by cutting corners: We don’t have cable or gym memberships; we rarely eat out; and we really think about every single purchase we make. Sure, there were times we ended up missing out on some things I kind of regret. (Should we have ponied up for tickets to see Rufus Wainwright at Carnegie Hall? Probably.) But, in the end, we’re homeowners. And, it was worth every sacrifice.
As a couple who is incredibly careful with our money, buying an apartment made a lot of fiscal sense. Instead of wasting $1,600-plus a month on a rental, we’re building equity. While I’m not 100% sure what that even means, I hope that when we sell our apartment we will make a small profit that can be applied toward the next place.
This was more than just a financial decision for us, though. Owning our apartment is a commitment — to our relationship, to this city, to building our future here. For many, New York is a temporary place. Lots of people come here in their 20s and enjoy the city life for a few years before moving away to buy homes and start families someplace more affordable. I have zero desire to have a giant backyard (um, it’s called Prospect Park) or a humongous house (what do you do with all that space?). When we made the decision to buy, we made a decision to stay in NYC for at least five years, and we hoped it would be for even longer.
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