Lease Ending Soon: Rent vs. Buy in NYC + Housing Options for My Low-Income Elderly Mom?
Would you rent or buy right now? Also looking for affordable housing options for an elderly parent.
My lease is up very soon, so I need to make a housing decision ASAP. I’d love to stay in Manhattan or move to Brooklyn, but I’m struggling to figure out whether it makes more sense to rent again or seriously consider buying.
One non-negotiable for me is natural light. I deal with seasonal depression, so a dark apartment really affects me. Unfortunately, good light + space + NYC pricing is a rough combination unless you have an unlimited budget—which I definitely do not.
I’m also the primary & only caretaker for my elderly mother. Ideally, we would live separately, because I desperately need some privacy and space, but I can’t afford two normal market-rate apartments.
For the apartment I’m looking for:
Manhattan or Brooklyn
Ideally a doorman building, mainly for safety/security and package deliveries
Elevator is essential because of my mom’s age/mobility
Very close to reliable public transportation because she has frequent medical appointments
Lots of natural light
1–2 bedrooms
Ideally at least 1.5 bathrooms
I don’t care much about luxury-building amenities like gyms, lounges, pools, etc.
I currently live in a sun-drenched studio and actually love my apt & my building, but sharing a small studio long-term has become extremely difficult. There’s no separation or privacy and it’s mentally and emotionally taxing…
The other piece I’m trying to understand is housing for my mother separately. She has very little income. Weirdly, from what I’ve been able to figure out, she seems to fall outside or below the eligibility criteria for almost all low income NYC housing programs, while my own income is too high for us to qualify together for most income-restricted 2BR programs.
So I feel stuck in this strange middle ground: I make too much for assistance for the two of us, but nowhere near enough to comfortably support two NYC households.
For people who know NYC real estate or senior housing:
Would you rent for another year right now or consider buying, given the current NYC market?
And even more importantly, are there NYC senior housing programs, senior affordable housing lotteries, supportive senior housing, or other programs I should specifically be investigating for a very-low-income elderly parent?
Any firsthand advice, buildings/programs to research, agencies to contact, or strategies I may be overlooking would be incredibly appreciated. I’m trying to make a smart decision quickly without locking myself into something financially stupid.