An Affordable Housing Alternative

Looking to reduce your housing expenses? Two Family homes is a great alternative!

While affordable housing for 1^st time home buyers is hard to come by, considering a 2 family is a great alternative! Today, multifamily homes are more popular than ever among first time homebuyers who hope to reduce their housing expenses by renting out the apartments. Of the current 1,874 homes in Staten Island 447 s are two family. Considering a typical 1 bed apartment rents for $1,200 per month, using that rental income can be a powerful leveraging tool in home buying. Today’s low interest rates a $1,200 income would pay $200,000 of a mortgage.

Write out your budget and goals to better help you reduce housing expenses

When you consider a monthly budget of $2,500-$3,000 to own a home, this covers roughly $475,000 of financing. Add to that $200,000 paid for by future tenants, brings you to a home buying budget of $675,000 if you are considering buying two family home this may help you make a decision.

Be sure you have the right realtor and financial advisor guiding you with what works for your financial goals. Martino Realty has over 30 years of experience in the Staten Island and Brooklyn area. Areas we specialize in: