Two apartments, one is just “storage”

Christy and her husband, David, currently live in a three-bedroom, two-bath high-rise apartment in Lower Manhattan that rents for $12,000 a month, but with the arrival of their fifth child, the house has become overcrowded. To address the lack of space, they opted to rent another apartment in the same building, which they use primarily for storage, closets, and a play area for the kids.

“We are a blended family, sometimes seven, sometimes five, usually six. The extra space is important to us,” Christie explains. This new apartment also features a second set of laundry facilities, as well as extra beds for visitors.

Christie stated, “It was an expensive expense, but it meets our needs perfectly.”

 (Instagram/kristiipartyof6)

Public question: why not buy a house?

Christie's video quickly sparked controversy on social media. Many didn't understand why she chose to rent two apartments instead of just buying a bigger house or condo. Some comments suggested that paying such high rents with no return on investment wasn't cost effective.

“Why not just buy a townhouse? The monthly mortgage payment is probably lower than the current rent,” commented one user. Others suggested that she could rent a bigger house at a similar cost instead of splitting two.

Mortgage knowledge: renting vs. buying a home

According to Realtor.com, as of October 2024, the average listing price for a Manhattan property is about $1.5 million. At that price, a 20% down payment and a 30-year fixed loan would result in a monthly payment of about $9,772, which is half the total rent for the two Christie apartments. In addition, buying a home builds equity, whereas the cost of renting doesn't pay for itself.

However, there are also hidden costs associated with buying a home, such as property taxes, maintenance fees and management fees, especially in high-cost-of-living areas like Manhattan. In addition, blended families like Christie's may need more flexibility, which renting certainly provides.

 (Instagram/kristiipartyof6)

Christie's response: the right choice for families

In the face of the controversy, Christie said in an interview that while her choice may seem extravagant, it is the arrangement that best suits her family's needs. She also pointed out that moving was not the best solution because the children were used to their current environment and schools, and the additional apartment brought more convenience.

Rent vs. buy: your choice?

Christie's story reflects the classic debate between renting and buying. In cities with high prices and rents, the choice depends on individual needs, family circumstances, and financial goals. Whether you rent or buy, it's important to understand the cost structure and make decisions based on family priorities.