After Julia Lemberskiy moved to New York, she quickly realized that owning her own home was out of the question – the price was too high.
However, that didn’t stop her from buying real estate in the first place.
She started looking out of town and is now financially independent, living on her Airbnb income.
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We’re currently testing machine translations of articles by our US colleagues to bring you even more exciting content. This article has been automatically translated and reviewed by an editor. We welcome feedback at the end of the article.
After moving to New York City, Julia Lemberskiy quickly realized that owning her own home was not an option.
First off, the purchase prices are astronomical. Manhattan, New York, is the most expensive housing market in the USand Brooklyn and Queens, two of the other five boroughs that make up New York City, are both among the top 15 most expensive markets.
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“All we could afford was a small studio because even a decent studio costs $400,000 to $500,000,” Lemberskiy said of herself and her husband. “That’s crazy. But what’s even crazier is the cost of maintenance. You’re lucky if you find anything under $2,000 a month.”
In addition, the market is highly competitive: “You have to be above the price.” With the few properties that she and her husband bid on in the city, “we were outbid every time”.
Ultimately, Lemberskiy couldn’t justify buying a property in NYC. Still, she found a way into the real estate market and now earns enough on Airbnb to cover her monthly expenses, including rent in Manhattan.
She operates five Airbnb units in three properties and has made over $10,000 every month so far in 2023, according to a screenshot of her Airbnb dashboard viewed by Business Insider. And the trend is rising: in March 2023, it earned $19,828 (equivalent to almost €18,000).