From the NYT:
Dr. Davis and brokers will likely tell you that what your decision should come down to is not so much whether you will make money off your home, or how much of a tax break you will or won’t get, but where you want to be — and for how long.
“A first-time home buyer is taking a bet on a metro area, and the first thing I’d ask the first-time home buyer is: Are you willing to commit to this metro area and this school district for the next 10 years,” Dr. Davis said, assuming you have or plan to have children. If the answer is yes, he added, “they shouldn’t really worry about whether prices are three percent higher than they should be.”
That is what pushed Cornelius Graubner and Lucian Leung-Graubner, who rent in Williamsburg, to start looking at homes in areas within an hour’s commute of New York City. “Thinking about long term, we want a place that we can really stretch and grow,” said Ms. Leung-Graubner, 32, a program manager at a community-based organization in adult education. She means that in a very real sense of the word: She wants a “garden in my backyard beyond growing little herbs.”
Mr. Graubner grew up in rural Germany; Ms. Leung-Graubner in Jackson Heights. While they are factoring property taxes and potentially higher interest rates into their decision — Mr. Graubner, 39, a product manager for a risk analytics company, has it all modeled on a spreadsheet — their goal to have more space, in a more permanent spot, in a community they like is more important.
“We’ve always said we wouldn’t mind waking up in the morning and not seeing the neighbor first thing,” Mr. Graubner said.