F
aith Pennick, a 56-year-old filmmaker and writer from Chicago, considers herself a New Yorker despite her Midwestern roots. She spent two decades living in Brooklyn on and off, but was unable to purchase an apartment during the 1990s due to student loan debt. Now working as an advertising copywriter in SoHo, Pennick refers to herself as a "quasi-starving artist." After being unemployed at the start of the pandemic, she returned to Chicago and lived with her mother before landing a job and saving for a down payment.

    Determined to return to New York, Pennick would fly in from Chicago for months at a time, staying with friends in Fort Greene, Brooklyn. She prioritized finding a one-bedroom co-op within her price range of $200,000 to $300,000, ideally with a dishwasher and decent closet space. However, she knew that putting only 10 percent down limited her options.

    Pennick was referred to independent broker Natalie McCormack Richards, who helped her navigate the market. Among her options were three apartments: a renovated one-bedroom in a 90-unit building from 1963 near the Flatbush Ave-Brooklyn College station; a sunny one-bedroom in a six-story building from 1931 with a nicely renovated kitchen and a faraway view of Manhattan; and a one-bedroom in an 84-unit building from 1950 near Kings Highway with three closets and an updated bathroom.

    Pennick ultimately chose the first apartment, which was priced at $269,000 with monthly maintenance in the low $500s. While it lacked a dishwasher and had minimal closet space, its proximity to public transportation and Pennick's friends and church made it the most appealing option.