In order to answer your question we need to know how much money you have to invest with repsect to your down payment and closing costs and what type of income you have. If you are going less than 20% down, you will have to get private mortgage insurance which can be costly.
Assuming you will be going 20% down or more, here is what it looks like:
Monthly budget: $1,100.00
Common charges: $250.00 (estimate based on one bedroom condo in Brooklyn)
Real Estate taxes: $200.00
The portion of your monthly budget dedicated to the mortgage payment wuold be $600.00. If you took a thirty year fixed mortgage at 5%, you would be able to borrow up to $111,000.00 and still stay within that budget. Add your down payment to the $110,000.00 and that tells you how much you can spend.
If you cannot find anything in that price range that meets your needs you may have to consider a co-op, however given that the maintenance on a one bedroom co-op would be about $450.00 per month (this includes the real estate taxes), you would not be able to spend more money as opposed to a condo. Of course co-ops relatively speaking sell for lower prices.
I also want to point out that owning a co-op is a lot better that renting anyway. Just make sure the co-op is in good financial health. Your attorney will help you with that.
If I can be of further assistance contact me. Good luck!
Madison Estates & Properties, Inc.
Office: (718) 645-1665