Rent or buy: what is the best deal for those who are looking for housing in New York

It is difficult to navigate on your own, which is more profitable: to buy or rent real estate in New York. Therefore the site Streeteasy created a parameter that allows you to calculate everything instead of you.

Фото: Depositphotos

The parameter is called the Tipping Point. It takes into account a number of market and macroeconomic factors to weight the costs of renting and buying a home in New York. Knowing exactly where you want to live, there is an opportunity to find out if it makes sense to become a homeowner here.

Benefits of Buying a Home

In New York, an average of 5,8 years is required in order to buy a house on the conditions when its purchase will cost less than rent. This figure is much more than the national record - it is a little over 2's. But to understand whether it makes sense for you to buy housing, look at the tipping point for the area in which you want to buy real estate, and then think about how long you plan to live there.

Districts and neighborhoods of New York

Tipping points are widespread in New York City, ranging from 30 years in areas such as Manhattan and Soho to less than 3 years in the Bronx. Those who wish to buy property in Manhattan must be prepared to live in their home for approximately 12 years before it pays off. In Brooklyn and Queens, this average is about 4 years.

Read more at ForumDaily New York.

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