With mortgage rates at an all-time low and skyrocketing rents in Manhattan many renters are considering purchasing a home. A recent comparison conducted by The Real Deal outlines the costs associated with renting vs owning. Below 96th street, owning a 1 bedroom condo was around $4,247 per month, owning a 1 bedroom co-op was around $4,449 and renting a 1 bedroom apartment came out to about $3,200 per month. In certain neighborhoods it’s clear that owning is often cheaper than renting. For example, you can own a West Village studio for $2,569 per month compared to paying $2,795 to rent! In Battery Park City a 4 bedroom condominium will run you $10,232 per month to own and $15,250 per month to rent.
With the rising trend of what is called “The Investor Next Door”, where individuals buy condos in the buildings they live for the purpose of renting, investing in a Manhattan co-op seems like a smart move. If you are in the market for Manhattan real estate, whether buying or renting, doing research is highly recommended to help you make the smartest financial decision that fits your needs.
Image + Article Source: The Real Deal [Read full article here]