New York City real estate is a charged topic. Many believe that you cannot get a nice place in the city, and thus are moving to the suburbs. Others are still encouraging you to think about buying a place after using Florida to New York movers. So, which one should you do? What should be a part of your plan – buying or renting in NYC? Well, it’s time for you to find out! In this article, we take a look at the two to help you make your decision!
Buying or renting in NYC? Here’s why renting might be the better option
There is a lot of reasons why you should think about renting a home in NYC after moving with the best moving companies in Miami. First, buying a home can be quite expensive in the city. The median price for a two-bedroom apartment in Manhattan is as high as $1.33. If you add another bedroom, then the price doubles! When you compare it to the national average of around $214,000, you can see why renting might be a better choice.
A thing that might also push you towards getting a rental is how much there is on the offer. Usually, the further from the center you go, the better the offer will be. However, you can still find amazing places – both by location and by cost – wherever in the metro area you go! If you rent, then you will also not have to deal with any maintenance, real estate taxes, or the upkeep costs. These can cause quite a headache, so not having to tackle them can be quite a gift!
What if buying might actually be a cheaper option?
A thing that many find surprising when it comes to real estate is some data points. The numbers we gave you are true, but they depend on how finely you want to slice your data. Some people include only Manhattan in their calculations, while others take all five boroughs into it. However, the decision can often prove a challenge nationwide – because even the rents ar0 getting pretty high! As a matter of fact, even with the prices, buying is cheaper than renting – by 38% over the whole nation! This does include states such as New York and California, which are quite notorious!
What’s more, New York City’s real estate is not as erratic as it is in other places in the country! During the Great Recession, between 2008 and 2009, the prices of real estate in Manhattan dipped only slightly, and then kept going upwards as before! Where other cities suffered, the New York City area did also get behind – but climbed back up quite fast. This means that buying a place in NYC will give you a strong property for the years to come!