Buy-to-Rent Ratio for New York City Almost Double National Average
The Times provides all the numbers from Moody’s Analytics here…
Need a Hand?
Your Next Project Starts with BrownstonerThe Times provides all the numbers from Moody’s Analytics here…
Need a Hand?
Your Next Project Starts with Brownstoner
Here in Brooklyn Heights, the ratio comes out around mid to high 20s. Fascinating until you consider there are only 2 houses for rent (@ $11K/mo and $22K/mo respectively) and 8 houses for sale.
location, amenities, condition of the property, outdoor space, views, laundry, central A/C, doorman, etc… all are MAJOR factors in NYC that don’t exist in the same way in other parts of the US. I really believe that the whole rent to own thing in NYC is impossible to calculate except on a case to case basis. i just did my place, and came out to 16.67 (pre-tax deduction) and it’s got to be way better after considering tax deductions – which is good according to this info. however, if you generically just picked another apt that seemed the same to mine in someway, but really lacked most of my apt’s major pluses, then you’d come out with a much different ratio because of using a too low rent figure.
Where do they get the rental rates, are they current, and do they compare on a foot square basis?
Seems rents are much lower than owning in Park Slope but not necessarily elsewhere. And you gotta live somewhere. May as well have an asset to sell.
I wonder what the number was about 7 years ago. I bought a very small place on the UWS, and with only 10% down, and my mortgage + maint were the same as rent for comparables in the building. And, that was pre-tax.
“Abobe”? “Abobe National Average”? Is spell check on vacay, along with COTD, HOTD and ROTD? Sheesh!
🙂
As long as rich europeans, middle easterns, asians and south americans think Manhattan is a place to have a crib it will be high.
NY (presumably metropolitan area including LI, close-in NJ, CT) is 15.4.
ownership over-rated. nothing wrong with renting
And it will forever remain so, evnyc.