As the cost of renting continues to increase for New Yorkers, many are faced with the decision, is it cheaper to rent or buy. If you are one of the folks who believe, "the rent is too damn high", maybe now is a good time to own.
A house is built with logs and stone, of tiles and posts and piers; a home is built of loving deeds that stand a thousand years." - Victor Hugo
We used a simple formula to calculate if it was cheaper to buy or rent. Our FHA mortgage calculator estimated, the cost of buying a 3 bedroom condo in NY was $1950, the same cost as renting a similar apartment in the Bronx, Brooklyn, and Queens. It was significantly less to purchase a condo in Yonkers and Staten Island. Of course to purchase a home, you would need the required 3.5% downpayment, a credit score above 620 and mortgage approval, but in the long run definitely a win/win. The video is another wake-up call that renters in New york are paying a higher cost everyday to rent. Please share your thoughts about this subject by leaving a comment below.