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Trying to find the best site for real comparison of rent/buy. Seem to get conflicting info. Does anyone know appreciation rates on 2b/2b (preferably condo or sub-let allowable co-op) on midtown west, uws, Columbia area,W. Harlem?
Thanks in advance
Here's the best calculator I've found so far on rent v. buy:
You list several different areas. Basically if you're holding for at least 5-10 years, you should see some appreciation pretty much anywhere in Manhattan when you go to sell.
By contrast, you know if you pay rent for the next 5-10 years, you will not get that money back.
i like nytimes the best. of course, no one knows the appreciation rate looking forward. this is your judgement.
"You list several different areas. Basically if you're holding for at least 5-10 years, you should see some appreciation pretty much anywhere in Manhattan when you go to sell.
By contrast, you know if you pay rent for the next 5-10 years, you will not get that money back."
Of course, what if you pay twice as much to own as to rent? How are you going to get that money back? The above "logic" is a sure way to waste a lot of money on housing in order to convince yourself that you're not wasting money on housing.
Yields aren't that great, which makes sense since interest rates are so low. However buying to live in can still make sense vs renting.