The Rent was Too Damm High

The rent is too damn high -- so it may be a good time to buy. Reversing the trend of the past few years, it's not a better deal to own a home in many parts of New York and local suburbs, according to market analysts. If you qualify for a mortgage -- a big if with tougher lending standards -- and are gainfully employed with a 20 percent-plus payment, you have the advantages of historic low interest... [more]

The rent is too damn high -- so it may be a good time to buy. Reversing the trend of the past few years, it's not a better deal to own a home in many parts of New York and local suburbs, according to market analysts. If you qualify for a mortgage -- a big if with tougher lending standards -- and are gainfully employed with a 20 percent-plus payment, you have the advantages of historic low interest rates, as well as housing prices that have dropped considerably since the bubble. The upside of ownership is suddenly very attractive. "My son is the perfect scenario," said Mike Litzner, a real estate broker in Queens and Long Island. "He was paying $1,250 monthly for a one-bedroom for himself and his new wife. I just found them a great two-family house in Baldwin. With income from renting the upstairs, he'll end up paying $100 less a month after he pays his principal, taxes and insurance." Read more: http://www.nypost.com/p/news/business/real_good_buy_DYr4n9TIScQgcdOUMbhm1I#ixzz14aWLalu7 [less]