Whether you are buying or renting in New York City, you may find it to be a bit expensive. However, new analysis has shows that owning in most neighborhoods within the city are worth it after a short amount of time. StreetEasy has conducted a median number of years it takes for the cost of renting to equal/exceed the cost of owning within the same area, for three-hundred neighborhoods across the city.
According to StreetEasy, 59% of New Yorkers say it is financially better to buy than rent if they plan on staying in the same place for more than five years. Yet, in Staten Island, the median is 4.1 years to make buying more financially reasonable than renting. In plain terms, for Staten Island buyers who plan on living in a single location for more than 4 mores, are better off to buy than rent.
The StreetEasy tipping point is affected by home valuation has been rising. The median resale value of New York City homes rose to 31 percent between 2005 to 2015. The higher the home value is, the lower its tipping point will be.
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