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It's especially hilarious in New York, where purchase prices are now 40-50 years' worth of rent. At that level, buying is a terrible economic decision, unless y
by michaelochurch 13y ago
It's especially hilarious in New York, where purchase prices are now 40-50 years' worth of rent. At that level, buying is a terrible economic decision, unless you're doing it for prestige. People are that desperate to join the owning class, I guess.
- fiskiran 13y agoIs there a generally accepted ratio where it becomes preferable to buy in NYC? You may find sales at 10- to 20-years' rent in the suburbs but I doubt it ever gets that low in Manhattan ever, even during the low points in the real estate cycle. So it seems buying here will always have some speculative component.