NYC has some of the world's highest rents
The combination of wealthy residents and a tight rental market has resulted in some astronomically high monthly payments in the Big Apple - some of these "super renters" pay as much as $60,000 a month, according to The New York Times. These lofty rents are an indication that it might be wise to buy one of the houses for sale in New York, NY, instead of shelling tens of thousands of dollars out each month for a non-permanent living situation.
For some people, the massive monthly rent checks are an attractive option, or even a necessity. Extremely rich residents may choose this tactic to avoid taxes, while sports figures and celebrities might opt not to buy due to their peripatetic existence.
However, for many residents, the thought of paying such exorbitant prices for a unit they will never own is unthinkable. In a city choked with renters - who currently make up 75 percent of households, according to the news outlet - those New Yorkers who opt to buy could find themselves with an asset down the road, and not just a massive monthly bill.