Rents surpass record highs in New York City
When you make the decision to relocate to the Big Apple, you may want to consider investing in real estate in New York, NY, instead of renting.
Recently, Citi Habitats, the city's largest rental brokerage firm, released its latest analysis of the rental market in the big city and found the average monthly submission in Manhattan to be $3,418. This calculation puts New York City rent at the highest rate it has been since the real estate boom in 2007, the Herald-Tribune reports. With the national economy experiencing new signs of life, you may want to consider purchasing property, rather than dealing with the enormous rent rates seen in much of the city.
Many prospective homebuyers have already begun to purchase houses in the Big Apple, as first-time buyers accounted for more than half of all closed sales transactions in the first quarter of 2012, NY Daily News reports.
You may be able to find affordable housing in New York City, and with the nation's financial security becoming more apparent by the day, getting in now and claiming a home may prove to be a wise investment down the line.