Renting vs. Buying A Home
Is it better to buy or to rent? This is the age old question which everyone inevitably asks. There are pros and cons to each side, and the answer may not be as clear cut as it seems. This video from Bank of America sheds a little more light into this question with some things for you to consider.
Another consideration to keep in mind when asking this question in New York City is that there are a lot more apartments for rent than there are for sale. This lower inventory of property for sale can make the process a lot more stressful. There is a lot less to choose from, and competition among buyers can be extremely firece. According to Naked Apartments, 75% of all housing stock consists of rentals. 69% of New Yorkers rent while 31% are homeowners. This is in stark contrast to the rest of the country, where there are more homeowners than there are renters. The report can be found here:
Still not sure what to do? Just keep in mind that while you can end your lease and get out of a rental after a year, it is much harder and much more costly to get out of a property you own. Take your time, learn as much as you can, and make the most informed decision possible!
