In New York City, particularly Manhattan, where the median rent has reached $4,415 requiring a yearly income of $176,604, the homeownership rate remains low at 25.4%. This situation has led many renters to consider moving to areas where their rent money could facilitate home ownership instead of providing no equity at all.
Realtor.com's analysis shows that typical Manhattan renters, despite their high rent payments with no return on investment, could use their funds to purchase a home valued at about $600,000 in more affordable markets. This highlights the stark contrast in real estate opportunities between New York City and surrounding areas.
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