Thursday, November 25, 2010
Manhattan #1 city for renting
MSNBC ranks Manhattan as the #1 city to continue renting. At average apartment price of $1.8 million, it takes 35 years of renting to cover homeownership expenses.
For my property investor audience, this is why you'll always have a renter. Manhattan is 75% renters. While the US average is about 30% renters. This analysis from MSNBC is based on cashflow only. Obviously, renters don't benefit from property appreciation which is the main advantage of ownership.
Top 10 Cities Where Renting Rules