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

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