Profile picture for jm854

Rent or Buy in NYC

Hi, I'm curious whether I should continue renting, or whether now's a good time to buy a property in NYC.  I'm concerned that the market has been strong and that there may be a correction.  Views on short to medium term strength of NYC residential market would be very helpful.  Thank you.
  • November 07 2013 - Manhattan
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Profile picture for Jay Batra
Hello, there are pro's and con's to both renting and buying. Given the current market conditions, buying is more favorable. Let me know if you have specific questions. 
  • July 18
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user6064703
The last post by Diana couldn't be more incorrect.  It is not "always better to buy than to rent."  That's silly.

  • March 11
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It is always better to buy than to rent for many reasons but the main one being for the tax savings. Each individual is unique and requires special attention so there is no perfect answer to this question.

First, look into which is the location you are considering buying into.
Second, save money for the down-payment and closing costs.
Third, find an honest and professional Real Estate Salesperson.

Hope this helped.

Dania Hernandez
  • March 11
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi, the market has been strong and mainly because of low inventory on both fronts.  Supply and demand always starts bidding wars.  Are you open to buying in Westchester County?

Christopher Pagli [Contact information and hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
  • November 13 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for rfdcv
Buying or renting in NYC really depends on the area/borough you have in mind. For example, Brooklyn is an area booming with sales and prices are going up through the years. It is both a perfect place and time to buy due to its high demand. Now in Manhattan its a bit different because almost everyone prefers to rent with the vast options of luxury buildings which offers a hotel living lifestyle. Plus in Manhattan sales are actually not as strong as they used to be. In the end, whether its buying or renting, the area is the most important factor to take into account.
  • November 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for jm854
what area are you thinking of?
  • November 07 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.