3 of 10
BACKNEXT
3. Manhattan: Rent
Manhattan: Rent
Average list price: $1.38 million
Average annual rent: $42,400
Price to rent ratio: 32.6

Manhattan is the most expensive large housing market in the nation with big Wall Street earners, corporate executives and other high-income professionals competing for the very limited offerings available.

That has driven up the price of a two-bedroom condo on the small, densely packed island to nearly $1.4 million, for less space than most starter homes have elsewhere. Although home prices are down about 30% from their peak, the high price-to-rent ratio has been buoyed by rent declines of more than 15%, according to Jonathan Miller of Miller Samuel, New York's premiere appraisal firm.

The ratio stands at 32.6, far above any other market in the nation. But if the national economy recovers and prosperity (and big bonuses) returns to Wall Street, the purchase market could heat up again and drive that ratio even higher.

NEXT: Arlington, Texas: Buy
Last updated June 14 2010: 2:22 PM ET
  • Find Homes for sale
    Real estate and homes for sale on Trulia

  • Property Type
  • Find a home in:
  • New York | Atlanta | Chicago | Los Angeles
  • Washington D.C | Houston | Philadelphia | More options
More Galleries
Novelty gifts for people with money to burn For those who've got the cash, these holiday gifts can really make a statement. More
The best stocks of 2014 This year has been very solid for stocks, but these 6 were the best of the S&P 500. More
14 biggest tech fails of 2014 2014 was chock-full of big failures in technology, from security snafus to executive gaffes. Here are the top ... er ... bottom 14. More

Special Offer

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.