While Manhattan's multimillion-dollar penthouses and expensive suburbs may make all the headlines, many single-family homes in the area command much more reasonable prices, said Jonathan Miller, of the New York appraisal firm Miller Samuel.
Rents have been stable over the past year but are much higher than the national median rent of $1,580. For people willing to stay in their homes for seven years or more, that makes buying a more favorable proposition, especially given recent mortgage rates.
Source: Trulia In order to get a more accurate comparison, Trulia estimated sale prices and rents for similar homes in similar neighborhoods, instead of using the average sale price or rental rate. It further calculated the initial total monthly costs of owning and renting, including maintenance, insurance and taxes, as well as future costs of owning and renting, such as price and rent appreciation and inflation. Trulia also included one-time transactional costs, including down payments, sales proceeds and security deposits. It assumes that buyersget a 30-year fixed mortgage with a 4.5% rate and put 20% down and that residents stay in their home for at least seven years.
By Les Christie @CNNMoney - Last updated March 03 2014 12:09 PM ET