New York -- RENT
Home price gains needed to make buying a better deal: 7%
Historical average gain: 5.75%

The New York metro area has had a history of high home prices, which has put homeownership beyond the reach of many. A typical apartment in Manhattan sells for more than $800,000 and the median single-family home price in the metro area is more than triple the national number.

With home prices about 34 times rents of comparable homes these days, renting is a better buy. It would take home prices gains much higher than the historical averages to offset the gains renters would garner by investing savings in portfolios that included stocks.


Last updated May 13 2011: 12:43 PM ET
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