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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (1668)2/19/2002 8:31:19 PM
From: SouthFloridaGuyRead Replies (1) of 306849
 
Ms. Peel, in all fairness, I am going to say the same thing that I said to Joan P.

When calculating between renting and buying, one needs to look at like properties.

For instance, I live in Queens, a hop skip and a jump into east midtown, where I work. I pay $1125 rent (including indoor garage parking valued at $150/mo). I also had to pay a substantial broker's fee to get my apt. So let's say $1200/mo amortized over 2 years.

Anyway, it's a one bedroom which I share with my wife. We are currently looking at 4 bedrooms 2 bathroom houses in Long Island valued at around 300k.

To fairly value that house, I should look at how much it would cost me to rent a house of equivalent stature. Clearly there is a jump in the standard of living going from a 1 bed apt to a 4 bed house.

What one will notice, at least in NYC and SF is that renting and buying does not match up for equivalent properties. Buying clearly costs more than renting even with tax benefits versus standard deduction.
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