New York areas where buying a home is cheaper than renting
Buying a home in New York City is a challenging task that requires luck in finding good deals on the market and having the finances to make the purchase. You also need to choose an area in which it is profitable to buy a house, because in most cases, renting a home in New York is much more profitable than purchasing it.
Edition NY Curbed collected a list of areas of New York, where buying a home is more profitable than renting.
Evaluation of the profitability of home buying was carried out according to several criteria: the calculation of return on investment (ROI), the cost after repair (ARV), the growth in demand for real estate in the area over the past year, and the average price of housing in this part of New York.
Richmond Hill in Queens was recognized as the most profitable area in New York for buying real estate. It will provide buyers with a maximum return on investment of 12%. Richmond Hill also has a fairly modest median home price of $542.
The top five also included Bed Pack, Ocean Hill, Longwood and Fletbush.
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