Disruptions Make Buying More Affordable
Contrary to popular belief, housing prices aren’t skyrocketing everywhere. In fact, Bloomberg reported that Manhattan’s priciest apartment contracts last week had one thing in common: The sellers lost money.
New data from Realtor.com found that buying a home is becoming more affordable in the 50 largest metro areas (Realtor.com)
– The monthly cost to buy is up only 0.2% from the same time last year when it was $1,983. Meanwhile, the cost to rent increased by 2.4% year-over-year, from $1,696 to $1,727.
– The monthly cost of buying a home is the same or more affordable than renting in 15 of the 50 largest metros. This is up from 13 markets a year ago.
The COVID pandemic has been quite devastating for most large cities in this country real estate included. However, with vaccines up and cases down, there are signs things could be turning around in the big cities. A few weeks ago the New York Post reported that “the first signs the city is making a comeback have appeared, with Manhattan and Brooklyn lease signings seeing the highest surge in the past 13 years.”
I’m not sure how long it will take for people to flock back to the big cities, but until then it does seem like there are some buying opportunities. For a full list of the top rental and buying market head over to Realtor.com