New report shows how far NYC rent will go toward buying a home in these US cities

Published On Nov 26, 2024, 6:41 PM

A recent report reveals the skyrocketing rent prices in New York City, where the average median asking rent reached $3,374 in October 2024. Manhattan, one of the most expensive areas, has a median rent of $4,415, making homeownership challenging for many renters. The report suggests alternative cities where NYC renters could leverage their rent payments to purchase homes, including Long Branch, NJ; Bridgeport, CT; West Palm Beach, FL; Myrtle Beach, SC; and Pittsburgh, PA. Each of these areas offers home prices within reach for those moving from New York, emphasizing the affordability differential as a growing trend.