Renters and owners in Manhattan. Map by Ryan McCullough
New York has been called a city of renters and with good reason. The real estate rent vs. own breakdown here is far different than that of other parts of the country, for a multitude of complex reasons. But it’s also interesting to take a look at neighborhoods within the city. Ryan McCullough of Mapbox and Tippecanoe, the map geeks responsible for whizzing up this view of the U.S.A., was motivated to dig deeply into this particular data. The result was Owners vs. Renters, an interactive dot map showing every single homeowner and renter in the United States. You can zoom in on a major city hub and to see where more residents tend to be homeowners and where more people rent.
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Renting in New York can get exhausting–the dreaded lease renewal letters, the constant moves, the thought of shelling out tens of thousands of dollars each year to pay someone else’s mortgage. But is it really worth it to buy a home in NYC? According to data from personal finance site SmartAsset, it’s only a good decision after you’ve lived in New York for 18.2 years, longer than anywhere else in the nation by far (h/t Business Insider).
The study looked at 29 major cities across the U.S. and calculated their breakeven point–”the point at which the total costs of renting become greater than the total costs of buying.” As a baseline, they used a household earning $100,000 annually with a 4.5 percent mortgage rate, a 20 percent down payment, and $2,000 in closings costs.
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