New York, NY

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September 15, 2009

Rent or Buy in a Metropolitan City

Posted in Property on May 7th 2011

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For the past few years I have lived in big cities. Growing up in the subs, I don't see myself leaving the city. Should I consider buying or is renting the way to go?

Commented on May 16th 2011

@bstern A lot of people thinking renting is waste of money if you can afford to buy, but personally I feel like the non-commitment is worth it.

Have you moved around a bit (even if it is from city to city)? What were you reasons for moving?

I also live in a big city, but am hesitant to commit to an apartment because of the constant changes the city makes. A nice neighborhood one day, can be an undesirable one in a few years. I also am not ready to commit to the upkeep of an apartment.

I recently talked to a homeowner who said that after purchasing his home a multitude of unexpected events i.e severe weather, pipes breaking etc set him back financially.

At the end of the day, if it is a commitment you can afford and want to make I say go for it. BUT if you can't imagine yourself in the same place in 10-20 years I would forgo.

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