New York City is a city of renters, especially compared to the rest of the nation. As difficult as renting can be in the city, purchasing a home is all the more daunting.With the city's ongoing affordability crisis reaching new levels and vacancy rates at historic lows, living in the city is an ongoing challenge. According to a recent report, finding an NYC apartment to rent for under $2,400 is nearly impossible.For those looking to buy a home, average mortgage rates are around $3,460.
Even with concessions, the median rental price is $4,198, with the borough's vacancy rate standing at just 2.49% according to the latest analysis by the Elliman Report.Average rental price: $4,886 Brooklyn isn't any better. The median rent stands at a stubbornly high rate of $3,499, 2.9% more than in February of 2023.Prices are still 20.9% higher than they were before the pandemic.
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