Here’s how far renting in NYC can go toward buying a home in these US cities

New York, New York – it’s a terrible city! That is if you can afford it.

In a city where rent is sky high, the thought of home ownership within the five boroughs can seem completely out of reach for many.

The latest figures are quite sobering. In October, according to the latest Realtor.com market report, the median asking rent in the Big Apple hit $3,374 — a 1.7% year-over-year increase. Broken down by borough, the Bronx saw an October median asking rent of $3,164 — up 8.6% year-over-year and up a staggering 54.4% over the past five years. Queens, with an October median asking price of $3,343, just saw a 7% year-over-year increase in rents and a nearly 37% increase over the past five years.

Manhattan, posting both annual and five-year declines, still saw its average asking price hit $4,415 — requiring an annual income of $176,604 to afford it, the study notes. Perhaps unsurprisingly, Manhattan alone has a fairly low homeownership rate of 25.4%.

However, if Manhattan renters are paying so much per month with no equity – how far can that stretch to buy a home outside the city limits? The typical city renter, according to Realtor.com, could afford a residence worth about $600,000 elsewhere.

In its report, and based on its own site views, Realtor.com summarized the top U.S. cities where Manhattan residents — those looking to get away from the city entirely or those with flexible work arrangements — are interested in buying a house. Using its proprietary mortgage calculator, the outlet estimated the purchasing power of a typical Manhattan renter in these locations, assuming a monthly payment of $4,415 — as well as a 20% down payment and a 30-year Freddie fixed mortgage Mac with an interest rate of 6.43% (Property taxes and home insurance costs are included.)

Not far from the city limits, one of the places a Manhattan renter can afford to buy their own place is in Long Branch, New Jersey—a longtime beach destination on the Jersey Shore. There, a $624,000 home is affordable to buy on a Manhattan budget — just above New Jersey’s median home list price of $574,500.

Also not far from the city limits, Manhattanites browsing Realtor.com for listings are also looking at Bridgeport, Connecticut — which is off the Amtrak and Metro-North train lines. There, a $646,150 home is possible for those paying a lot per month for a Manhattan rent — slightly more than the state’s $500,000 median asking price.

Manhattan renters may also consider making a move to Florida, as many New Yorkers have since the days of COVID-19. In West Palm Beach, a home priced at $655,500 would be affordable for a resident coming from the Big Apple. Heck, anywhere in Florida would be a dream, considering the statewide median list price, notes Realtor.com, is roughly $435,000.

Similarly, Myrtle Beach in South Carolina offers warm weather and a coastal location. Manhattan renters who prefer Florida instead could have their dollars stretch to $752,000, according to the report. Affordable for New Yorkers, but a price that is quite expensive for the state as a whole. In South Carolina, Realtor.com numbers show, the median list price is $355,000.

Finally, the report notes, Pittsburgh would be a worthy destination to park some cash. There, a home priced at $599,800 would be affordable for a New Yorker paying the high Manhattan asking median. Overall, the report adds, Pennsylvania has a median price of $309,900, making it generally a budget move for those looking to get out of the Big Apple.