When looking at real estate investments: comparing Rome to New York may not be simple apples to apples. While some of the older properties in New York may be well over 100 years old, the city of Rome is thousands of years old. It's tough to really compete much with that. At the same time while rentals in both are rather expensive, you may actually get a better deal in one over the other. Still the question is are you investing in your future? Or are you investing in humanities collective past?
Real estate investments: comparing Rome to New York Basics: One thing about both Rome and New York City that all potential residents should understand is that it is almost always cheaper to buy than to rent. Looking at the historical averages of the costs of renting versus the costs of buying it's almost a no-brainer. In Rome the recent averages for a rental in the city were £2300 or around $2800. The suburbs have it a little bit better averaging around £1500 or just over $1800 per month. In New York City the rents range widely but you can typically find rentals anywhere from $8-900 per month in the outer lying suburbs to many times great than that for centrally located, luxury penthouse apartments. The averages right now are around $3235 per month for a standard one bedroom. That is up nine of the last consecutive months in a row and it doesn't appear to be slowing down any time soon. So the demand is out there and if people keep renting the rents will continue to rise.
Real estate investments: comparing Rome to New York Currently: One interesting point is that the costs to buy a home in Rome right now are actually on the way down. The Italian housing market has been sluggish and with prices continuing to slack, buyers appear to be waiting for a bottom to set in before they make any moves. Some experts say that this trend looks to continue for at least the next 2 years if no relief is in sight. At the same time the markets in Manhattan and New York City broadly continue to outstrip the limited supply that is available. People keep sucking up these properties and as the demand rises what limited supply that is available out there gets bought up.
Real estate investments: comparing Rome to New York Tomorrow: Maybe what is most important to investors looking for real estate investments: comparing Rome to New York is that you need to decide where you will be happiest. Where is it that you want to be spending your time? Or if this is an investment property where do you think that people will continue to want to be? From all appearances at the present moment the answer to that question appears to be New York City. If the limited supply keeps swapping hands from this increased and perpetual demand it is really hard to see any other logical conclusion. Of course that could change at any moment but for all intents and purposes right now it seems that New York City is still and will continue to be the place to be!
If you are looking for your next home and you are not really sure where you would like that to be then it makes sense to call on the expert team over at Prestige International. The team at Prestige can help you find just the right investment in just the right place, to live or to manage, wherever that place may be.
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