Once the costs of a rental reach a certain threshold, the rent vs. buy question becomes more urgent. There are charts and maps that broadly illustrate which option is better, and conventional NYC wisdom generally points to renting. But sometimes it's hard to compare the costs for a particular apartment. And thus a new Curbed feature is born! The folks at StreetEasy have pulled a bunch of listings that are on both the sales and rental markets, and we'll be taking a regular look at the finances of renting versus buying those apartments. (These numbers assume a 20 percent down payment and a 30-year fixed-rate mortgage at a rate of 4.5 percent.) Up first, five Manhattan studios where potential inhabitants have the choice to rent or buy?or, perhaps, buy and become a landlord.
240 Riverside Boulevard #5J
Sale Price: $769,000
Total monthly costs when buying: $3,732/month
Rental price: $2,975/month