Quantcast

Image via Pixabay

People who own a home in Queens have a better chance to save money each month than the average renter in the borough, according to a new study by Property Shark and RENTCafe.

The July 30 study concluded that in 44 of the 52 cities evaluated (with Manhattan, Queens and Brooklyn counted as three separate cities) people who own homes are able to save money each month after housing costs and living necessities are paid for. Renters, on the other hand, are likely to be in the red in more than half of the cities included in the study.

In Queens specifically, homeowners can save $844 per month after expenses, whereas renters are likely to be in the hole for $497, the study shows.

One reason for the discrepancy is that homeowners are typically older than renters, and thus make more money due to having more job experience, the study notes. In addition, owner-occupied homes are more likely to host married couples, and it’s much easier for two people to save money than a single renter.

The study explains that the discretionary income in each city was determined by subtracting housing and living costs from the median household income. In general, cities with higher living costs also have a higher median income, but that doesn’t always make it easier to save.

While Queens ranked in the middle of the pack, Manhattan and Brooklyn are on opposite ends of the spectrum.

In fact, the study shows that Manhattan homeowners rank at the very top of the list, saving up to $4,692 per month after expenses, but the borough also has the highest living expenses in the nation and the highest median income. With the biggest discrepancy of any city in the study, however, Manhattan renters typically are in debt for $1,466 each month.

Brooklyn did not fare nearly as well as Manhattan or Queens. People who own a home in Brooklyn are only able to save about $223 per month, while renters in the borough fared the second-worst in the study with a debt of $2,091 per month.

Overall, the study concludes that Virginia Beach is the best city to rent in with savings of $883 per month, and Boston is the worst with a debt of $2,244.

The worst city to own a home in is Miami, the study notes, with losses of $1,219 per month.

Comments:

Join The Discussion



Related Stories
New York City renters not afraid to move during pandemic
New York City renters not afraid to move during pandemic
Flushing and Jamaica among top U.S. cities with good schools and affordable rent: report
Flushing and Jamaica among top U.S. cities with good schools and affordable rent: report


Skip to toolbar