Rent in New York City would easily cover a mortgage in many US cities

Rents in New York City are constantly rising. NYPost reveals how much Manhattanites spend on rent, as well as their prospects for owning a home elsewhere.

According to the latter Realtor.com reportIn October, the median asking rent in the Big Apple reached $3374. That's up 1,7 percent from the previous year. In the Bronx, the median asking rent in October was $3164. That's up 8,6 percent from the previous year and a whopping 54,4 percent over the past five years.

In Queens, the median asking rent in October was $3343. It's now up 7% year over year and up nearly 37% over the past five years.

In Manhattan, the median price reached $4415. That rent requires an annual income of $176. Perhaps that's why Manhattan has such a low ownership rate. housing - 25,4%.

According to Realtor.com, the typical city renter could afford a home costing around $600 elsewhere.

What is the alternative to renting?

Realtor.com has compiled a list of the best U.S. cities where Manhattanites could buy a home. The resource assessed the purchasing power of a typical tenant Manhattan in these parts.

The calculations take into account the monthly payment ($4415), the down payment (20%), and a Freddie Mac 30-year fixed mortgage with an interest rate of 6,43%. Property taxes and home insurance costs are also included.

Places just outside the city limits where a Manhattan renter can afford to buy their own home include Long Branch, New Jersey. This longtime beach resort on the Jersey Shore offers a home for $624 within a Manhattan budget. That's slightly higher than the median home price in New Jersey ($000).

Just outside the city limits, Manhattan residents are also considering Bridgeport, Connecticut. Situated close to both the Amtrak and Metro-North rail lines, a $646 home is affordable for those willing to pay Manhattan rent.

Manhattan renters might want to consider moving to Florida. In West Palm Beach, a $655 home would be affordable to a Big Apple resident. The statewide median price, Realtor.com notes, is about $500.

Myrtle Beach, South Carolina, also offers warm weather and a coastal location, with a median price of $355, according to Realtor.com.

Finally, the report notes that Pittsburgh is a decent place to invest. A home priced at $599 would be affordable for a New Yorker. The median asking price in Pennsylvania is $800, a budget option for those looking to leave the Big Apple.