30 JUNE 29, 2017 RIDGEWOOD TIMES WWW.QNS.COM
Check out the Queens neighborhoods where buying instead of renting a home pays off
Ridgewood Times Sales Guide
Listings selected at random. Courtesy MLSLI
RIDGEWOOD
Putnam Avenue 77th Road 69th Place Cowles Court
Under $500,000
63-15 Forest Ave.
$495,000
Condo
1 bedroom, 1 bathroom
Derek Eisenberg
Continental Real Estate Group
$500,000-900,000
68-16 65th Pl.
$739,000
1-family duplex
3 bedrooms, 2 bathrooms
Bianca Colasuonno
NY Space Finders
Over $900,000
1881 Putnam Ave.
$1,650,000
6-family apartment house
12 bedrooms, 6 bathrooms
Jie Yang
Sany Realty Group
GLENDALE
Under $500,000
90-50 Union Tpke.
$389,000
Co-op
3 bedrooms, 1 ½ bathrooms
David Kueber
Coldwell Banker Kueber Realty
$500,000-900,000
79-68 77th Rd.
$595,000
1-family Colonial
3 bedrooms, 2 ½ bathrooms
Imran Khan
Realty Executives Today
Over $900,000
79-56 77th Ave.
$1,299,000
2-family contemporary
7 bedrooms, 3 ½ bathrooms
Marisa VanWinckle
NY Metro Realty Group Ltd.
MASPETH
Under $500,000
52-21 65th Pl.
$328,000
Co-op
2 bedrooms, 1 bathroom
Ania Sikorski
Home Hunters Real Estate
$500,000-900,000
62-70 60th Rd.
$799,000
2-family Colonial
3 bedrooms, 2 bathrooms
Sung Chyau
Yuanson Realty
Over $900,000
52-03 69th Pl.
$1,650,000
3-family contemporary
8 bedrooms, 5 ½ bathrooms
Hao Hao Chen Chen
Century Homes Realty Group
MIDDLE VILLAGE
Under $500,000
72-35 Metropolitan Ave.
$499,000
Condo
2 bedrooms, 1 bathroom
Augusto Torres
Elite Team Realty
$500,000-900,000
80-23 Cowles Ct.
$775,000
1-family Tudor
3 bedrooms, 1 ½ bathrooms
Louis Pastorini
Coldwell Banker Phillips
Over $900,000
63-50 75th Pl.
$1,499,000
2-family contemporary
6 bedrooms, 2 ½ bathrooms
Joseph Crifasi
Crifasi Real Estate
BY ANGELA MATUA
AMATUA@QNS.COM / @ANGELAMATUA
The decision to either buy a
home or rent is a diffi cult one in
Queens, where prices seem to be
rising every year.
But a new report shows that in several
Queens neighborhoods, it may be
more benefi cial to purchase a home.
StreetEasy, a real estate website, calculated
the tipping point – the point
in time in which the benefi ts of owning
a home exceed the benefi ts of renting
that same home – for neighborhoods
in every borough.
The World’s Borough is home to
neighborhoods with some of the shortest
tipping points in New York City,
which is good news for people interested
in buying a home. In Queens, residents
would need to live in their home for 2.7
years before their purchase would pay
off . The tipping point in Manhattan is
7.7 years, more than double the national
median of 2.1 years.
StreetEasy created a tool for users
to calculate their own tipping points
based on their apartment size and the
neighborhood they’re interested in
owning a home in.
The top 10 Queens neighborhoods
with the shortest tipping point are as
follows:
Corona – 1.2 years
Kew Gardens Hills – 1.2 years
Woodhaven – 1.2 years
Briarwood – 1.3 years
Kew Gardens – 1.5 years
Rego Park – 1.9 years
Forest Hills – 2.1 years
Woodside – 2.1 years
Rockaway – 2.3 years
Sunnyside – 2.3 years
Neighborhoods where it may be
more benefi cial to rent than to own
include Flushing, where the tipping
point is 30 years and Long Island City,
where the tipping point is 26.7 years.
To calculate the tipping point of
renting versus owning a home, senior
economist Grant Long took several
factors into account.
The costs of home ownership include
mortgage principal and interest;
federal, state and city taxes; homeowner’s
insurance; projected closing costs;
and maintenance fees and common
charges as listed on StreetEasy.
For renting, the costs include brokers’
fees, renters insurance and monthly
rent. He then conducted a cost-benefi t
analysis between the two to determine
the “earliest point in time at which the
net present value of owning a home exceeds
the net present value of renting.”
StreetEasy does warn that the tipping
point in every borough is increasingly
on the rise. Home prices and
mortgage rates are rising, while rents
are falling, Long argues. The tipping
point in Queens is up seven months
since last year and the tipping point
in New York City is 5.6 years, which
refl ects a one-year increase since 2016.
“For New Yorkers not planning to
spend more than 5.5 years in their new
home, renting is, on average, a more
attractive fi nancial choice,” the study
reads.
REAL ESTATE
Photo via Shutterstock
Buying a home beats renting in
several Queens neighborhoods.
