Rather than spend big money to buy an apartment in the city, some New Yorkers are purchasing summer homes in rural areas while continuing to rent apartments, according to the New York Times.
Less than $350,000 can buy a house with three or more bedrooms on several acres of land in Upstate New York or in Pennsylvania. A couple profiled in the New York Times piece found that apartments they could afford in Brooklyn were smaller in space than their current rental.
Many young adults can’t afford a down payment on a property in the city, but still want the benefit of homeownership. Some real estate firms on the East Coast, like New York City’s William Raveis, are creating new divisions that cater to people buying their second home first.