New York
While Manhattan's multimillion-dollar penthouses and expensive suburbs may make all the headlines, many single-family homes in the area command much more reasonable prices, said Jonathan Miller, of the New York appraisal firm Miller Samuel.
Rents have been stable over the past year but are much higher than the national median rent of $1,580. For people willing to stay in their homes for seven years or more, that makes buying a more favorable proposition, especially given recent mortgage rates.
"Even in these metros buying remains cheaper, thanks to mortgage rates that are still very low by historical standards," said Jed Kolko, Trulia's chief economist.
% saved buying: 22%
Median home price : $520,000
Median rent: $2,850
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