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From The Wall Street Journal…
“Manhattan price-rent ratios, although off their 2008 highs, are still up dramatically over the past two decades, suggesting less financial ‘value’ today in an apartment purchase there,” writes New York Fed economist Jason Bram, in the latest edition of the bank’s Current Issues in Economics and Finance.
The study, which covered one-bedroom apartments from 1989 to 2011, suggests rent rates have gone up much more slowly relative to purchase prices.