Tuesday, June 09, 2009

Hotpads' Rent vs Buy Heat Maps

Gotta love Thrillist New York for its colorful, politically-incorrect, slightly offensive yet always hilarious summaries of all things New York. In a simultaneous renter's and buyer's marketed created by Fannie and Freddie - if they didn't take you under with them, Thrillist New York has reviewed a handy tool:

New York's high-priced housing presents a conundrum: start mailing hefty mortgage payments to a bank, or resign yourself to abetting your Ukrainian landlord's enviable lifestyle of hookers and kasha. Pick your poison with Hotpads' Rent vs. Buy Heat Maps.

A new, financially dispiriting tool from an established rental site, HP's maps counsel whether you should rent or buy via color-coded hoods: from light blue for steal-worthy purchasing opps (Jersey City, Forest Hills), to green for market average (Murray Hill, UES), to red for rent-worthy digs, e.g., SoHo and West Village (Manhattan's gated clubdivision). The site's calcs are automatically done via esoteric math wizardry, i.e., avg cost of ownership / estimated annual rent -- a formula that's confounded many a couch-surfer's TI81. To further assist your hopeless quest for shelter, HP plots icons for thousands of current listings, each clickable for photos and details, which even include moving solutions and storage units (there's an affordable option for you).

HP also provides additional real estate heat maps, like Household Income, Foreclosures per Household, and Median Age, thus illuminating another conundrum: how to get into the low-priced hood beset by a cabal of rent-control beneficiaries who just. Won't. Die.

See your options unfurled at HotPads.com

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