On the island of Manhattan, rent is among the most expensive on the continent. Few cities compare to the real estate hot-spot of the Big Apple.
Though neighborhoods around the island also have lofty rent prices, property owners on Manhattan itself are fighting for limited space in a highly populated area. There are spots in the city, however, that are rich in culture and chock-full of rentable homes that aren't going for prices that will cripple your finances.
Why you should buy in Harlem
Shopping in Harlem for a home to rent can be the perfect way to save a bit on rent in the city. That will open up possibilities for other perks you wouldn't be able to afford with the skyrocketing rent prices on the Upper East or West Side, or in Midtown.
Finding a home in Harlem means you'll be able to devote your budget to more square footage, or on a potential purchase rather than rented space. Average purchase cost in Harlem is only $825,000, which is significantly lower than a number of other areas in the city, where rent can reach as high at $12 million or more.
Saving can mean more spending ... on what you want
If you save when buying your home, you can spend a bit more on some perks that will make life a little bit cheerier. Equip your new home with some beautiful furniture, get the kitchen of your dreams, or consider spending on a maid service that will ensure you come home to a clean, happy house at the end of the week.
It'll also mean more money for schooling -- for yourself or your children -- and more cash to shop, eat the delicious foods the area has to offer, and a bit more leeway for utilities, renters insurance, and the other costs that come with owning and renting a home.
In sum, don't overlook neighborhoods that don't come to mind immediately when someone mentions Manhattan. For the average renter, looking in areas slightly less popular than the more glamorous Downtown or Upper West Side neighborhoods will save time and money over the long run.
And the beautiful thing about Manhattan is that there's no shortage of transportation to get you to those more glamorous areas of the city whenever you please -- day or night. So save your pennies and dine downtown, then take the subway to your more comfortable, more affordable home in Harlem.