New York City continues to be a heaven for renters?

It seems like there are a plethora of fees to pay on properties: http://www.nyc.gov/html/dof/html/property/property.shtml

That said, I can understand wanting to own an apartment/row house if you are planning for the future. Property is one of the best investments you can make, and how great would it be to have an NYC apartment in the family?

I like my current status as a renter. It means no baggage; I'm free to come and go and I can call someone else to deal with any leaks. But, yeah, if I ever end up with a family in this city I would want to put a down payment on a more spacious place. I don't know about an apartment in the city, though - I think it would be cool to have a gorgeous brownstone and a little backyard.

There are advantages to renting and owning. Here is a summary of each:

Owning

Pros

You own the home
Build equity
Have something you invested in
Give to your offspring as inheritance

Cons

Pay a large mortgage
Pay a lot in taxes
Pay sewer/water bills
Pay maintenance fees (if you live in a co-op)
Pay utilities
Pay home insurance
Pay for upkeep of home

Renting

Pros

Pay monthly rent no taxes
You only have the electric/gas bill to pay
Pay your own phone or cable
No headaches with fixing anything
No maintenance or upkeep

Cons

You don't own it
No equity
Nothing to leave children
No basis for collateral when taking out a loan

These are the basics. You may have more ideas under each category, but you get the idea.

Frankly, unless you have plenty of money to toss around, owning a home is not the way to go. I was told by a real estate agent friend that to own a home, you need to make at least $5000 a month. That will cover just about all the bills you will pay. In Manhattan, that amount is probably twice as high.