A new infographic using data from Miller Samuel shows the ups and downs in rates for Manhattan mortgages over the past twenty years. And it is yet another indication of how the economy overall has slumped, even while billionaires nab pricey condominiums all around New York City.
The graph compares the monthly median rental and mortgage prices for both condos and co-ops.
It also shows that the monthly median rental price for the borough peaked between 2006 and 2008, as housing prices skyrocketed because of high monthly mortgage payments, Curbed reported.
Mortgages weren’t available for many, so the demand to rent an apartment surged, according to Curbed. Now, there’s an argument to keep mortgage rates from climbing — or at least outpacing the economy — in order to reduce the pressure on rents and keep sales activity from spiking again. [Curbed] – Angela Hunt