P.F. – Don’t read this post.
This piece, by David Leonhardt, is a must read for renters (or anyone considering buying):
Still, when I wrote about that decision last spring, I argued that anyone who didn’t have to probably should not buy yet. Prices still had a way to fall.
They don’t have as far to fall today, but the great real estate crash is not over, either. So if you are part of the 30 percent of American households who rent and you’re trying to decide when to buy, relax.
The market is still coming your way.
Particularly in New York. Revealing charts accompany the article demonstrating that prices relative to income are still historically very high. Wait for reversion to mean.