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Buying vs. Renting: The Cost of NYC Living

12/20/2025

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Summary

Story summary

In the 2003 film Elf, Buddy travels to New York City to locate his biological family.
Walter, Buddy's father, lives in a two-bedroom at 55 Central Park West.
Buying that unit today would cost about $2 million and require a $10,000 mortgage.
Renting is cheaper, with median rents around $9,175 per month.
A financial planner says buying a home can be a lifestyle choice, not an investment, emphasizing affordability guidelines.

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Story summary

In the 2003 film Elf, Buddy travels to New York City to locate his biological family.
Walter, Buddy's father, lives in a two-bedroom at 55 Central Park West.
Buying that unit today would cost about $2 million and require a $10,000 mortgage.
Renting is cheaper, with median rents around $9,175 per month.
A financial planner says buying a home can be a lifestyle choice, not an investment, emphasizing affordability guidelines.