N
ew York City's affordability crisis is a harsh reality for many residents. With rent prices skyrocketing, homeownership within the five boroughs seems like an unattainable dream. The latest numbers are alarming: in October, the median asking rent hit $3,374, a 1.7% year-over-year increase. Broken down by borough, The Bronx saw an 8.6% year-over-year boost and a staggering 54.4% surge over five years.

    Manhattan's median ask is still $4,415, requiring an annual income of $176,604 to afford it. It's no surprise that Manhattan has a low homeownership rate of 25.4%. However, renters can consider purchasing homes outside the city limits with their monthly payments. According to Realtor.com, a typical Manhattan renter could afford a residence valued at around $600,000 elsewhere.

    Realtor.com rounded up the top US cities where Manhattan residents are interested in buying homes, using its proprietary mortgage calculator to estimate purchasing power. The results show that Long Branch, New Jersey; Bridgeport, Connecticut; West Palm Beach, Florida; Myrtle Beach, South Carolina; and Pittsburgh, Pennsylvania, are all within reach for a typical Manhattan renter.

    In Long Branch, a $624,000 home is affordable on a Manhattan budget, slightly above New Jersey's median home list price. In Bridgeport, a $646,150 home is doable for those shelling out lots per month for a Manhattan rental. West Palm Beach offers a home priced at $655,500, while Myrtle Beach and Pittsburgh offer even more affordable options.

    These cities offer a chance for Manhattan residents to own a home without breaking the bank. With prices ranging from $599,800 in Pittsburgh to $752,000 in Myrtle Beach, there are plenty of options for those looking to escape the Big Apple's high costs.