2 Cities Where You Can Get ‘A Lot’ Of Apartment For Your Money

Yes, Buffalo and Cleveland suck in winter, but … [View in browser]( [The Juice Logo] BROUGHT TO YOU BY: [Logo]( Proprietary Data Insights Top Financial Pro Stock Searches This Month Rank Name Searches #1 Apple 1,337 #2 Tesla 888 #3 Nvidia 868 #4 Amazon.com 741 #5 Microsoft 681 #ad [It's time you learn about Alternative Investments!]( Brought to you by [Masterworks]( [A Banksy got everyday investors 32% returns?]( [ Masterworks - A Banksy got everyday investors 32% returns?]( Mm-hmm, sure. So, what’s the catch? We know it may sound too good to be true. But it’s not only possible, it’s happening—and thousands of investors are smiling all the way to the bank, thanks to the fine-art investing platform Masterworks. These results aren’t cherry-picking. This is the whole bushel. Masterworks has built a track record of 13 exits, the last 3 realizing +10.4%, +27.3%, and +35.0% net returns even while financial markets plummeted. Got your attention yet? Dear readers, you can skip the waitlist with this exclusive link. [Skip the waitlist]( *See important Reg A disclosures at [masterworks.com/cd.]( 2 Cities Where You Can Get ‘A Lot’ Of Apartment For Your Money Before we get to some relative sanity in the housing market, a quick update on Apple (AAPL). The stock remains the most searched among financial professionals in Trackstar, our proprietary sentiment indicator, ahead of #2 Tesla (TSLA) by more than 50%. As we noted last week - alongside the way we’re thinking about Apple - slow and steady wins the race. So a dollar cost averaging strategy into AAPL might make sense for long-term investors. As of Friday’s close, the stock appears to be gaining back some of the ground it lost post-earnings. And, let’s not forget, AAPL’s up a healthy 40% or so YTD, outpacing the S&P 500 (SPY) and Nasdaq 100 (QQQ). Onto housing … And we’ll try to keep the news good. Though it ain’t easy. Don’t look now, but the interest rate on a 30-year mortgage hovers around 7.4%. We wonder if homebuyers who took the plunge at, say, 6% or 7%, on the advice of Realtors or lenders who said - no worries, you can just refinance when rates come down - are freaking out. As if you can just up and refinance on a whim anyway! We’ll update the outrageous cost of owning a home these days some other time (it’s as bad as it’s been in like 40 years), but, for now, we can probably all agree: Large swaths of the population will remain life-long renters. If indeed this is the case, we can all probably agree that [New York City is too rich for most people’s blood](: … the median rent in July in Manhattan was $4,400, up 6.1% from $4,150 at this time last year. To comfortably cover that rent, you’ll need to make $14,667 a month, or $176,004 annually. Breaking it down by unit size in Manhattan (median rent, y-o-y increase): - Studio: $3,200 (6.7%) - One-Bedroom: $4,295 (7.4%) - Two-Bedroom: $5,200 (4.0%) - Three-Bedroom: $7,300 (12.3%) We can also agree (The Juice loves it when we agree!) that if you’ve decided you’ll rent for the duration, you’d like some space. Of course, how much space you want or think you need in your dwelling depends on your tastes. So we might not agree on that part. We’ll set a modest, but decent amount of space at 2,500 sq ft for a house and 1,000 sq ft for an apartment. Again, this is up for debate. If you’d like to keep a mortgage payment right around what you’re paying for rent and get a decent amount of square feet in a house you buy, you need to go to cities such as Cleveland or Philadelphia. In [this recent Juice](, we expand on that possibility. But, here again, the overall news isn’t good. So, we swung over to the bright side after writing the story on outrageous NYC rents. Follow us - - You’re like, screw it, I’m just not going to be able to buy a house. And I don’t want the hassle or expense anyway. - I work remotely and make good money. - I do well in (insert relatively expensive city or metro area here). - But I probably could do better, as a renter, elsewhere. As in, I could get more for my money in a smaller city relative to, definitely NYC, and a whole host of the nation’s other largest cities. If this doesn’t apply to you, you probably know multiple people - your kids, other relatives, friends - who fall into this or a similar category. Consider Cleveland. Just as an example. Here’s how things look there, as of this month: - Studio: $1,092/month, 465 Sq Ft - One Bedroom: $1,189/month, 668 Sq Ft - Two Bedroom: $1,463/month, 979 Sq Ft - Three Bedroom: $2,285/month, 1,319 Sq Ft The numbers you see are averages from across Cleveland. Of course, if you want prime urban living in the city center, particularly in new or newer construction, you’ll pay more. Because we’re nerds about this stuff, we spent considerable time searching the options and think it’s safe to say, you can get a roughly 1,000 sq ft, two-bedroom apartment in Downtown Cleveland for about $2,200 a month. A bit more than we expected, but still considerably less than the $5,200 median in Manhattan. Shuffle off to Buffalo and it gets better: - Studio: $946/month, 377 Sq Ft - One Bedroom: $1,057/month, 665 Sq Ft - Two Bedroom: $1,290/month, 927 Sq Ft - Three Bedroom: $1,411/month, 1,113 Sq Ft Downtown isn’t where the action is in Buffalo. The best urban neighborhood there, by far, is called Elmwood Village. A representative luxury two-bedroom there comes in at around 1,000 sq ft and $1,850 a month. We picked Cleveland and Buffalo because they are cities we have visited recently. And they contain many of the elements - at the neighborhood level - people who enjoy living in city centers crave. Walkability. Vibrancy. Bars, restaurants and shops. And, relative to the big name cities you always hear about, rent in these places is a relative bargain. We’re sure you can come up with your own Cleveland or Buffalo. If so, tell us about it. [A Daily Stock Pick With Professional Analysis]( Searching for the right stocks to buy is exhausting. At The Spill, we have you covered with ratings and expert analysis – direct to your inbox. [Subscribe now]( The Bottom Line: Here’s the interesting, then scary part. The new migration in search of affordable housing among life-long renters might be from large cities to smaller ones. Of course, this can benefit the places where people move. At the same time, it can quickly help increase rents in these cities as we saw when the typical migration pattern in search of affordability was New York to Brooklyn or San Francisco to Oakland. Or when Portland, Austin and Vegas were busy blowing up. Simply put, get when the getting is good. If you or someone you know is up against a huge housing decision, the affordability you seek via a crash (not going to happen) or lower interest rates (we’ll see) might never come. And any relief we do see might not have a significant impact on your housing expense if you’re looking to move, as a life-long renter, prospective homebuyer or current homeowner in search of more space. 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