Upper East Side / Upper West Side - Buy or Rent?

[discophire]

I'm going to be moving to New York next fall and I'm looking to move into a studio or 1BR on either the Upper East or Upper West Side. I don't know much about the Manhattan real estate market right now besides the fact that prices are through the roof, and based on what I've read that the rise in real estate prices is starting to "decelerate." In any case, given the current market, is there a general consensus as to whether in the long run it is more economical to buy or rent?

I don't know if this is pertinent information, but I'm also a mid-twenty's post graduate, debt-free so presumably a good credit score, and I should be earning something in the $100-200k range annually.

Thanks in advance for any advice!

[Front_Porch]

I don't work uptown, but I would tell a client who walked in with your question to rent.

You may pay a broker's fee of around $5,000, but that's a lot cheaper than buying the wrong apartment. At your income, long-term you'll want a mortgage for a tax shelter, but take a year to get to know the city first.

ali r.
{downtown broker}

[antinimby]

I don't know if this is pertinent information, but I'm also a mid-twenty's post graduate, debt-free so presumably a good credit score, and I should be earning something in the $100-200k range annually.Damn!