As the cost of living increases, so does the cost of where you live. Real estate trends in large cities such as New York and San Francisco are sending mortgage prices through the roof. The demand for urban apartments is making ridiculously high prices the norm. A shortage of housing in economically thriving cities is not uncommon. Smaller units seem to be a better bargain, especially in New York, where more and more families are moving to the city. And popular demand makes large, family-friendly apartments rare in these real estate markets.
Of course, small apartments are in high demand as well, but are usually easier to find. Small urban apartments are a great investment for young singles who might desire a larger apartment in the future. These smaller spaces will always be sought after and are easy to sell or rent at any point in time. If living in a flourishing city is of interest to you, be sure to keep the future in mind. Do not let high prices discourage you. Keep in mind that living in luxury comes with a price that usually requires a loan. Start with a small space and work toward the urban apartment of your dreams.
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