[legion]

From the huge RE thread ten years ago, I picked up that if it is substantially cheaper to rent than to own, it is a sign of an overheated market due for a correction.

This caught my eye:

https://www.nytimes.com/2017/05/19/realestate/they-can-afford-to-buy-but-they-would-rather-rent.html

“This is a generalization, but renting in Manhattan is substantially less expensive than owning,” said Mr. Ceurvorst, 61, the founder and managing partner of a structured trade finance firm.
...
“There isn’t much difference in lifestyle between owning and renting in Manhattan, except that if you pay rent you can spend more on the arts and sports and still have money left over,” he continued. “I prefer to rent and go to dinner anywhere I want. Why spend the extra money to buy, when in New York you sleep in your apartment but you live in the city?”