Queens Homeowners Save Money While Renters Lose It, Study Finds

QUEENS, NY -- If you feel like the home you rent in Queens is costing you serious cash, you may want to consider buying one, according to a new study that found switching to the latter can turn your monthly debt into savings.

Real estate websites PropertyShark and RENTCafé released a July 30 study of owners and renters in the country's 52 largest cities - Manhattan, Brooklyn and Queens were evaluated separately - that analyzed which group would have the most money left after paying their living expenses each month.

The study determined each city's discretionary income by using data from RENTCafé, the Census Bureau and U.S. Department of Labor to find the median household income along with renters' and owners' housing and living costs, then subtracting the latter from the former.

Under that model in Queens, homeowners typically ended each month with an extra $844 in their pockets, while renters ended up nearly $500 in the hole, according to the survey.

The borough was not alone.

The study found homeowners in 44 of the 52 cities analyzed can save money each month, while renters in more than half the cities were more likely to be in debt by the month's end.

PropertyShark and RENTCafé noted that discrepancy could be because homeowners tend to be older than renters, meaning they're likely earning more money, and are more often married, often giving them multiple incomes.

While Queens ranked solidly average among other cities in the study, its neighboring boroughs were on opposite ends of the spectrum.

Manhattan ranked the No.1 city where homeowners can save money, according to the study, which claims if you can afford to buy a place there, you'll end up keeping a whopping $4,692 a month. The study noted that in addition to boasting the highest median income and living expenses, the borough is also home to the biggest discrepancy between buyers and renters, who end the month with an average debt of $1,466.

Both boroughs, however, fared better in the study than Brooklyn, where homeowners reportedly save a measly $223 per month on average and renters lose nearly $2,100 - the second highest debt of all the cities - according to PropertyShark and RENTCafé.

Overall, the study found Virginia Beach the best city to rent in with a savings of $883 per month and Boston to be the worst with a $2,244 monthly debt. Miami was deemed the worst city to buy in, with homeowners netting losses of $1,219 per month.

Lead photo by Drew Angerer/Getty Images