I just met a family who rents a large 3br apt. in the west 70's. They told me that the building went co-op in the late '70s and that they chose to continue renting instead of buying. The price of the apartment at the time was $30,000. They said that their rent was lower than the mortgage and maintenance together. Obviously they feel like complete idiots now as other apartments the size of theirs in the building are now selling for well over $1 million.
My question is if anybody knows if this is a common situation?