A new study printed in the New York Times finds that despite the decrease in mortgages rates – along with high rents – hasn't actually persuaded renters to start buying. According to a study of real estate investment trusts (REITs), only 14.7 percent of tenants that moved out in the fourth quarter of 2014 did so with the intention of buying a home. That number has been in the 14 percent range since 2012, and just hasn’t moved, according to David Guarino, a research analyst for John Burns Real Estate Consulting in Irvine, California.

A city with a million tags and titles, and a glossy lifestyle, attracts millions every year from across the globe to visit, move in, and buy a spot in high-rises across the city. Once they dive into the reality of the real estate market is when they feel the pinch in their pockets.