To buy or to rent in NYC

[Xiang L.]

Hello, 

I am a newbie to the forum and would need help/borrow brains!!! Many thanks in advance!

I would like to be a home owner and start investing at the same time. I have read the discussions about how expensive it is to buy in NYC and its better to invest out of state, however given the new tax bill on property tax deduction, I am very confused now....I would like to stick with the idea that my purchase would be within a driving distance from where I live...so would it be a good investment to purchase something in NYC as a starter home now to live in for a few years (I know the sale price of NYC has been gone up a lot for the past few years )? or would it be wiser to keep renting in the city, but purchase something in CT or NJ and rent it out?