You can have the best of all worlds. What I mean is to buy a coop, condo, or home in Northeast Queens County, NYC which has the best performing schools in all of NYC, great family things to do inexpensively, yet by the LIRR is less than a 1/2 hour comfortable ride from the Big Apple (Manhattan). A studio or 1 bedroom coop in Manhattan could easily cost $ 1 million or more. For a 3 bedroom coop in Bayside, Little Neck or Douglaston in Northeast Queens, the cost would be under $ 350K. For a Condo of that size, under $ 600K, for a detached, one family home with 3 bedrooms and 2 baths, under $ 800K. Go to my blog at http://www.realtown.com/johnmaniec/blog to view several videos of local neighborhoods and current inexpensive family events.

Below is a link to a NY Times article with a "Buy vs. Rent" calculator, which should be helpful. http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAP…
I'll be happy to help you with any more information that may be helpful in your decision making. nycHero1@gmail.com

Satoh,
That would depend on what your needs are? Will you be working in Manhattan and going away on weekends? Do you have a large family ?The Manhattan real estate prices have historically continued to increase so Manhattan real estate can be a good investment.... On the other hand if you can find a rent stabilized Manhattan apartment, they have rules about how much time you can spend somewhere else as it must be your primary residence...You might be able to find a "deal " upstate" especially through some Goverment programs but in those it usually has to be your primary residence and many NYC coops and condos don't allow pied -a terres..There are many legal, financial and tax considerations so I would definitely consult a good local attorney and accountant.
Please check back and contact me when you are ready as I would be glad to help you find something here and Upstate. (I am in the process of changing Brokers)
Jolie