"If we were to try to buy our apartment, we would have probably paid around $650,000 for it," Lisa Price said, noting that their 920-square-foot, one-bedroom apartment in New York's Financial District rents for $2,600 per month. "That's not exactly a starter home."

So the young professional couple did what a number of urban home buyers are starting to do: They bought a place outside of the city. Not just the suburbs, either, but in Lisa's hometown of Traverse City, Mich.

Over the past year, the number of homes bought for investment purposes has risen from 5 percent to 9 percent, according to data from LoanPerformance, a private real estate research firm. While some of that has been due to increased real estate speculation and shifts in investment away from stocks, analysts believe that first-time home buyers and aging baby boomers in biggest metropolitan areas are buying away from the city in order to build equity and perhaps later find that dream home.

"If they do it right, it can be a good investment," said Doug Duncan, chief economist at the Mortgage Lenders Association in Washington.

The Prices don't plan to move to Traverse City any time soon. Their purchase of a 1,340-square-foot, two-bedroom condominium cost less than $130,000, and they are working hard to rent it out year-round for $850 per month. That would cover their mortgage, with a little left over.

"It's just amazing what you can get elsewhere in the country," Lisa Price said. "It's even a little depressing when you look at the gas fireplace, the bay window, giant walk-in closet, giant bathroom — and then you go back to New York."

But at least the Prices are building equity in an affordable location. Lisa's parents lived nearby and promised to handle showing the condo to prospective buyers and assume landlord duties "in exchange for an extra-special Christmas present."

Other options for urban buyers include buying summer homes or vacation rentals, or buying a house in an area where they plan to retire should city life lose its luster. Whatever the reason, buying outside of major metropolitan areas can mean a lot more house for your money.

According to a survey conducted this year by realtor Caldwell Banker, an average family home — four bedrooms, 2 1/2 bathrooms, 2,200 square feet — cost $354,372. Naturally, urban centers cost far more, with similar homes in San Francisco going for $1,125,500, in Boston for $1,053,594, and in the New York borough of Queens for $641,125.

It's no wonder that urbanites are looking far afield for their real estate investments.

"Of course, you need to be comfortable with the place, but you also should be able to at least lease your property out from a break-even point for a return on debt service, and hopefully make a profit," said Joe Harrigan, regional vice president for the National Association of Realtors.

Here are some things to look at when buying out-of-town:

• Know the neighborhood. Look to see what rental prices are like. Is the town itself growing? Proximity to major cities can also be a factor.
• Know how you plan to rent the property. Property management companies usually charge 5 percent to 10 percent of the monthly rent. Some will include maintenance and emergency services; others might not.
• Know what extra costs you'll face. You'll have to take into account property taxes. There are also insurance considerations if you rent your property.

In addition, there may be costs to bring your home up to the level of other local rentals. For example, the Prices found that while New York apartments rarely have washers and dryers, they're expected out of most high-end rentals in Traverse City.