Compare the true total cost of renting versus buying in New York. Pre-filled with New York median home price, average rent, property tax rates, and insurance costs.
Avg Cap Rate
4.8%
Median Price
$576K
Property Tax
1.23%
Vacancy Rate
5.5%
Local Factors
7-Year Verdict
Rent
saves $66,540
Net Cost Over 7 Years
Buying Breakdown
Renting Breakdown
Where Buy Costs Go
What does this mean?
Renting is $66,540 cheaper over 7 years. Even accounting for $288,400 in equity from buying, renting and investing the savings likely wins. The market may not be right for buying at this price point.
Keep running the numbers
Decided to buy in New York? Here's what comes next.
Calculate your monthly mortgage payment, total interest, and see a full cost breakdown.
Find out if you're financially ready to buy your first home. Check DTI, savings, credit score, and get a personalized action plan.
Find out if selling your home makes financial sense. Analyze equity, rate lock-in cost, capital gains, and compare sell vs hold scenarios.
The rent vs. buy decision isn't just about comparing your monthly mortgage to your monthly rent. A fair comparison needs to account for all the hidden costs and benefits on both sides.
On the buy side: we calculate total mortgage payments, property taxes, insurance, maintenance, and closing costs. Then we subtract the equity you build — both from paying down principal and from home appreciation.
On the rent side: we add up total rent payments (increasing annually) and renter's insurance. But we also credit you with the investment returns you could earn by investing your down payment and closing costs in the stock market instead.
The net cost for each option is total spent minus wealth gained. The option with the lower net cost wins. Keep in mind this is a purely financial comparison — the stability, freedom, and lifestyle value of each choice is personal.
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