Rent vs Buy in New York, NY
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in New York, NY
Price-to-rent ratio is 24.5 (under 15 favors buying, over 21 favors renting). Renting costs $2,780/mo; owning runs about $6,102/mo — $3,322/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $4,330 |
| Property tax | $750 |
| Home insurance | $341 |
| Maintenance | $681 |
| Total to own | $6,102 |
| Average 2BR rent | $2,780 |
Based on a median home value of $817,745 with a $163,549 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.