Buy vs Rent in New York, NY (2026)
Median home price $750K · 1BR rent $3,500/mo · Price-to-rent ratio 17.9x.
Median home price
$750K
1BR rent
$3,500/mo
Price-to-rent ratio
17.9x
Verdict
Neutral
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $26,250 | $75,000 | $150,000 |
| Mortgage (P&I) | $4,815/mo | $4,491/mo | $3,992/mo |
| Property tax (est.) | $688/mo | $688/mo | $688/mo |
| Insurance (est.) | $313/mo | $313/mo | $313/mo |
| Maintenance (est.) | $625/mo | $625/mo | $625/mo |
| Total monthly cost | $6,441vs rent: +$2,941/mo | $6,117vs rent: +$2,617/mo | $5,618vs rent: +$2,118/mo |
| Income to qualify | $206,357/yr | $192,471/yr | $171,086/yr |
| Break-even (approx.) | ~1 yrs | ~2 yrs | ~6 yrs |
New York housing context
$78K
Median HH income
per year
$171,086
Income needed (20% down)
per year
+$93K
Affordability gap
vs median income
Frequently asked questions
Is it better to buy or rent in New York?
New York's price-to-rent ratio of 17.9x is in the neutral zone (15-20x). Whether to buy or rent depends on how long you plan to stay, your down payment, and your personal finances.
How much do I need to earn to buy a home in New York?
With a median home price of $750K in New York, you'd need an annual income of roughly $171,086 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $192,471/year.
New York full cost of living breakdownCheaper cities near New YorkHow much to retire in New YorkCompare mortgage rates
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only