Rent or Buy in New York?
In 2026, the median home price in New York is $860,000 and average rent is $4,200. Let's run the numbers.
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Market Analysis: New York
The Verdict for 2026
Based on the price-to-rent ratio of 5.9%, buying could be a solid move in New York if you plan to stay for at least 5-7 years. Rents are high enough that locking in a mortgage payment might save you money over time.
Key Market Data
- Median Home Price: $860,000 (as of 2025-11-30)
- Average Rent: $4,200/month
- Homes Sold: 2,138 per month
- Days on Market: 71 days median
Financial Calculators for New York, New York
Use our specialized calculators to make informed decisions about buying in New York, New York.
Frequently Asked Questions
Is New York a good place to buy a house in 2026?
Yes, New York can be a strong buy market. With a price-to-rent ratio of 5.9%, monthly rents are high enough that locking in a mortgage payment makes financial sense if you plan to stay 5+ years. The median home price of $860,000 offers good value compared to rental costs.
How much do you need to earn to buy a home in New York?
Based on the median home price of $860,000, you'll typically need an annual household income of $2890K-$3715K to qualify for a mortgage (using the 28/36 rule). With a 20% down payment ($172K), your monthly payment would be approximately $4,013 at current interest rates.
What are the hidden costs of buying in New York?
Beyond your mortgage, budget for property taxes (typically 1-2% of home value annually in New York), homeowners insurance ($1,200-$2,500/year), maintenance (1-2% of home value annually), HOA fees if applicable, and closing costs (1.5% when buying, 6% when selling). Our calculator above factors in all these costs for an accurate comparison.
How long until buying pays off in New York?
The break-even point in New York typically ranges from 5-7 years, depending on your down payment, interest rate, and how long you stay. Use our calculator above with your specific numbers to find your exact break-even year. Factors like New York's projected 3-4% annual appreciation rate and $4,200/month average rent significantly impact this timeline.
Should I rent or buy in New York if I'm only staying 2-3 years?
For short stays of 2-3 years, renting is almost always the better financial choice in New York. Closing costs when buying (1.5%) and selling (6%) mean you'll spend roughly $65K just on transaction fees. You'd need significant home appreciation to offset these costs in such a short timeframe. Renting preserves your flexibility and avoids these upfront expenses.