Should I rent or buy?
Are you wondering if you should buy a New York home instead of renting? Studies show that homeowners are 30-40 times wealthier than renters, but you need to make the right decision for your circumstances. Use this calculator to see how buying a home may impact your financial wellbeing over time. You might be pleased with the results.
For more detailed information specific to your financial information, your REALTOR® can connect you with an experienced mortgage professional or financial adviser.
Renting vs Buying — What to Consider
Whether you’re searching for a your first home or a one-bedroom pet-friendly apartment in the Bronx, choosing to buy a home or stay in your rental can be tricky – especially in this real estate market. Here are some things to consider when making your decision:
Do you move often? Many rental homes across New York offer time-specific leases, which are ideal if your location is not permanent. Remember, it is much easier to end a lease in a rental than to sell a house.
Your financial situation. Does your budget allow for mortgage payments, homeowners’ insurance, moving expenses, and a down payment? Buying a home can take a toll on your finances. Be sure you are in a good financial position before you decide to buy by having an in-depth conversation with your REALTOR.
Convenience. If you hate mowing the lawn and shoveling snow, it may be better to choose a rental property where that work is taken care of for you.
Local Housing Market. Keep an eye on the New York housing market and real estate trends in the area you’d like to live. You will get a feel for rental home costs and purchase costs so you can better prepare yourself. You can always visit our market stats page for a detailed look at how individual boroughs and counties are performing.