3-Year Rent vs Buy in New York City, NY
If you plan to stay in New York City for 3 years, here's how renting and buying compare.
🔑 Renting Appears Better
Potential savings by renting: $46,063
Total Rent Paid
$129,818
Total Owner Costs
$365,892
Equity After Selling
$190,011
Customize Your Analysis
The above results use default assumptions. Adjust the inputs below to match your specific situation.
Rent vs Buy in New York City, New York
Should you rent or buy a home? Calculate your best option.
Your Scenario
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%
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3 years
1 years30 years
Explore Scenarios
Adjust these sliders to see how different assumptions affect your decision.
Mortgage Rate7.00%
5%7%9%
Home Appreciation3.0%
0%3%5%
Rent Growth3.0%
0%3%6%
Time Horizon3 years
35710
💡 Tips
- • Higher mortgage rates favor renting
- • Higher home appreciation favors buying
- • Higher rent growth favors buying
- • Longer time horizons typically favor buying
🔑Renting is Better
You could save $46,063 by renting
Over 3 years
Monthly Cost (Rent)
$3,606
Average
Monthly Cost (Own)
$5,372
Average (excl. equity)
Total Rent Paid
$129,818
Total Owner Costs
$365,892
Final Equity
$190,011
After selling costs
Break-Even Year
Never
Beyond horizon
Upfront Costs to Buy
Down Payment (20%)$150,000
Closing Costs (3%)$22,500
Total Needed$172,500
Cost Comparison Over Time
Total Rent Paid
Total Owner Costs
Net Cost (After Equity)
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