7-Year Rent vs Buy in New York City, NY
If you plan to stay in New York City for 7 years, here's how renting and buying compare.
🏠 Buying Appears Better
Potential savings by buying: $11,799
Total Rent Paid
$321,823
Total Owner Costs
$630,201
Equity After Selling
$320,177
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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7 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 Horizon7 years
35710
💡 Tips
- • Higher mortgage rates favor renting
- • Higher home appreciation favors buying
- • Higher rent growth favors buying
- • Longer time horizons typically favor buying
🏠Buying is Better
You could save $11,799 by buying
Over 7 years
Monthly Cost (Rent)
$3,831
Average
Monthly Cost (Own)
$5,449
Average (excl. equity)
Total Rent Paid
$321,823
Total Owner Costs
$630,201
Final Equity
$320,177
After selling costs
Break-Even Year
Year 7
Within 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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