Rent vs Buy in New York
Compare 16 cities across New York. Find out whether renting or buying makes more financial sense in your area.
16cities analyzed
Avg Home:$482,783
Avg Rent:$2,107/mo
Avg Price/Rent:17.9
New York Housing Market Summary
16
Cities Analyzed
1
Favor Buying
13
Favor Renting
2
Toss-Up
Across New York's 16 analyzed cities, the majority (13 cities) favor renting over buying. High home prices relative to rents make renting more financially attractive in much of New York.
The average home price in New York is $482,783, with average rents at $2,107/month. This gives an average price-to-rent ratio of 17.9.
$Most Affordable Cities
$$Most Expensive Cities
All New York Cities
Sorted by population. Click any city for detailed analysis.
| City | Median Price | Median Rent | Price/Rent | Break-even | Verdict |
|---|---|---|---|---|---|
| New York | $1,182,635.83 | $4,367.24 | 22.6 | N/A | Rent |
| Buffalo | $282,437 | $1,371.25 | 17.2 | N/A | Rent |
| Rochester | $269,412.43 | $1,499.49 | 15.0 | N/A | Rent |
| Yonkers | $824,578.55 | $3,016.38 | 22.8 | N/A | Rent |
| Syracuse | $264,378.2 | $1,627.12 | 13.5 | N/A | Toss-up |
| Albany | $352,754.27 | $1,575.1 | 18.7 | N/A | Rent |
| White Plains | $824,578.55 | $3,016.38 | 22.8 | N/A | Rent |
| Mount Vernon | $824,578.55 | $3,016.38 | 22.8 | N/A | Rent |
| New Rochelle | $824,578.55 | $3,016.38 | 22.8 | N/A | Rent |
| Schenectady | $296,693.01 | $1,409.8 | 17.5 | N/A | Rent |
| Utica | $225,469.56 | $1,472.17 | 12.8 | 4 yrs | Buy |
| Binghamton | $187,105.85 | $1,420.75 | 11.0 | N/A | Toss-up |
| Troy | $308,799.62 | $1,479.27 | 17.4 | N/A | Rent |
| Niagara Falls | $240,808.33 | $1,076.97 | 18.6 | N/A | Rent |
| Ithaca | $341,888.89 | $2,232.92 | 12.8 | N/A | Rent |
| Poughkeepsie | $473,831.3 | $2,109.79 | 18.7 | N/A | Rent |
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