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:$576,250
Avg Rent:$2,772/mo
Avg Price/Rent:17.3
New York Housing Market Summary
16
Cities Analyzed
8
Favor Buying
0
Favor Renting
8
Toss-Up
Across New York's 16 analyzed cities, the results are mixed with no clear winner statewide. Your decision depends heavily on which city you're considering.
The average home price in New York is $576,250, with average rents at $2,772/month. This gives an average price-to-rent ratio of 17.3.
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$$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 | $760,000 | $3,450 | 18.4 | 8 yrs | Toss-up |
| Buffalo | $620,000 | $3,100 | 16.7 | 6 yrs | Buy |
| Yonkers | $710,000 | $3,350 | 17.7 | 9 yrs | Toss-up |
| Rochester | $565,000 | $2,650 | 17.8 | 8 yrs | Toss-up |
| Syracuse | $575,000 | $2,550 | 18.8 | 7 yrs | Toss-up |
| Albany | $640,000 | $2,500 | 21.3 | 7 yrs | Toss-up |
| New Rochelle | $635,000 | $2,750 | 19.2 | 7 yrs | Toss-up |
| Mount Vernon | $600,000 | $3,100 | 16.1 | 3 yrs | Buy |
| Schenectady | $500,000 | $2,550 | 16.3 | 4 yrs | Buy |
| Utica | $560,000 | $2,850 | 16.4 | 4 yrs | Buy |
| White Plains | $530,000 | $2,500 | 17.7 | 7 yrs | Toss-up |
| Troy | $570,000 | $2,750 | 17.3 | 6 yrs | Toss-up |
| Niagara Falls | $495,000 | $2,450 | 16.8 | 5 yrs | Buy |
| Binghamton | $485,000 | $2,800 | 14.4 | 6 yrs | Buy |
| Ithaca | $505,000 | $2,600 | 16.2 | 6 yrs | Buy |
| Poughkeepsie | $470,000 | $2,400 | 16.3 | 6 yrs | Buy |
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These are general analyses based on median values. Use our comprehensive Buy vs Rent calculator to input your specific income, savings, and financial goals.
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