Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
Rent vs buy in New York
A median-priced New York (NY) home at 6.75% over a 7-year hold, against renting a comparable home at $2,500 a month — with the result also shown in today’s dollars at 2.5% inflation.
Renting wins over this horizon
After 7 years, renting leaves you about $68,813 better off in nominal terms — $57,890 in today’s dollars once 2.5% inflation is stripped out. Nominal gains flatter the buyer: inflation erodes both the mortgage balance and the headline sale price, which is why the real figure is the one to plan against.
At other price points in New York
The same 7-year comparison run across the New York price range, with rent scaled to each price point. Every row is calculated on our amortising engine, not estimated.
| Home price | Rent | Winner | Advantage (today’s $) |
|---|---|---|---|
| $336,000 | $1,750/mo | Renting | $NaN |
| $408,000 | $2,125/mo | Renting | $NaN |
| $480,000 | $2,500/mo | Renting | $NaN |
| $552,000 | $2,875/mo | Renting | $NaN |
| $624,000 | $3,250/mo | Renting | $NaN |
The monthly picture
| Median home price | $480,000 |
|---|---|
| Down payment (10%) | $48,000 |
| Principal & interest | $2,802/mo |
| Property tax (1.64%) | $656/mo |
| Homeowners insurance | $150/mo |
| Owner monthly before maintenance | $3,608/mo |
| Comparable rent today | $2,500/mo |
Where you stand after 7 years
| Owner wealth after 7 years | $181,851 |
|---|---|
| Renter wealth after 7 years | $250,663 |
| Total cost of buying | $225,139 |
| Total cost of renting | $156,327 |
| Total rent paid | $229,874 |
| Total mortgage interest paid | $195,565 |
| Home sale price at exit | $610,694 |
| Selling costs (6%) | $36,642 |
| Loan balance at exit | $392,202 |
The renter invests the down payment and any monthly cash-flow difference at 7% a year; rent grows 3% a year, the home appreciates 3.5% a year, buying costs 3% at purchase and 6% at sale, and maintenance runs 1% of value a year. Illustrative averages, not quotes.
What is specific to New York
High property tax plus a high state income tax rate means the SALT cap bites early — check the tax-deduction tab before assuming you will itemise.
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| LendingTreePopular | Comparing multiple offers | Up to 5 lender offers in minutes | 3% | See rates |
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Rent vs buy in other states
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