Last verified: November 8, 2026. By Joe Bjorklund · How we check · Report an error
Key Takeaways
- Buying the median-priced NYC home with 10% down cost an estimated $10,737 a month in the third quarter of 2026, versus a median asking rent of $3,785, a gap of $6,952 a month (Realtor.com).
- The median NYC listing price was $1,409,792 in Q3 2026, down 2% from a year earlier (Realtor.com).
- The 30-year fixed mortgage rate averaged 7.18% in the week of Nov. 5, 2026, above the 6.68% quarter average Realtor.com used (Freddie Mac).
- At 7.18% with 10% down, principal and interest alone on the median listing would be about $8,595 a month, before property tax, insurance or common charges (NewYorkCostOfLiving.com calculation).
- Buyers of condos and houses also pay a 2.05% to 2.175% mortgage recording tax on the loan, and buyers of homes priced at $1 million or more pay a 1% mansion tax (NYC Department of Finance; NYS Department of Taxation and Finance).
Is it cheaper to rent or buy in NYC?
On a monthly basis, renting costs far less right now. Realtor.com estimated that buying the median-priced home in New York City cost $10,737 a month in the third quarter of 2026, including the mortgage at 10% down, property taxes, homeowners insurance and estimated HOA fees, while the median asking rent was $3,785. Buying cost $6,952 more a month, or nearly three times as much (Realtor.com, Oct. 27, 2026).
Those are medians across two different sets of homes, those listed for sale and those listed for rent, so they don’t compare like for like. The comparison also ignores the equity an owner builds and the rent increases a renter may face, which is why the calculator below lets you plug in your own numbers.
| Measure | Value | Source |
|---|---|---|
| Median asking rent, all sizes | $3,785 a month | Realtor.com, Q3 2026 |
| Monthly cost to buy the median-priced home (10% down; mortgage, property tax, insurance, HOA) | $10,737 a month | Realtor.com, Q3 2026 |
| Extra monthly cost of buying vs. renting | $6,952 | Realtor.com, Q3 2026 |
| Median listing price | $1,409,792 | Realtor.com, Q3 2026 |
| 30-year fixed mortgage rate used by Realtor.com (quarter average) | 6.68% | Realtor.com, Q3 2026 |
| 30-year fixed mortgage rate, latest week | 7.18% | Freddie Mac PMMS, Nov 5, 2026 |
What would the mortgage payment be?
Mortgage rates have risen this fall. Freddie Mac’s survey put the 30-year fixed rate at 7.18% in the week of Nov. 5, 2026, down from 7.40% in mid-October but above the 6.68% average Realtor.com used for the quarter. At 7.18% and 10% down, principal and interest on the $1,409,792 median listing would be about $8,595 a month; on the city’s 2023 median residential sale price of $760,000, about $4,634 (NewYorkCostOfLiving.com calculation).
Property tax, insurance and common charges or co-op maintenance come on top. NYC’s 2026 property tax rate is 19.843% of assessed value for one- to three-family homes and 12.439% for co-ops and condos, and assessed values are a fraction of market value (NYC Department of Finance). See NYC property tax for how the bill is figured.
| Example | Price | Down payment | Loan | Monthly principal + interest | Mortgage recording tax | Mansion tax |
|---|---|---|---|---|---|---|
| Median NYC listing, Q3 2026 (condo/house) | $1,409,792 | $140,979 | $1,268,813 | $8,595 | $27,597 | $14,098 |
| Median NYC residential sale, 2023 (condo/house) | $760,000 | $76,000 | $684,000 | $4,634 | $14,877 | None (under $1M) |
| Median Manhattan co-op sale, 2023 | $820,000 | $82,000 | $738,000 | $4,999 | None (co-op) | None (under $1M) |
How much cash do you need upfront to rent vs. buy?
A renter’s upfront costs are capped by law: a security deposit of no more than one month’s rent and an application fee of no more than $20, and under the FARE Act a tenant does not pay a broker the landlord hired (NYS General Obligations Law § 7-108; Real Property Law § 238-a; NYC DCWP).
A buyer needs the down payment plus closing taxes. At the median listing with 10% down, that is $140,979 down, about $27,597 in mortgage recording tax and $14,098 in mansion tax, before title, legal and lender fees (NewYorkCostOfLiving.com calculation). Co-op buyers skip the mortgage recording tax. See NYC closing costs and mansion tax and co-op vs. condo costs.
| Item | Renting | Buying |
|---|---|---|
| Security deposit | Up to 1 month’s rent ($3,785 at the median) | Down payment (10% = $140,979 at the median listing) |
| Fees | Application fee capped at $20 | Mortgage recording tax 2.05%–2.175% of the loan (condos and houses; not co-ops) |
| Broker | Paid by whoever hired the broker (FARE Act) | Mansion tax 1% at $1 million+; NYC supplemental tax 0.25%–2.9% from $2 million |
| Ongoing | Rent; stabilized renewals set by the Rent Guidelines Board (0% for leases from Oct. 1, 2026) | Mortgage, property tax (Class 1 rate 19.843% of assessed value; Class 2 12.439%), insurance, common charges or maintenance |
Rent vs. buy calculator
Enter a price, down payment, rate and the listing’s monthly taxes and charges to compare the monthly cost of owning with a rent you’d pay instead, and to estimate the main closing taxes. The calculator uses the tax rates above and a standard 30-year fixed payment.
Rent vs. buy calculator
| Loan amount | |
| Monthly principal and interest | |
| Total monthly cost to own | |
| Owning minus renting, per month | |
| Down payment | |
| Mortgage recording tax (buyer, full rate) | |
| Mansion tax + NYC supplemental tax (buyer) | |
| Cash needed at closing for these items |
Defaults: Realtor.com Q3 2026 median listing price and median asking rent; Freddie Mac 30-year rate for the week of Nov. 5, 2026. The $1,500 carrying cost is a placeholder for you to replace with the listing’s actual taxes and charges. Tax rates: NYC Department of Finance and NYS Department of Taxation and Finance. Excludes title insurance, legal fees, lender fees and co-op flip taxes.
Frequently Asked Questions
Is it cheaper to rent or buy in NYC?
Renting is cheaper month to month. Realtor.com estimated that buying the median-priced NYC home with 10% down cost $10,737 a month in the third quarter of 2026, including mortgage, taxes, insurance and HOA fees, versus a median asking rent of $3,785, a gap of $6,952 a month. Owners build equity, which the monthly figure does not count.
What is the mortgage payment on a $1 million NYC home?
With 10% down, a $900,000 loan at the 7.18% 30-year rate Freddie Mac reported for the week of Nov. 5, 2026 carries principal and interest of about $6,097 a month (NewYorkCostOfLiving.com calculation). Property tax, insurance and common charges or maintenance come on top, and a condo buyer would also owe about $19,575 in mortgage recording tax.
How much do you need to buy a home in NYC?
At the Q3 2026 median listing price of $1,409,792, a 10% down payment is about $140,979. A condo or house buyer would also owe about $27,597 in mortgage recording tax and $14,098 in mansion tax, before title, legal and lender fees (Realtor.com; NYC Department of Finance; NYS DTF; NewYorkCostOfLiving.com calculation).
What are mortgage rates in NYC right now?
Freddie Mac publishes a national weekly average. Its Primary Mortgage Market Survey put the average 30-year fixed rate at 7.18% for the week of Nov. 5, 2026, down from 7.40% in mid-October. Realtor.com’s third-quarter NYC buying estimate used a 6.68% quarter average. Individual quotes depend on credit, down payment and property type.
Do co-op buyers pay the mortgage recording tax?
No. In New York City the mortgage recording tax applies to mortgages on real property, at 2.05% for loans under $500,000 and 2.175% at $500,000 or more for homes and condos (NYC Department of Finance). Co-op loans are secured by shares rather than a mortgage on real property, so co-op buyers do not pay it.
Related: NYC closing costs and mansion tax · Co-op vs. condo costs · NYC property tax · NYC move-in costs · NYC one-bedroom rent · How much you need to make in NYC
Sources
- Realtor.com, 2026 Q3 NYC Rental Report (Oct 27, 2026)
- Freddie Mac Primary Mortgage Market Survey (via FRED, Federal Reserve Bank of St. Louis), 30-Year Fixed Rate Mortgage Average in the United States (MORTGAGE30US) (week of Nov 5, 2026)
- NYC Department of Finance, Statistical Profiles of the NYC Real Property Transfer Tax, Calendar Year 2023 (rates and median sale prices) (July 2024)
- NYC Department of Finance, Statistical Profile of the NYC Mortgage Recording Tax, Calendar Year 2023 (combined city and state rates) (2024)
- NYS Department of Taxation and Finance, TSB-M-19(1)R, Summary of Amendments to New York’s Real Estate Transfer Taxes (mansion tax and NYC supplemental tax) (June 11, 2019)
- NYC Department of Finance, Property tax rates (tax year 2026 and prior years) (accessed Nov 8, 2026)
- New York State Senate, General Obligations Law § 7-108 (security deposits) (2019)
- New York State Senate, Real Property Law § 238-A (application and background-check fees) (2019)
- NYC Department of Consumer and Worker Protection, FAQ: broker fees (FARE Act, Local Law 119 of 2024) (accessed Nov 8, 2026)
- NYC Rent Guidelines Board, Rent guidelines for leases Oct 1, 2026 – Sept 30, 2027 (adopted June 25, 2026)