Renting vs. Buying: Which Makes More Sense?

Renting vs. Buying: Which Makes More Sense?

Renting can be a good option if you're only planning to stay in a city temporarily, or your finances don't allow you to buy. However, if you expect to be there for more than three years, why not invest that money into your own property?

Real estate trends: While the market has its ups and downs, real estate generally appreciates over time, especially in major cities like New York.

Timing matters: Interest rates are dropping, but competition will increase as more buyers return to the market. Acting now could give you an edge in negotiations and help you secure a better price.

Affordability: Your down payment could be as low as 3-15%, depending on your income, credit score, and debt. Veterans may qualify for 0% down.

Current Entry-Level Property Prices in NYC:

Co-ops: Starting around $80,000 for a 1-bedroom (typically requiring 15-25% down).

Condos: Starting around $219,000 for a 1-bedroom.

Single-family homes: Starting around $450,000 for a 2.5-bedroom.

Multi-family homes: Starting around $550,000 for a 3-bedroom.

New construction: Starting around $399,000 for a studio.

Investing in real estate not only helps you build equity but also allows you to grow your wealth over time—particularly in thriving cities like New York.

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For inquiries contact me, whether you need help with the home buying process, planning to list your home with me, or I can help you find a luxury rental. Consultations are Free

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