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When these things stack up quickly, renting can be appealing for people who want flexibility without long-term commitments.
But thats not always the case with cities in New York.
Generally speaking, the median home price in New York City is approximately $735,000, according toStatista.
The average rent for a one-bedroom apartment is $4,250 per month.
In this article, GOBankingRates provides insight into thecosts of owning and rentingin five cities in the Empire State.
Owning vs.
Yet, the median monthly housing costs for homeowners stand at about $2,991.
The median home price in NYC as of October 2024 isabout $794,000to own your place in the city.
Owning vs.
The major benefit homeownership brings are equity growth and potential appreciation.
Other than that, renting seems like a cheaper, more flexible option, but it doesnt build equity.
Owning vs.
Renting in Buffalo
This year, Buffalo is the hottest major housing market.
Their average rent for one-bedroom apartments is $1,257 a month.
Renting here saves a lot over larger cities while enjoying the ability to access urban amenities.
Affordability combined with economic growth are extremely attractive aspects of owning a home in Buffalo.
Owning vs.
But there is a catch: Property taxes and maintenance costs have to be factored in for homeowners.
Although not an equity-building opportunity, renting here allows lower upfront costs without maintenance or property taxes.
If you are looking for stability and long term investment potential, buying may be far better.
Owning vs. One-bedroom apartments are now renting on average around $1,500 per month, offering flexibility but not equity.
If you are considering settling down in Albany, purchasing may offer youmore long term benefitsthan renting.
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