Rent or Buy?

Street Easy has an interactive chart to help you decide

Photo by DAVID ILIFF. License: CC BY-SA 3.0

(NEW YORK, NEW YORK)—Ah, the age-old question: rent or buy? Any renter with enough assets to even think about buying in NYC has probably wondered at some point whether they’re throwing not throwing $2,700 a monthdown the drain on the 500 square foot studio they call home. But the data isn’t as simple as you expect. With staggeringly high home prices, it might make sense for some short-term New Yorkers to rent rather than take on mortgages, maintenance fees, and staggering tax rates. Fortunately Street Easy has released the data to help New Yorkers decide with its tipping point data.

The chart offers options to see the “tipping point” across nearly 80 neighborhoods from four of the five boroughs (Staten Islanders tend to own more than rent anyway). You can compare across boroughs and neighborhoods. The median tipping point in New York is 5.8 years—higher than the nationwide average, which is two years, according to Curbed NY. But if you’re thinking of moving from your one-bedroom rental in Bay Ridge to a one-bedroom of your own on the Upper West Side, think again: the tipping point for that calculation is…never. Check out the interactive tool here before you make your next move.

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