You’ve probably asked yourself lately:
Is it even worth trying to buy an apartment in NYC right now?
With high apartment prices and persistent mortgage rates, renting might seem like the safer choice—or maybe your only choice. That’s a very real feeling. And maybe buying today isn’t the right move for you. Buying an apartment in New York is a major decision, and it should only happen when you're financially and mentally ready.
But here’s what you need to know about renting.
While it might feel like the more manageable option today—and in some cases may even cost less month-to-month—it could cost you much more in the long run.
Why Does Renting Feel Easier?
Renting can mean:
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Lower upfront costs
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Fewer responsibilities
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More flexibility
But while you’re getting those short-term benefits, there’s one major long-term downside: you’re not building any equity.
In fact, a recent Bank of America survey found that 70% of aspiring homeowners worry about what long-term renting means for their future. And they’re right to be concerned.
Buying an Apartment Builds Wealth Over Time
Buying isn’t just about securing a place to live—it’s about planting financial roots.
In New York City, real estate has historically appreciated over time. Even in slower markets, the overall trend shows apartment values increasing long-term. That means waiting could mean paying more later.
And when you buy, you build equity—that’s the difference between what your apartment is worth and what you still owe on it. With every mortgage payment, your equity grows. Over time, this becomes part of your net worth.
Did you know?
Today, the average homeowner’s net worth is nearly 40 times greater than that of a renter.
As Forbes put it:
“While renting might seem like [the] less stressful option . . . owning a home is still a cornerstone of the American dream and a proven strategy for building long-term wealth.”
The Real Cost of Renting in NYC
Rents in New York have steadily increased over the years—and even if they cool temporarily, the long-term trend is undeniable: up.
In that same Bank of America survey, 72% of potential buyers said they’re worried about how rising rent will impact their financial future. And they should be—because rent doesn’t build wealth. It just pays someone else’s mortgage.
So whether you rent or buy, you’re paying a mortgage.
The real question is: Whose mortgage do you want to pay?
Rent vs. Buy: What Really Matters
Here’s the bottom line:
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Renting = Money spent and gone.
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Owning = Monthly payments that build equity and net worth.
Yes, owning an apartment comes with more responsibility. But it also comes with long-term rewards—financial security, stability, and the potential to build generational wealth.
As Joel Berner, Senior Economist at Realtor.com, explains:
“Households working on their budget will find it much easier to continue to rent… However, they need to consider the equity and generational wealth they can build up by owning [that] they can’t by renting. In the long run, buying… may be a better investment even if the short-run costs seem prohibitive.”
Final Thoughts
Renting may feel like the safer or more accessible option in New York right now. But long-term, it could hold you back from building the kind of financial future you deserve.
If apartment ownership feels out of reach today, you're not alone. The first step is to create a plan that fits your budget, lifestyle, and goals.
Looking for guidance? I’m here to help. Whether you’re buying your first apartment or weighing the rent vs. buy decision, let’s talk strategy. Who You Work With Matters!
Get in touch today and let’s map out your next move.
