What does it take to own a house in New York?
To buy a home in New York, you’ve got to add property taxes, maintenance fees and homeowner’s insurance to the cost you’re considering. When these things stack up quickly, renting can be appealing for people who want flexibility without long-term commitments.
But that’s not always the case with cities in New York.
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Generally speaking, the median home price in New York City is approximately $735,000, according to Statista . The average rent for a one-bedroom apartment is $4,250 per month. These figures can help to explain whether it’s to your advantage to own or to live in a rented house.
In this article, GOBankingRates provides insight into the costs of owning and renting in five cities in the Empire State.
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