It comes down to cost and time
Not only will you be on the hook for the mortgage payment, but there’s common charges and maintenance fees, property taxes, and repairs that will command hefty additional charges, not to mention the costs of utilities, cable, Wi-Fi, food, clothes and entertainment.Also, time is a factor. Do you think you will be located in NYC for awhile? New York City’s breakeven point – the number of years where owning a home makes more financial sense than renting the same home – is currently 3.4 years. If you don’t think you’ll stay in the city or your job stability is a concern, it’s better to rent than buy.
While cost and time are the two big deciding factors whether you should rent or buy, let’s look at other factors.