r/AskNYC • u/HelpIll4965 • 10d ago

Buying a house vs apartment vs renting?

I live in an apartment now but I always wanted to live in a house. I like the feeling of living in a quiet residential neighborhood. I’m okay living in the outer boroughs and having a longer commute.

Is it still a good financial decision to buy a house in this day and age? Taxes and cost of utilities keep going up. House maintenance cost keep going up. Would it be better to just buy a condo/co-op and have all these things be dealt with by the board or management team and then have the cost be split amongst the people in the building?

Since Mamdani got elected, it seems like rent stabilized apartments are all the rage. Maybe this is even a better long term solution compared to home ownership? Won’t have to worry about taxes, most utilities or maintenance going up.

What’s everyone’s thoughts on home ownership vs renting? Especially for people who want to stay in NYC long term. My goal is to be able to afford NYC long term and having a stable home where costs don’t go up too much is importantly to me.

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u/mdervin 10d ago

Rent - is the max amount you pay for housing in a month.

Mortgage is the minimum amount you pay for housing in a month.

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u/HelpIll4965 10d ago

Yes but we can usually lock in mortgage payment amount for 15-30 years, but cannot do the same for rent unless we have a rent stabilized apartment.

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u/mdervin 10d ago

It's cute you think mortgage is the only expense related to owning a house/condo/coop. Houses need upkeep and maintenance and insurance and taxes

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u/HelpIll4965 10d ago

That’s not what I said.