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Rent or buy in Queens? Do the math.
Queens rents keep climbing and so have mortgage rates. This calculator compares what renting really costs against buying — year by year — using current Queens rents and today’s 30-year rate.
Your scenario.
Freddie Mac 30-yr average, week ending Sept 24, 2026.
Queens average 1BR asking rent, ApartmentList, Sept 2026.
Co-ops and condos: enter your monthly maintenance or common charges.
Rough figure — use the closing cost calculator for your exact number.
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Buying cost = down payment + closing + all monthly payments to date, minus the equity you have built (home value minus loan balance). Renting cost = total rent paid. Selling costs are not included — if you plan to move again soon, add ~6–8% of the sale price to the buying side. These numbers are for information purposes only — everyone should do their own due diligence.
Year by year.
How the math works.
Each year, the calculator totals everything you have spent buying — down payment, closing costs, mortgage payments, taxes, insurance, maintenance — and subtracts the equity you own (the home’s appreciated value minus your remaining loan balance). That net cost is compared against total rent paid, with rent rising each year at your growth rate.
- The breakeven year is the first year buying’s net cost drops below renting’s. Before that, renting was cheaper; after it, buying wins and the gap usually widens.
- What’s not counted: the tax deduction on mortgage interest, the investment return you could earn on the down payment instead, and broker fees when you eventually sell.
- Queens context: at a 7.03% mortgage rate, the monthly payment on a median Queens home runs well above the average 1BR rent — buying wins through appreciation and principal paydown, which is why the time horizon matters so much.
Questions, answered.
How long do I need to stay for buying to beat renting in Queens?
It depends on price, rate, and rent growth — but at a 7% mortgage rate the breakeven is often 5–8 years for a median Queens home. The big upfront costs (down payment aside, closing costs are gone the day you buy) need time to be earned back through principal paydown and appreciation. Run your own numbers above — the breakeven year is the single most important output.
Should I include co-op maintenance or condo common charges?
Yes — put them in the HOA / maintenance field. In Queens, co-op maintenance can run $800–$1,500/month and it changes the math materially. A co-op that looks cheap on price alone can cost more per month than renting the same unit.
What if mortgage rates fall after I buy?
Then your breakeven arrives sooner: refinancing lowers the monthly payment without changing the rent side. This calculator uses today’s rate (7.03%) — if you expect to refinance within a few years, the buying case is stronger than shown. Just don’t buy a payment you can’t afford today on the hope of a refinance tomorrow.
Does this count the tax deduction for mortgage interest?
No — and that makes the comparison conservative (it slightly favors renting). If you itemize, the after-tax cost of buying is a bit lower than shown, which would pull the breakeven year earlier. The calculator also ignores what your down payment could earn invested elsewhere, which cuts the other way.
More free tools.
Every calculator runs on current 2026 rates and Queens numbers.
Closing cost calculator
Estimate NYC buyer and seller closing costs with 2026 rates: mansion tax brackets, NYC mortgage recording tax, and city & state transfer taxes.
Open the calculator →Affordability calculator
How much house can you afford in Queens? Enter your income, debts and down payment for an honest price range using the 28/36 rule and 2026 mortgage rates.
Open the calculator →Queens price per sq ft ranking
Every Queens neighborhood ranked by median sale price per square foot, from verified 2026 market data.
Open the calculator →Want these numbers in your inbox?
Send your results to Alomgir and he will email them back with a quick read on what they mean for your situation — no spam, no obligation.
Sources & rates used
- Freddie Mac PMMS — 30-yr fixed 7.03%, week ending Sept 24, 2026 (freddiemac.com)
- ApartmentList — Queens average rents, Sept 2026: 1BR $2,999/mo (apartmentlist.com)
- Methodology: net buying cost = down payment + closing + cumulative monthly payments − home equity; compared against cumulative rent.
Work with Alomgir
Numbers are the starting point.
A calculator can’t walk the block, read the comparable sales, or negotiate the deal. That’s the part I do — every day, across Queens.