Is Buying vs Renting Better? Redfin asks for Kristen's Advice
I'm thrilled to share that I was recently featured in Redfin’s "The Condo Conundrum: Buying vs Renting – A Guide to Making the Right Choice" by Jeremy Steckler. This well-rounded article offers a comprehensive look at one of the most pivotal decisions in real estate — whether to rent or buy.
As someone deeply entrenched in New York City's fast-paced, high-stakes housing market, I was honored to provide professional insights for the piece. In the article, I emphasized a fundamental truth that sometimes gets lost: real estate, while powerful, is still an investment — and like any investment, it carries risk.
“Real estate has investment risk – just like any other asset – while property prices tend to rise over time, there will be dips in your property’s value,” I said. “If you have a sudden change in life circumstances, you may need to sell at a loss.”
This is particularly important in a city like New York, where the stakes — and the price tags — are high. Timing, personal finances, and lifestyle needs all factor into what the right move looks like. And it’s never a one-size-fits-all decision.
What I’ve Been Saying All Along
In fact, I recently published a detailed breakdown on this very topic called What is Your Best Option? Compare Buying vs. Renting NYC. That article helps readers understand how to weigh buying vs renting through three lenses.
Financial Considerations
Lifestyle Variables
Advice for Common NYC Scenarios
At its core, buying vs renting is about trade-offs: ownership offers long-term control and equity, while renting offers agility and low commitment.
Financial Considerations of Buying VS Renting
Buying can lead to long-term financial stability. Your mortgage payments help build equity in an appreciating asset, and homeowners enjoy tax deductions, including the mortgage interest deduction and capital gains exemptions. However, that comes with upfront costs like down payments, closing costs, and ongoing maintenance.
Renting, by contrast, offers lower upfront costs and shields you from unpredictable repair bills, but it means your monthly payments aren’t building ownership or equity.
It is also important to consider predictability. If you’re ready to stay in NYC long term, ownership can help insulate you from rising rents.
Lifestyle Considerations: Control vs. Flexibility
Ownership means control. You can renovate, decorate, and define the space as your own. You can build a life in a community where you have a vote in how things are managed.
Renting, on the other hand, provides unmatched flexibility. If you’re new to NYC, planning to live here for only a few years, or still figuring out which neighborhood feels right, renting gives you freedom without a long-term commitment.
As I mentioned in the article:
“Renting is a great option for people who aren’t sure if they’re going to like a city or a neighborhood.”
This rings especially true in a complex city like New York, where lifestyle, commute, and even grocery stores vary wildly block to block.
Common Scenarios I See in NYC
Here’s the advice I often give clients in different situations:
If you’re new to the city – Rent first. Take time to learn the neighborhoods and commute options before committing to buy.
If you know you’ll only be here a few years – Rent. The costs of buying and selling likely won’t be offset by short-term appreciation.
If you’re staying long term – Buying makes sense. With steady income, financial readiness, and neighborhood insight, it’s a strategic path to stability and equity.
Making the Right Decision Starts with the Right Resources
Being featured in Redfin’s The Condo Conundrum was an exciting opportunity to share what I tell my clients every day: buying vs renting isn’t a one-size-fits-all decision. If you're feeling overwhelmed trying to make the right move, you're not alone. This is one of the biggest financial decisions you’ll ever make — and it should be handled with strategy, not guesswork. That’s why I created a Free NYC Home Buyer’s Guide to simplify the entire process. It’s designed to walk you through each step of buying in NYC, from financial prep to co-op board approvals. The best part - it’s totally free - Download it today!
