New York City Rents Rise Again: Here’s How Much Home They Get You in These Desirable Cities

Rents in New York City are still so skyscraper high that 85% of residents searching for homes online are looking out of state.

In October 2024, the median asking rent for all rental properties listed on Realtor.com® in the Big Apple was $3,374, according to our latest rental report.

This is in sharp contrast to the trend seen across the top 50 markets nationwide, where rents have actually fallen for the 15th month in a row. In New York City, the monthly median asking rent continues to rise, increasing $56, or 1.7%, compared with a year ago.

Overall, units from studios to three bedrooms in the city have seen a 13.1% increase since five years ago, right before the COVID-19 pandemic.

Although Manhattan is the only New York City borough to see an actual decline in rent (at an annual rate of 1.1%, the 16th consecutive month of annual declines), its median monthly rent is still the highest, at $4,415.

Rents in the Bronx, Brooklyn, and Queens, which are comparatively more affordable, have only increased.

The Bronx shot up the most, to $3,164, up $251, or 8.6%, than the same time last year. Queens came in second with an increase of 7%, or $220, to $3,343 from a year ago. Brooklyn went up only 0.1%, or $4, to $3,683 from a year ago.

Why rent at these prices when you can buy?

All of this means that a typical Manhattan renter could afford a home valued at around $600,000 in other cities.

“Shoppers who have the flexibility to move away, and keep their housing budget at Manhattan rental levels, can fast-track the path to homeownership,” says Realtor.com economics analyst Jiayi Xu.

To rent in Manhattan without spending more than 30% of their income on housing (including utilities), renters would need a gross household income of $176,604 per year.

People who bring home that kind of money can fairly easily afford homeownership elsewhere in the country.

If Realtor.com page views are any indication, New Yorkers are furiously checking out listings, with nearly 85% of online home shoppers from Manhattan viewing homes in other states.

So how much house could one afford elsewhere with a budget equivalent to Manhattan’s current rental prices?

Where New Yorkers want to live

First, Realtor.com looked at the top cities where Manhattanites are most interested in purchasing homes.

Using the Realtor.com mortgage calculator, we estimated the purchasing power of a typical Manhattan renter in these popular cities, assuming a monthly payment equivalent to the borough’s median rent of $4,415.

The calculations are based on a 20% down payment and a 30-year fixed Freddie Mac mortgage rate of 6.43%. Property taxes and home insurance are included.

Of course, not everyone has the ability to move. But those who do are definitely shopping around.

Here are the top places they’re looking at and how much home they could afford:

Long Branch, NJ

How much home one could afford: $624,000

Median list price: $1.22 million

It’s not surprising that Manhattan renters are looking across the Hudson River for their next move, especially when they could afford so much house.

While the median price of $1.22 million in Long Branch is more than they could easily afford at Manhattan rental prices, they’d still get far more home for their buck than in Gotham.

Bridgeport, CT

How much home one could afford: $646,150

Median list price: $322,500

Connecticut is always a popular retreat for New Yorkers. Bridgeport is on the Metro-North and Amtrak railroads, has a nearby beach on the Long Island Sound, and offers affordable housing costs, not only in comparison with New York City but also Connecticut as a whole.

West Palm Beach, FL

How much home one could afford: $655,500

Median list price: $399,900

Despite Florida being hurricane-prone, New Yorkers continue to dream of its sunny skies and brilliant blue waters. Despite being right near Palm Beach, one of the state’s most expensive and exclusive metros (and home of Mar-A-Lago), West Palm Beach is still affordable.

Before making a purchase, New Yorkers might want to make sure they can get home insurance.

Myrtle Beach, SC

How much home one could afford: $752,000

Median list price: $299,900

Myrtle Beach has always been a popular vacation destination. New Yorkers wanting warm weather and access to the ocean but shunning the hurricane risk of Florida could find this charming, affordable beach town the place to relocate.

At these prices, Manhattan renters could easily step into being homeowners.

Pittsburgh, PA

How much home one could afford: $599,800

Median list price: $255,000

Pennsylvania is a few hours by car to New York City. It has plenty of nature, and Pittsburgh remains one of the most affordable metros in the country, where the income required to buy a home is less than $84,000 annually.

At this median list price, New Yorkers could have their pick of homes.