From Renter to Owner: Navigating the Housing Market in New York State

Generation Zers are getting closer to the big 3-0, and now is the time for them to make a BIG decision. It's whether to keep renting or take the leap into buying a home. This is a major decision that will affect their financial future and lifestyle potentially for the rest of their life.

With costs continuing to rise In the high-cost state of New York, the rent-or-own question doesn't have an easy answer. New data shows that Gen Z homeowners in New York would have to pay an extra $21,000 compared to renting by the time they turn 30.

This is a 14% difference in expenses between ownership and renting and this is a serious factor to take into consideration. This doesn't  take into account the down payment that you have to pay.

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For Gen Zers in San Jose and Seattle, the gap between owning and renting is even bigger, ranging from $170,000 to $117,000. This means that owning a home in some big cities might be financially out of reach for many young people.

However, there are some areas, like Ann Arbor, where it actually makes more sense to pay the housing costs instead of renting. In Ann Arbor, Zers would need $21,379 extra by the time they reach 30 if they want to stay a renter.

The study shows that Gen Zers across the nation will pay an average of $145,000 on rent and $165,000 on homeownership before they turn 3-0.  The decision to rent or own for this generation becomes even more important, especially in a place like New York. That is a decision that I'm happy that I don't have to make.