Rent vs buy in Mount Vernon, NY
New York: Mount Vernon, New York has a typical rent of $2,639 /mo and a typical home value of $593,663.
Renting comes out $87k ahead over 7 years
It reflects a 20% down payment and today's mortgage rate, based on Mount Vernon's typical rent and typical home value. You reach the break-even point in year 27.
This is opinion, clearly labeled, with the math shown. These figures are estimates, not quotes. The stamp updates whenever you change a number.
- How much renting is ahead
- $87k after 7 years
- Break-even point
- Year 27 when owning catches up
- Actual cost of owning
- $5,712 /mo year 1, against $2,639 rent
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For its calculation, the stamp uses Mount Vernon's typical home value and rent. Your rent, price and number of years may change the result.
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Is renting or buying cheaper in Mount Vernon?
Across 7 years, renting costs $87,214 less after counting the money returned to you when you sell. For the first 26 years, renting costs less. In year 27, owning catches up.
Renting costs. Owning costs. Net cost by year so far.
Average rent compared with mortgage payment in Mount Vernon
Year 1 includes more than rent and mortgage payments at Mount Vernon's typical home price. Here is each monthly expense.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,639 | All of it, every month |
| Mortgage payment | $3,237 | $2,853 of it is interest in year 1 |
| Property tax | $1,024 | 2.07% of the value a year |
| Insurance | $128 | Census median for the city |
| Upkeep | $495 | 1% of the value a year |
| Owning, cash out | $4,883 | $384 of it builds equity |
| Lost return on the down payment | $965 | What the cash would earn yearly at 8.3% |
| Buying costs, spread out | $247 | 3.5% of the price over 7 years |
| True cost of owning | $5,712 | Cash paid, minus the equity portion, plus both amounts above |
The figures behind Mount Vernon's result
- Typical home valueZillow ZHVI, September 2026
- $593,663
- Typical rentZillow ZORI, September 2026
- $2,639 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, New York, 1995 to 2025
- 4.8% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Mount Vernon
- 2.07% of value
- Home insuranceCensus ACS 2020-2024, Mount Vernon
- $128 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would flip the result in Mount Vernon?
Each line shows where Mount Vernon's 7-year result changes, with all other figures held constant.
When renting wins
- The calculation uses 4.8% for annual home price growth, New York's long-run rate, which stays below 6.6%.
- For mortgages, the rate stays higher than 4.61%.
- Renting a similar home costs under $3,570 a month, compared with the typical $2,639 here.
- Before year 27, you move.
Buying comes out ahead when
- Home prices rise at more than 6.6% a year.
- You lock in a mortgage rate under 4.61% (today's is 7.24%).
- That same home would cost more than $3,570 a month to rent.
- You stay for 27 years or more.
Mount Vernon compared with the other 812 cities
| Measure | Mount Vernon | Median city |
|---|---|---|
| Typical home value | $593,663 | $422,451 |
| Typical rent | $2,639 /mo | $1,837 /mo |
| Price-to-rent ratio | 18.7 (#397 of 813) | 18.5 |
| Home prices, last 10 years | 4.4% a year | 6.2% a year |
| Property tax | 2.07% | 0.87% |
| Households that rent | 57% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in New York
- Toss-up. In New York City, NY, it's a toss-up with buying ahead by $5k.
- Buy. In Buffalo, NY, buying wins by $15k.
- Rent. In Yonkers, NY, renting wins by $125k.
- Rent. In Rochester, NY, renting wins by $4k.
- Buy. In Syracuse, NY, buying wins by $14k.
- Rent. In Albany, NY, renting wins by $34k.
- Rent. The renting advantage in New Rochelle, NY is $197k.
- Rent. The renting advantage in Schenectady, NY is $67k.
- Buy. In Utica, NY, buying wins by $8k.
- Rent. The renting advantage in White Plains, NY is $106k.
- Rent. The renting advantage in Hempstead, NY is $78k.
- Rent. The renting advantage in Troy, NY is $38k.