Rent vs buy in Troy, NY
In Troy, New York, the typical rent is $1,473 /mo and the typical home costs $298,947.
Over 7 years, renting comes out $38k ahead
Today's mortgage rate and 20% down are used with Troy's typical rent and home value. The break-even point is year 21.
A clearly labeled opinion with the math shown. These are estimates, not quotes. Adjust one number and the stamp reflects it.
- Renting is ahead by
- $38k after 7 years
- Break-even point
- year 21 when owning catches up
- Full cost of ownership
- $2,962 /mo year 1, against $1,473 rent
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Is renting or buying cheaper in Troy?
Over 7 years, renting costs $38,428 less, including the money returned when you sell. For the first 20 years, renting remains cheaper. By year 21, owning catches up.
Renting. Owning. Net cost by year so far.
Average rent compared with mortgage payment in Troy
Some costs aren't included in rent or mortgage payments, so here are all monthly expenses for year 1 at Troy's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,473 | All of it, every month |
| Mortgage payment | $1,630 | $1,437 of it is interest in year 1 |
| Property tax | $573 | 2.3% of the value a year |
| Insurance | $93 | Census median for the city |
| Upkeep | $249 | 1% of the value a year |
| Owning, cash out | $2,545 | $193 of it builds equity |
| Lost return on the down payment | $486 | Annual return on the cash at 8.3% |
| Buying costs, spread out | $125 | 3.5% of the price over 7 years |
| True cost of owning | $2,962 | Subtract the equity part from cash out and add the two lines above. |
Numbers behind Troy's result
- Typical home valueZillow ZHVI, September 2026
- $298,947
- Typical rentZillow ZORI, September 2026
- $1,473 /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, Troy
- 2.3% of value
- Home insuranceCensus ACS 2020-2024, Troy
- $93 /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 reverse the verdict in Troy?
Each line marks where Troy's 7-year result changes, while all other factors remain the same.
When renting wins
- Home prices increase by less than 6.4% annually. We apply 4.8%, New York's rate over the long run.
- The mortgage rate remains higher than 4.95%.
- A comparable home rents for under $1,880 each month. The typical rent here is $1,473.
- You make your move before year 21.
Buying comes out ahead when
- Each year, home prices grow faster than 6.4%.
- You secure a mortgage rate under 4.95%; today's rate is 7.24%.
- If you rented the same home, your monthly cost would exceed $1,880.
- You remain there for 21 years or more.
812 cities compared with Troy
| Measure | Troy | Median city |
|---|---|---|
| Typical home value | $298,947 | $422,451 |
| Typical rent | $1,473 /mo | $1,837 /mo |
| Price-to-rent ratio | 16.9 (#495 of 813) | 18.5 |
| Home prices, last 10 years | 6.1% a year | 6.2% a year |
| Rents, last 5 years | 6.7% a year | 4% a year |
| Property tax | 2.30% | 0.87% |
| Households that rent | 63% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More New York cities
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