Make New York Post a Preferred Source New Yorkers wondering whether to keep renting or finally take the plunge into homeownership may want to look toward Queens — where buying can pay off in less than three years.
In Rego Park, homeowners could come out ahead financially over renting after just 2.8 years, compared with a staggering 14.5 years citywide, according to a new StreetEasy report.
And despite stubbornly high mortgage rates, several other neighborhoods across Queens and The Bronx offer buyers a chance to beat renters financially in fewer than five years.
The findings come as New York City’s housing market faces a growing inventory crunch, with the number of homes for sale falling to its lowest October level since 2017.
Across the five boroughs, just 17,496 homes were on the market last month, down 3.1% from a year earlier, according to StreetEasy.
The shortage has been particularly punishing for entry-level buyers, with Manhattan’s pipeline of relatively affordable new condos projected to plunge 74% by 2029, as developers increasingly focus on luxury properties.
Meanwhile, the median sale price reached $900,000, meaning a buyer putting 20% down would need to stay in their home for 14.5 years before owning becomes financially more advantageous than renting — up from 12.4 years in 2025.
But the math looks dramatically different in certain pockets of the city.
In Rego Park, where the median sale price was just $330,000 in October and the median asking rent stood at $2,999, buyers could reach the financial break-even point in 2.8 years — the shortest period of any neighborhood analyzed.
Nearby Oakland Gardens came in second, with buyers pulling ahead after 3.4 years. Homes there sold for a median of $349,000, while asking rents averaged $2,750.
Riverdale in The Bronx followed at 3.9 years, with a median sale price of $400,000 and asking rent of $3,275.
Back in Queens, Kew Gardens Hills and Forest Hills rounded out the top five, with break-even periods of 4.3 and 4.6 years, respectively.
The borough dominated the rankings, claiming six of the seven shortest break-even periods citywide.
Even some of the city’s pricier neighborhoods offered surprising opportunities.
In Brooklyn Heights, where the median sale price reached $870,000 and asking rents hit $5,150, buying could pay off after 6.8 years.
The neighborhood has also seen a surge in luxury development, with scarce inventory fueling bidding wars and some apartments selling hundreds of thousands of dollars above asking.
Manhattan’s Gramercy Park also cracked the top 10 despite its hefty $962,500 median sale price. With asking rents averaging $5,500, buyers could pull ahead in 7.2 years — roughly half the citywide average.
The calculations account for mortgage payments, taxes, insurance, maintenance and closing costs, as well as the potential investment returns renters could earn by keeping their down payment money invested.
But finding a home to buy is becoming increasingly difficult.
New contracts fell 7.9% year-over-year in October, with 1,904 homes entering contract. That was still a smaller decline than the 16.8% drop recorded nationwide.
And despite the slowdown, buyers faced fierce competition for the limited homes available.
Some 21% of homes sold above asking price in October, up from 18.9% a year earlier.
Homes entering contract spent a median of just 48 days on the market — 15 days fewer than a year ago and the fastest pace since May 2022.
The city’s median asking rent climbed 3.8% year over year to $4,100 in October, while rental inventory plunged 15.2% to 27,084 units.
In Manhattan alone, available rentals dropped 17.3%.
Still, there may be a glimmer of hope for prospective buyers.
Some 3,538 homes were newly listed in October, following 4,952 in September — the biggest September influx in four years.
That could give house hunters more options heading into the final weeks of 2026, even as limited inventory keeps competition intense.
