NYC Rents Up 5.4%: Enough for the Typical Renter to Buy a Home in Yonkers, Philly or Orlando

With median rent reaching $3,599, New Yorkers with the same monthly housing payment as their rent may find better buying power outside the city

AUSTIN, Texas, Oct. 16, 2025 /PRNewswire/ -- In the third quarter of 2025, the median asking rent in New York City reached $3,599, up 5.4% from a year ago, according to the third quarter NYC Rent Report from Realtor.com^®. While New York rents fell sharply during the pandemic, prices have surged since rebounding to pre-pandemic levels in spring 2022, now sitting 20.2% higher than before the pandemic.

Rents  increased across all boroughs in the past year, with Brooklyn leading the way at 6.8% growth, followed by Manhattan (6.0%), the Bronx (4.9%), and Queens (2.2%). Smaller apartments—those with up to two bedrooms—saw the largest gains, with median rent climbing 6.0% year over year to $3,581, compared to just 1.0% growth for larger units.

"With rents continuing to rise across New York City, affordability challenges remain front and center for renters and are one of the core issues at hand with the city's upcoming mayoral election," said Danielle Hale, Chief Economist at Realtor.com^®. "While many New Yorkers love the energy and opportunity of city living, our data shows that renters could afford to buy a home with the same monthly housing payment as their rent in nearby markets like Yonkers or Toms River—or even relocate to more affordable cities such as Philadelphia or Orlando, where their monthly budget would stretch significantly further."

With a NYC rent-level budget, where could a renter move?

Renters paying today's median NYC rent could afford a home priced between $400,000 and $690,000 in many popular markets nationwide. The calculations assume a 20% down payment, a 30-year fixed mortgage rate of 6.35% as of September 2025, and include typical taxes and insurance costs that vary based on local data.

For renters hoping to stay close to home, Yonkers, NY, just north of the city in the Hudson Valley, offers a notable opportunity. Across all four boroughs, the average renter could afford the monthly cost of a typical Yonkers home priced around $421,000, making it one of the few nearby markets where city renters could transition to homeownership.

In addition to Yonkers, nearby New Jersey suburbs such as Toms River, Brick, Freehold, and Jersey City are potential options for buyers. Homes in these areas typically range from the mid-$400,000s to the upper $600,000s, and a renter with a Manhattan-level budget could afford the monthly cost of a median-priced home in all but one.

Table: How Much Home Could a Renter from NYC Afford in the Most Popular Cities within NY Metro?

For those considering a move farther afield, the data points to several out-of-metro markets that combine affordability with high demand from New York buyers. Renters paying today's typical NYC rent could afford the monthly costs associated with buying a home in Philadelphia, PA ($286,000), Pittsburgh, PA ($276,000), Orlando, FL ($391,000), and Myrtle Beach, SC ($289,000). The only popular out-of-metro destination outside the reach for most renters is Naples, FL, where higher home prices and insurance costs raise the barrier to becoming a homeowner.

Table: How Much Home Could a Renter from NYC Afford in the Most Popular Cities Further Away?

Income Remains a Challenge for Renters to Qualify

Affording a typical NYC rental under the standard "30% income rule" requires substantial earnings. Renters would need a gross monthly household income of roughly $10,517 in the Bronx, $13,307 in Brooklyn, $15,823 in Manhattan, and $11,463 in Queens—or annual incomes ranging from $126,000 to nearly $190,000.

"Even as wage growth has picked up, rent affordability remains a persistent challenge for many New Yorkers," Hale added. "That's why we're seeing continued interest in nearby suburbs and in more affordable metros nationwide, places where renters can channel their monthly payments into long-term homeownership."

Methodology
New York City rental data as of 2025Q3 for all units advertised as for rent on Realtor.com^®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within New York City and each of its boroughs. To calculate the median asking rent for each quarter, we first obtain the median asking rent for each month within that quarter and then take the average of the three months. Data for Staten Island is currently under review.

Realtor.com began releasing regular monthly reports for New York City in August 2024 and transitioned to quarterly rental trend reports in April 2025, with historical data available dating back to Q2 2019.

About Realtor.com^®
Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

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SOURCE Realtor.com