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

Rhea-AI Summary

Realtor.com (NWSA) reports New York City median asking rent reached $3,599 in Q3 2025, a 5.4% year-over-year increase and 20.2% above6.0% to $3,581.

The report shows a typical NYC renter could afford a home priced roughly $400,000–$690,000 in many markets assuming 20% down and a 30-year mortgage at 6.35% (Sept 2025). Nearby opportunities include Yonkers (~$421,000) and various New Jersey suburbs; out-of-metro examples include Philadelphia ($286,000) and Orlando ($391,000). Income needed to afford NYC rent ranges from about $126k to $190k annually by borough.

Positive

• Median NYC rent +5.4% YoY to $3,599
• Rents +20.2% vs pre-pandemic levels
• Smaller apartments +6.0% YoY to $3,581
• Typical renter could afford $400k–$690k home

Negative

• Annual income required to rent in Manhattan ~ $190,000
• High rents concentrate affordability pressure for NYC renters
• Staten Island rental data currently under review

Insights

Housing Economist

NYC median asking rent rose to $3,599 in 2025Q3, up 5.4% year-over-year.

The data show the median NYC asking rent at $3,599, with borough growth led by Brooklyn (+6.8%) and Manhattan (+6.0%), and smaller units rising fastest. Using a 20% down payment and a 30-year fixed rate of 6.35% (Sept 2025), the analysis converts monthly rent budgets into purchase-power ranges across specified markets.

This matters because the same monthly outlay in many nearby or out-of-metro markets corresponds to homes priced between $400,000 and $690,000, and specific examples include Yonkers (~$421,000) and Orlando (~$391,000). Watch median rent trajectories and mortgage rate movements over the next 1–2 quarters to see if conversion into purchase power narrows or widens for renters.

Market Strategist

Rising NYC rents push some renters into markets where identical monthly payments cover typical mortgage costs.

Median rent is up 5.4% year-over-year and sits 20.2% above pre-pandemic levels, while borough-level median rents translate into differing home-affordability amounts in nearby and out-of-metro cities. The report uses explicit assumptions: 6.35% mortgage rate, 20% down payment, and local taxes/insurance; those drive the calculated affordable home-price ranges in the tables.

Key items to monitor in the next 1–2 quarters are changes to the median asking rent, mortgage rates, and the listed median home prices in the named cities (e.g., Philadelphia, Pittsburgh, Myrtle Beach, Naples). These three inputs determine whether renters’ theoretical buy-vs-rent trade-offs remain viable.

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?

City	City's Median Home Listing Price, 2025Q3	Home Price Affordable with the Bronx's Rent   ($3,155)	Home Price   Affordable with Brooklyn Rent ($3,992)	Home Price Affordable with   Manhattan's Rent ($4,747)	Home Price Affordable with Queens's Rent ($3,439)
Toms River, NJ	$455,000	$437,000	$553,000	$657,000	$476,000
Yonkers, NY	$421,000	$442,000	$560,000	$666,000	$482,000
Brick, NJ	$546,000	$437,000	$553,000	$657,000	$476,000
Freehold, NJ	$614,000	$442,500	$560,000	$666,000	$482,000
Jersey City, NJ	$685,000	$405,200	$512,700	$609,600	$441,500

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?

City	City's Median Home Listing Price, 2025Q3	Home Price Affordable with the Bronx's Rent   ($3,155)	Home Price   Affordable with Brooklyn Rent ($3,992)	Home Price Affordable with   Manhattan's Rent ($4,747)	Home Price   Affordable with Queens's Rent ($3,439)
Philadelphia, PA	$286,000	$451,000	$570,500	$678,500	$491,500
Pittsburgh, PA	$276,000	$434,500	$549,700	$653,700	$473,500
Orlando, FL	$391,000	$429,500	$543,500	$646,300	$468,000
Myrtle Beach, SC	$289,000	$461,500	$583,900	$694,300	$503,000
Naples, FL	$694,000	$407,800	$516,000	$613,500	$444,400

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.

Media contact: press@realtor.com  

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SOURCE Realtor.com

FAQ

What did Realtor.com report for NYC median rent in Q3 2025 and how does it affect NWSA investors?

Median NYC asking rent was $3,599 in Q3 2025 (up 5.4% YoY); for NWSA investors this signals sustained rental demand and affordability shifts that may influence housing search activity.

Could a renter paying New York City median rent afford a home in Yonkers with NWSA-era market data?

Yes; a renter paying the city median rent could afford a typical Yonkers home priced about $421,000 under the report's assumptions.

Which boroughs saw the largest rent increases in Q3 2025 according to Realtor.com (NWSA data)?

Brooklyn led with +6.8%, followed by Manhattan +6.0%, the Bronx +4.9%, and Queens +2.2%.

What mortgage assumptions did Realtor.com use to calculate how much home a NYC renter could afford?

Calculations assume 20% down, a 30-year fixed mortgage at 6.35% (Sept 2025), plus typical local taxes and insurance.

How much annual income is needed to afford median rent in Manhattan and Brooklyn per the Q3 2025 report?

The report estimates roughly $190,000 annually for Manhattan and about $160,000 (approx.) for Brooklyn to meet a 30% income-to-rent guideline.

Which out-of-metro cities could NYC renters afford to buy into with their current rent-level budgets?

Examples include Philadelphia ($286k), Pittsburgh ($276k), Orlando ($391k), and Myrtle Beach ($289k) under the report's assumptions.