Rent in New York City is soaring with no sign of slowing down.
In fact, in the third quarter of 2025, the median asking rent in New York City reached $3,599, up 5.4 percent from a year ago.
While New Yorkers are notoriously fiercely loyal to the hustle and bustle of the Big Apple, it might finally be time to pack up their shoebox apartments.
New data from Realtor.com found that NYC residents could get a whole lot more bang for their buck in other major US cities.
The study showed that renters paying today’s median NYC rent could afford a home priced between $400,000 and $690,000 in many popular markets nationwide, including Orlando, Florida, and Myrtle Beach, South Carolina.
This price range factors in a 20 percent down payment, a 30-year fixed mortgage rate of 6.35 percent as of September 2025, and typical taxes and insurance costs that vary based on local data.
‘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,’ she said.
Rent in New York City is soaring with no sign of slowing down
New Yorkers are notoriously fiercely loyal to the hustle and bustle of the Big Apple, it might finally be time to pack up their shoebox apartments
In areas like Orlando, New Yorkers could buy an entire house with the equivalent of what they spend on rent
Danielle Hale, chief economist for Realtor.com
If New Yorkers were willing to locate to more affordable cities, such as Philadelphia or Orlando, their monthly budget would stretch significantly further, Hale said.
For example, if a New Yorker were to move to Philadelphia, PA, they could snap up a home for $286,000 — the median home listing price.
This is significantly less than the $400,000 to $690,000 home price range equivalent to how much New Yorkers pay in rent, and Philadelphia offers many of the same big city qualities.
Philadelphia is the sixth largest city in the US, with a population of 1.5 million, and offers a rich history, strong culture, and robust job market.
Pennsylvania’s other major city, Pittsburgh, is another far more affordable option for New Yorkers.
With a median home listing price of $276,000, those fleeing the city could purchase an entire home for less than the equivalent of what they’re paying in rent.
Orlando, FL, is another cheaper option. The median home listing price is $391,000, and the city’s properties have a lot more to offer in terms of land and amenities.
Many apartments in NYC don’t even have a washer or dryer in the unit, meanwhile Orlando’s posh condos and modern homes have garages, pools, gyms, and modern appliances.
The median home listing price in Orlando is $391,000, and the city’s properties have a lot more to offer in terms of land and amenities than New York City
Philadelphia – another cheaper option – is the sixth largest city in the US, with a population of 1.5 million, and offers a rich history, strong culture, and robust job market
Pittsburgh is another far more affordable option for New Yorkers with a median home listing price of $276,000
Naples is known to be one of the ritziest areas in Florida, but it is only marginally more expensive to buy an entire home in the neighborhood than to rent an apartment in New York City
The median home listing price of $694,000 is a small price to pay for the lifestyle of luxury offered in Naples
Myrtle Beach, SC, offers an enviable coastal way of living for a far smaller price tag than the Big Apple
Naples is known to be one of the ritziest areas in Florida, but it is only marginally more expensive to buy an entire home in the neighborhood than to rent an apartment in New York City.
The median home listing price of $694,000 is a small price to pay for the lifestyle of luxury offered in Naples.
Myrtle Beach, SC, offers an enviable coastal way of living for a far smaller price tag than the Big Apple.
Not only is the median home listing price just $289,000, but the cost of living in South Carolina is notably cheaper.