Buying vs. Renting in Westchester: Which Makes More Sense Right Now?

By Jeselle Eli, Realtor

Westchester County’s housing market has been one of the most talked-about in the greater New York region, and with good reason. Prices continue to push higher, inventory stays tight, and renters and prospective buyers alike are trying to figure out the smartest financial move for 2026. So which makes more sense today, buying or renting? Let’s take a deep dive.

The State of Home Buying in Westchester

Here’s the headline: Westchester remains largely a seller’s market. Home prices have climbed steadily, with median sales prices notably higher than a few years ago, and competition remains fierce.

Home Price Trends

Median sale prices across the county have increased year-over-year, with recent figures showing prices up about 8% compared to last year.
Some local reports show median single-family prices reaching close to or over $900,000–$1,000,000, depending on the neighborhood and property type.
Houses are often selling quickly and at or above asking price in desirable towns.

Inventory Challenges

One of the biggest headwinds for buyers is very limited housing inventory, meaning fewer homes for sale and more buyers competing for the same properties.
Many long-term homeowners with low interest-rate mortgages are reluctant to move, so homes linger off the market.

What This Means for Buyers

If you find the right home, you may need to move quickly and put your best offer forward, especially in sought-after school districts and commuter towns.
Upfront costs are high: down payments, closing costs, property taxes, and maintenance all add up, particularly in Westchester where taxes are generally above the national average.
Once you own, you build equity and can lock in a fixed mortgage, insulating you from rising rents in the long run.

The Rental Market: Not “Cheap” But Flexible

Renting in Westchester has its own pressures.

Rental Prices Are Rising

Rental costs – especially for multi-bedroom apartments, have increased significantly in recent years.
- For example, average rents in parts of the county (like Yonkers) are well above national averages.

Variations by City

Some cities, like New Rochelle, have managed to keep rent growth more moderate due to increased housing supply and zoning reforms.

What Renters Get

Flexibility and lower upfront cost remain big perks, especially if you’re planning to stay in the area for only a few years.
Renting means no property maintenance bills, no property tax payments, and fewer financial surprises.

Comparing Costs: Rent vs. Buy

There’s no one-size-fits-all answer, but some general patterns are emerging:

Short-Term (1–3 years)

Renting is often financially rational if you don’t plan to stay long, especially with high upfront costs of buying and market competition.
Buyers may face closing costs, property taxes, and maintenance, even if monthly payments look similar to rent.

Long-Term (5+ years)

Buying tends to make more sense as you build equity and hedge against future rent increases.
In many U.S. counties, owning is cheaper long-term than renting, though not as commonly in high-cost Northeast markets like Westchester due to elevated prices.

Other Factors to Consider

✔ Mortgage Rates: Even small shifts in interest rates can affect your monthly payment and buying power.
✔ Lifestyle Needs: Families wanting stability often skew toward buying. Singles or transient workers may prefer renting.
✔ Market Forecasts: Some experts expect inventory to inch up and price growth to moderate — which could slightly tilt the balance toward buyers later in 2026.

So, What Makes More Sense Right Now?

Here’s a balanced snapshot:

Buy if:

You plan to stay in Westchester for several years.
You’re financially prepared for upfront costs and ongoing maintenance.
You want to build wealth through equity.

Rent if:

Your timeline is short or uncertain.
You want flexibility without the responsibilities of ownership.
You prefer lower upfront financial commitment.

Final Thought

Westchester remains a desirable and competitive housing market. Whether you choose to buy or rent, the key is knowing your goals, timeline, and financial readiness. If ownership appeals but feels out of reach, consider alternatives, like co-ops or condos in emerging neighborhoods, or working with a local agent who understands the nuances of the county’s market. If you are ready to get started on this journey, give me a call at 646-421-4467.