Is it cheaper to rent or buy in New York?

It's tricky to say if renting or buying is cheaper right now because I only have information about home-buying costs, not rental prices. However, I can tell you about the current landscape for buying a home in the New York area.< >< >The median listing price for homes in the New York-Newark-Jersey City area is currently $749,000. This price is a little lower than last month, down 3.0%, and also slightly lower than it was a year ago, down 1.5%.< >< >Right now, there are 36,676 homes on the market. This is a small increase of 3.2% compared to last year, meaning buyers have a bit more selection. Homes are also selling a little faster, spending a median of 56 days on the market, which is 3.5% less time than a year ago.< >< >About 10.2% of homes for sale have had their prices reduced. This is a small increase of 2.3% compared to last year, suggesting some sellers might be more open to negotiating.< >< >If you're considering buying, keep an eye on these trends to see if prices continue to adjust or if the number of available homes changes.< >