Owning a home is one of the most fundamental ways to save money and build credit. Putting money into a home versus a rental is like the difference between putting money into a savings account versus having cash on hand. Now you can own a coop with condo-like ease for comparably less than a rental.

*Pre-approval applies to the buildings. Lenders still need to approve each buyer based on individual qualifications.

**Rent and Buy scenarios are estimates based on averages and are meant as EXAMPLES ONLY; THEY ARE NOT OFFERS for a lease or a loan, and are not guarantees of any specific pricing or terms. Mortgage lenders make their own determinations on the availability, pricing, and terms of loans being offered based on the individual qualifications of each buyer. Pricing and terms are also subject to change with market conditions.

Rental estimates are based on average market comparables calculated by The Corcoran Group. Buy estimates are based on bankrate.com online mortgage calculator using the below assumptions. They do not include closing costs (some buyers may be eligible for subsidies to pay for all or some of closing costs):

Estimated Conventional Loan: 20% down, 30 yr. mortgage @ 5.50% interest for Bronx, NY, credit 720-739 + $0 tax (incl in coop maintenance) + $38/mo insurance + monthly coop maintenance cost for the specific home, less possible estimated tax savings on interest payments(calculated using first year total interest from bankrate.com’s amortization schedule x 30% avg tax rate ÷ 12 months).