To get to the point, whether to rent or buy a 2-3 bedroom in New York City depends on your financial capacity.

The median rent for a 2-3 bedroom in New York City, including Manhattan and adjacent boroughs, is around $4,200 per month, while the median purchase price for a condo is about $850,000.

Calculating the Price-to-Rent Ratio, dividing $850,000 by the annual rent of $50,400 ($4,200 x 12) gives approximately 16.9. A ratio between 16 and 20 is interpreted as neutral, but New York City is closer to the lower end, making purchasing slightly more favorable compared to other major cities. However, the absolute prices are so high that the entry barrier remains significant.

Assuming a 20% down payment, the loan principal would be $680,000, and based on a 30-year fixed rate of 6.75%, the principal and interest payment would be $4,410 per month. Including condo fees (HOA), insurance, and property taxes, the total monthly burden is estimated to be about $6,027, which is $1,827 more than renting at $4,200. This is clear: entering the market without sufficient funds is highly risky.

If you invest the required $170,000 for the down payment, assuming a 7% annual return, the opportunity cost would be close to $12,000 annually. Considering this figure, short-term residents planning to stay less than five years may find renting more advantageous, while households planning to settle for ten years or more may lean towards purchasing.

Compared to nearby Queens (20.7 times) and Staten Island (22.2 times), Manhattan's New York City has a lower PTR. The high rental prices paradoxically increase the relative attractiveness of purchasing.

For Korean households, the criteria are clear. If cash flow is stable and you can afford a down payment of over $170,000, and you plan to stay in New York City for over ten years, it may be worth considering purchasing. Conversely, if you are in the initial settling stage or have job mobility, securing flexibility through renting is preferable.

In conclusion, New York City is slightly tilted towards purchasing in terms of numbers, but the absolute entry costs are high, making it not a place to jump into without financial planning. It is advisable to assess your financial situation carefully before making a decision.