Housing · State Guide
Home affordability in New York
The income you need to afford a home in New York, based on current prices and real lending standards.
New York housing snapshot
| Metric | Value |
|---|
| Approximate median home price | $470,000 |
| Typical 20% down payment | $94,000 |
| Loan amount (after 20% down) | $376,000 |
| Property tax rate (approx.) | 1.6%/year |
| Est. total monthly payment | ~$3,228/mo |
| Income needed (28% rule) | ~$138,343/year |
New York State median masks enormous variation — NYC co-ops and condos are among the most expensive in the country, while upstate NY is very affordable. NYC adds unique complexity: co-op boards require financial approval beyond lender approval, and common charges (HOA equivalent) can add $500-2,000/month. For NYC budgeting, add the mansion tax (1-3.9% on purchases over $1M) to closing costs.
Calculate your affordability in New York
Pre-filled with typical New York values — adjust to your specific situation.