CALCMONEY // HOME AFFORDABILITY // NY
Find out how much home you can afford in New York using local median home prices, current mortgage rates, and NY-specific property tax data.
Open Full Calculator$527,312
$3,530/mo
$233,245
$151,281/yr
| Median Home Price | $527,312 |
| Down Payment (20%) | $105,462 |
| Loan Amount | $421,850 |
| Monthly PI Payment | $2,739 |
| Monthly Property Tax | $571 |
| Monthly Insurance Est. | $220 |
| Total Monthly PITI | $3,530 |
| Required Gross Income (28% rule) | $151,281/yr |
| Max Affordable Price (28% rule) | $233,245 |
$18,456
$4,455/mo
New York Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $527,312 | State median |
| Down Payment (20%) | $105,462 | Conventional |
| Monthly PITI (median home) | $3,530 | 6.76% rate |
| Required Income (28% rule) | $151,281 | Annual gross |
| Max Affordable Home | $233,245 | Based on median income |
| FHA Down Payment (3.5%) | $18,456 | Minimum FHA |
Monthly PITI includes principal, interest, property tax, and homeowners insurance.
The median home price in New York is $527,312, with a current 30-year fixed mortgage rate of 6.76%. A buyer putting 20% down on the median home would carry a loan of $421,850, resulting in a monthly principal and interest payment of $2,739. Once property taxes and insurance are added, total monthly housing costs reach $3,530.
Property taxes in New York average 1.3%, near the national average of 1.1%. On the median New York home, property taxes add $571/month to total housing costs.
New York levies a state income tax of 3.9%–10.9%, which affects take-home pay and therefore what you can realistically budget for housing. Mortgage interest may be deductible on both federal and New York state returns — consult a tax professional for your situation.
Using the 28% rule, a household earning New York's median income of $85,820/year can afford up to $2,002/month in total housing costs (principal, interest, taxes, and insurance). Based on New York's current mortgage rate of 6.76% and property tax rate of 1.3%, that translates to a maximum affordable home price of approximately $233,245 with 20% down on a 30-year loan.
To comfortably afford the median New York home priced at $527,312, you need an annual gross income of approximately $151,281. This is based on the standard 28% rule: your total monthly housing costs (principal and interest of $2,739, property taxes of $571, and insurance of $220) come to $3,530/month, which should not exceed 28% of your gross monthly income.
New York's average property tax rate is 1.3%, which is above the national average of 1.1%. On the median New York home of $527,312, that means annual property taxes of $6,855, or $571/month. Because lenders include property taxes in your debt-to-income calculation, New York's property taxes have a relatively modest impact on overall affordability.
The minimum down payment depends on your loan type. For an FHA loan, you can put down as little as 3.5% — on the median New York home of $527,312, that is $18,456. Conventional loans typically require 5% down, though some programs allow 3%. Putting down 20% ($105,462 on the median New York home) lets you avoid private mortgage insurance (PMI), which can add 0.5%–1% to your annual loan cost. There are no New York-specific minimum down payment requirements beyond federal guidelines.