CALCMONEY // HOME AFFORDABILITY // NY // SOHO
How much house can you afford in Soho? Based on local median home prices, current NY mortgage rates, and Soho property tax data.
$3,000,000
$20,051/mo
$859,338/yr
$0
Monthly housing costs of $20,051 represent 130.1% of Soho's median gross monthly income ($15,417/mo). At 130.1%, median-income buyers in Soho are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $3,000,000 |
| Down Payment (20%) | $600,000 |
| Loan Amount | $2,400,000 |
| Monthly PI Payment | $15,726 |
| Monthly Property Tax | $3,075 |
| Monthly Insurance Est. | $1,250 |
| Total Monthly PITI | $20,051 |
| Housing Cost % of Income | 130.1% |
| Required Income (28% rule) | $859,338/yr |
| Max Affordable Home | $0 |
$105,000
$25,345/mo
Soho Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $3,000,000 | Soho city median |
| Down Payment (20%) | $600,000 | Conventional loan |
| Monthly PITI | $20,051 | 6.85% rate, 30yr fixed |
| Required Income (28% rule) | $859,338 | Annual gross |
| Max Affordable Home | $0 | Based on median income |
| FHA Down (3.5%) | $105,000 | Minimum FHA |
| Housing Cost % of Income | 130.1% | Median income: $185,000/yr |
| Property Tax Rate | 1.23% | $36,900/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Soho is $3,000,000, with a local 30-year mortgage rate of 6.85%. A buyer putting 20% down carries a loan of $2,400,000, generating a monthly P&I payment of $15,726. Adding property taxes ($3,075/mo) and homeowners insurance ($1,250/mo) brings total monthly PITI to $20,051.
Soho's property tax rate of 1.23% is near the national average, adding a standard increment to monthly housing costs. On the Soho median home, that is $3,075/month, or $36,900 per year.
New York levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Soho should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Soho's median income of $185,000/year can afford up to $4,317/month in total housing costs. Based on Soho's mortgage rate of 6.85% and property tax rate of 1.23%, that translates to a maximum affordable home price of approximately $0 with 20% down on a 30-year loan.
To afford the median Soho home priced at $3,000,000, you need an annual gross income of approximately $859,338. Total monthly housing costs (principal and interest of $15,726, property taxes of $3,075, and insurance of $1,250) come to $20,051/month, which equals 28% of the required income.
At the median home price of $3,000,000 and median household income of $185,000, the total monthly housing cost of $20,051 represents 130.1% of gross monthly income. This is well above the standard 28% threshold, making Soho a challenging market for buyers at median income.
A conventional 20% down payment on the median Soho home of $3,000,000 is $600,000. An FHA loan requires just 3.5% down — $105,000 — but adds mortgage insurance of roughly $2,051/month, bringing total FHA payments to $25,345/month.
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