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$445,000
$3,180/mo
$178,970
$136,276/yr
| Median Home Price | $445,000 |
| Down Payment (20%) | $89,000 |
| Loan Amount | $356,000 |
| Monthly PI Payment | $2,357 |
| Monthly Property Tax | $638 |
| Monthly Insurance Est. | $185 |
| Total Monthly PITI | $3,180 |
| Required Gross Income (28% rule) | $136,276/yr |
| Max Affordable Price (28% rule) | $178,970 |
$15,575
$3,970/mo
New York Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $445,000 | State median |
| Down Payment (20%) | $89,000 | Conventional |
| Monthly PITI (median home) | $3,180 | 6.95% rate |
| Required Income (28% rule) | $136,276 | Annual gross |
| Max Affordable Home | $178,970 | Based on median income |
| FHA Down Payment (3.5%) | $15,575 | Minimum FHA |
Monthly PITI includes principal, interest, property tax, and homeowners insurance.
The median home price in New York is $445,000, with a current 30-year fixed mortgage rate of 6.95%. A buyer putting 20% down on the median home would carry a loan of $356,000, resulting in a monthly principal and interest payment of $2,357. Once property taxes and insurance are added, total monthly housing costs reach $3,180.
Property taxes in New York average 1.72% — well above the national average of 1.1%. On the median New York home, that adds $638/month to your housing costs, which lenders factor directly into your debt-to-income ratio.
New York levies a state income tax of 4%–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 $75,900/year can afford up to $1,771/month in total housing costs (principal, interest, taxes, and insurance). Based on New York's current mortgage rate of 6.95% and property tax rate of 1.72%, that translates to a maximum affordable home price of approximately $178,970 with 20% down on a 30-year loan.
To comfortably afford the median New York home priced at $445,000, you need an annual gross income of approximately $136,276. This is based on the standard 28% rule: your total monthly housing costs (principal and interest of $2,357, property taxes of $638, and insurance of $185) come to $3,180/month, which should not exceed 28% of your gross monthly income.
New York's average property tax rate is 1.72%, which is above the national average of 1.1%. On the median New York home of $445,000, that means annual property taxes of $7,654, or $638/month. Because lenders include property taxes in your debt-to-income calculation, New York's higher-than-average tax rate meaningfully reduces how much home you can afford.
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 $445,000, that is $15,575. Conventional loans typically require 5% down, though some programs allow 3%. Putting down 20% ($89,000 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.