CALCMONEY // HOME AFFORDABILITY // NY // NEW YORK CITY
How much house can you afford in New York City? Based on local median home prices, current NY mortgage rates, and New York City property tax data.
$750,000
$4,834/mo
$207,179/yr
$145,562
Monthly housing costs of $4,834 represent 82.9% of New York City's median gross monthly income ($5,833/mo). At 82.9%, median-income buyers in New York City are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $750,000 |
| Down Payment (20%) | $150,000 |
| Loan Amount | $600,000 |
| Monthly PI Payment | $3,972 |
| Monthly Property Tax | $550 |
| Monthly Insurance Est. | $313 |
| Total Monthly PITI | $4,834 |
| Housing Cost % of Income | 82.9% |
| Required Income (28% rule) | $207,179/yr |
| Max Affordable Home | $145,562 |
$26,250
$6,166/mo
New York City Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $750,000 | New York City city median |
| Down Payment (20%) | $150,000 | Conventional loan |
| Monthly PITI | $4,834 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $207,179 | Annual gross |
| Max Affordable Home | $145,562 | Based on median income |
| FHA Down (3.5%) | $26,250 | Minimum FHA |
| Housing Cost % of Income | 82.9% | Median income: $70,000/yr |
| Property Tax Rate | 0.88% | $6,600/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in New York City is $750,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $600,000, generating a monthly P&I payment of $3,972. Adding property taxes ($550/mo) and homeowners insurance ($313/mo) brings total monthly PITI to $4,834.
New York City's property tax rate of 0.88% is near the national average, adding a standard increment to monthly housing costs. On the New York City median home, that is $550/month, or $6,600 per year.
New York levies a state income tax, which affects take-home pay and effective buying power. High-income earners in New York City 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 New York City's median income of $70,000/year can afford up to $1,633/month in total housing costs. Based on New York City's mortgage rate of 6.95% and property tax rate of 0.88%, that translates to a maximum affordable home price of approximately $145,562 with 20% down on a 30-year loan.
To afford the median New York City home priced at $750,000, you need an annual gross income of approximately $207,179. Total monthly housing costs (principal and interest of $3,972, property taxes of $550, and insurance of $313) come to $4,834/month, which equals 28% of the required income.
At the median home price of $750,000 and median household income of $70,000, the total monthly housing cost of $4,834 represents 82.9% of gross monthly income. This is well above the standard 28% threshold, making New York City a challenging market for buyers at median income.
A conventional 20% down payment on the median New York City home of $750,000 is $150,000. An FHA loan requires just 3.5% down — $26,250 — but adds mortgage insurance of roughly $513/month, bringing total FHA payments to $6,166/month.
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