Home Affordability in New York City, NY
The median home price in New York City is $740,000 with a median household income of $74,694. Housing is significantly stretched relative to local incomes.
Median Home Price
$740,000
Median Income
$74,694
Price-to-Income Ratio
9.9x
Est. Affordable Home
$290,000
Property Tax Rate
0.89%
Annual Property Tax
$6,586
Sales Tax Rate
8.88%
Cost of Living Index
187
Buying a Home in New York City
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $74,694 in New York City can afford a monthly housing payment of approximately $1,743. This translates to a home price of roughly $290,000, which is below the median home price of $740,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in New York City would be approximately $6,586 per year ($549/month) at the effective rate of 0.89%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $22,200 | $717,800 | Yes |
| 5% | $37,000 | $703,000 | Yes |
| 10% | $74,000 | $666,000 | Yes |
| 20% | $148,000 | $592,000 | No |
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