Home Affordability in Yonkers, NY
The median home price in Yonkers is $540,000 with a median household income of $66,686. Housing is significantly stretched relative to local incomes.
Median Home Price
$540,000
Median Income
$66,686
Price-to-Income Ratio
8.1x
Est. Affordable Home
$259,000
Property Tax Rate
1.61%
Annual Property Tax
$8,694
Sales Tax Rate
8.38%
Cost of Living Index
145
Buying a Home in Yonkers
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $66,686 in Yonkers can afford a monthly housing payment of approximately $1,556. This translates to a home price of roughly $259,000, which is below the median home price of $540,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Yonkers would be approximately $8,694 per year ($725/month) at the effective rate of 1.61%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $16,200 | $523,800 | Yes |
| 5% | $27,000 | $513,000 | Yes |
| 10% | $54,000 | $486,000 | Yes |
| 20% | $108,000 | $432,000 | No |
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