Income Needed to Buy in New York
Common Question: 'How much income do I need to buy a house in New York?' Based on the median home price of $780,000, lenders typically look for an annual household income of roughly $54,600. This ensures your payment stays below 28% of your gross pay.
Closing Costs in New York
Don't forget cash to close. In New York, buyer closing costs typically range from 2% to 5%. For a home in New York, you should budget between $15,600 and $39,000 on top of your down payment.
Rent vs Buy in New York
Is it better to rent or buy in New York? With a calculated monthly payment of ~$5,460, buying is currently more expensive monthly than the average rent. However, buying locks in your housing cost against future New York inflation.
Hidden Costs: Property Taxes
Generic calculators often get New York wrong because they underestimate taxes. Our New York Mortgage Calculator uses the specific New York property tax rate of 1.72%, which adds roughly $1,118/mo to your real payment.
First-Time Buyer Tips (FHA & PMI)
First-time buyers in New York often utilize FHA loans. Note that putting less than 20% down will trigger Private Mortgage Insurance (PMI), which can add 0.5-1% annually to your loan balance until you reach 20% equity.