New York Housing Market at a Glance
Median Home Price
$785,000
Median Monthly Rent
$3,800
Property Tax Rate
1.72%
Avg Home Insurance
$2,200/yr
Price-to-Rent Ratio: 17.2x (Lower ratios favor buying; higher ratios favor renting)
New York-Specific Insights
- → NYC has one of the highest rent-to-price ratios in the US, making buying less financially attractive in the short term.
- → High property taxes (1.72%) and co-op/condo fees can significantly impact total ownership costs.
Run Your New York Scenario
Pre-filled with New York's median data. Adjust to your situation.
Open Calculator with New York Data →Key Factors for New York Buyers
1. Down Payment Requirements
With New York's median home price of $785,000, a 20% down payment is $157,000. Putting down less triggers PMI (typically 0.5–1.5% annually until you reach 20% equity).
2. Property Taxes
NY's property tax rate averages 1.72%, which translates to roughly $1,125.167/month on a median-priced home. This is above the national average.
3. Tax Deductions
Mortgage interest is deductible if you itemize (must exceed standard deduction: ~$14,600 single, ~$29,200 married in 2025). Combined with NY state taxes, itemizing may be worthwhile.
4. Opportunity Cost
If you rent and invest your down payment instead (e.g., S&P 500 averaging ~10% annually), you build wealth differently. The calculator models this trade-off month-by-month to find your break-even point.