Income needed to buy a house in New York
A median-priced home in New York costs $449,800. With 20% down you'd need about $130,169 a year, $44,349 more than the state's median household income of $85,820. New York ranks #41 of 51 for the lowest income needed.
Income needed: $130,169 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 6.95% (Freddie Mac, week of 2026-09-17).
You'd need a household income of about $130,169 a year to buy a $449,800 home in New York with $89,960 down.
Based on lenders' 28/36 rule: housing costs under 28% of gross income, all debt under 36%.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $2,382 |
| Property tax | $545 |
| Homeowners insurance | $110 |
| Total | $3,037 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $22,490 | $3,662 | $156,941 |
| 10% | $44,980 | $3,504 | $150,159 |
| 20% | $89,960 | $3,037 | $130,169 |
Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in New York: what's different
- Transfer tax
- 0.4% + 1% mansion tax at $1M+
- On the median home
- $1,800
- Homestead break
- STAR credit
- First-time buyer help
- State of New York Mortgage Agency (SONYMA)
- Transfer and recording taxes. The seller pays the state transfer tax of $2 per $500 (0.4%). A buyer of a home priced at $1 million or more also pays the 1% mansion tax, and New York City adds its own transfer tax plus extra state taxes on sales of $2 million or more. On the median New York home ($449,800), that's about $1,800 in state transfer tax.
- Property tax breaks for your home. There's no general homestead exemption; the main break is STAR school tax relief. New owners receive it as a credit check rather than a reduced bill and must register with the state, and the Basic STAR credit is limited to household income of $500,000.
- First-time buyer help. The State of New York Mortgage Agency (SONYMA) offers Achieving the Dream through participating lenders (SONYMA's lowest-rate mortgage, mainly for first-time buyers). Check its site for income and price limits.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the New York metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| New York, NY | $187,587 | $648,800 | $99,852 |
| Buffalo, NY | $78,286 | $253,200 | $72,300 |
| Rochester, NY | $76,826 | $234,100 | $76,453 |
| Albany, NY | $94,510 | $316,300 | $86,637 |
| Poughkeepsie, NY | $132,402 | $434,900 | $95,125 |
| Syracuse, NY | $70,689 | $217,600 | $76,313 |
With 20% down, the median home takes about $70,689 a year in the Syracuse area and $187,587 in the New York area, compared with $130,169 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. Income needed: 20% down at 6.95%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in New York more expensive than most states
- Home prices: the median value of $449,800 is 25% above the U.S. median of $360,600.
- Property tax: about 1.45% of value a year ($545 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,322 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $246 a month on this loan.
30 states need at least 20% less income to buy their median home. States with a similar income requirement:
- Oregon $130,842
- New Hampshire $132,355
- Rhode Island $127,223
- Utah $137,189
- Connecticut $119,521
- Maryland $118,716
Frequently asked questions
How much do you need to make to buy a house in New York?
About $130,169 a year for the median home of $449,800 with 20% down at 6.95%. With 10% down it's about $150,159.
What is the property tax rate in New York?
The median New York homeowner pays $6,542 a year, about 1.45% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in New York?
Median rent is $1,634 a month, while owning the median home costs about $3,037 a month with 20% down, before maintenance. Renting affordably takes about $65,360 a year under the 30% rule.