Buying a Home in New York: What You Need to Know
If you're considering buying a home in New York, understanding the true cost of homeownership is essential. Beyond your mortgage payment, New York homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses New York-specific data to give you accurate monthly payment estimates.
New York Property Taxes
New York has an effective property tax rate of 1.26%, ranking #9 out of 50 states (where #1 is the highest). On a median-priced home of $576,000, you'd pay approximately $7,258 per year in property taxes, or about $605/month.
New York is among the states with the highest property taxes in the nation. This is often because property taxes fund local schools and services. Be sure to factor this into your budget when determining how much home you can afford.
New York Homeowners Insurance
The average annual homeowners insurance premium in New York is $1,860 for $300,000 in dwelling coverage, or about $155/month.
New York's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
New York Closing Costs
Closing costs in New York average 2.47% of the home's purchase price. On a $576,000 home, that's approximately $14,227. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
- Transfer taxes (New York has higher than average transfer taxes)
New York Housing Market
The median home price in New York is $576,000. This is significantly above the national median of approximately $410,000, making New York one of the more expensive states for homebuyers. However, strong job markets and quality of life often justify the premium.
More New York Mortgage Tools
Use these additional calculators to plan your New York home purchase: