Compare Long Island, NY mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Long Island.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Long Island. Plus, shopping lenders is free and there is no obligation.
May 25, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Long Island. Understand how much you need to earn to afford a home in Long Island, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Long Island fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Long Island is right for you.
The median home value for Long Island, NY (Suffolk County) is $516,600
Based on current mortgage rates and a 10% down payment, you need to make $84,643 per year to buy the median priced home in Long Island
With this income, you could qualify for a $464,940 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Long Island is $1,960
The median household income for Long Island, NY (Suffolk County) is $114,819
Based on this income, you can afford a home valued at approximately $700,773
The home price you can afford to buy based on household income in Long Island is 136% of the median home value which means housing prices are average. Long Island (Suffolk County) ranks 53 out of 62 counties in New York and 2,754 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Long Island, NY is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Long Island (Suffolk County) below.
Conforming loan limits for Long Island, NY
FHA loan limits for Long Island, NY
VA loan limits for Long Island, NY