Compare New York, 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 New York.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in New York. Plus, shopping lenders is free and there is no obligation.
July 2, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in New York. Understand how much you need to earn to afford a home in New York, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in New York 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 New York is right for you.
The median home value for New York, NY is $1,306,571
Based on current mortgage rates and a 10% down payment, you need to make $214,076 per year to buy the median priced home in New York
With this income, you could qualify for a $1,175,914 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 New York is $4,958
The median household income for New York, NY is $101,225
Based on this income, you can afford a home valued at approximately $617,804
The home price you can afford to buy based on household income in New York is 47% of the median home value which means housing prices are very expensive. New York ranks 62 out of 62 counties in New York and 3,142 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in New York, NY is very expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for New York below.
Conforming loan limits for New York, NY
FHA loan limits for New York, NY
VA loan limits for New York, NY