Compare Niagara, 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 Niagara.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Niagara. Plus, shopping lenders is free and there is no obligation.
January 25, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Niagara. Understand how much you need to earn to afford a home in Niagara, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Niagara 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 Niagara is right for you.
The median home value for Niagara, NY is $164,756
Based on current mortgage rates and a 10% down payment, you need to make $26,995 per year to buy the median priced home in Niagara
With this income, you could qualify for a $148,280 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 Niagara is $625
The median household income for Niagara, NY is $60,857
Based on this income, you can afford a home valued at approximately $371,431
The home price you can afford to buy based on household income in Niagara is 225% of the median home value which means housing prices are affordable. Niagara ranks 27 out of 62 counties in New York and 1,228 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Niagara, NY is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Niagara below.
Conforming loan limits for Niagara, NY
FHA loan limits for Niagara, NY