Compare Queens, 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 Queens.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Queens. Plus, shopping lenders is free and there is no obligation.
May 24, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Queens. Understand how much you need to earn to afford a home in Queens, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Queens 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 Queens is right for you.
The median home value for Queens, NY is $718,076
Based on current mortgage rates and a 10% down payment, you need to make $117,654 per year to buy the median priced home in Queens
With this income, you could qualify for a $646,268 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 Queens is $2,725
The median household income for Queens, NY is $79,656
Based on this income, you can afford a home valued at approximately $486,164
The home price you can afford to buy based on household income in Queens is 68% of the median home value which means housing prices are very expensive. Queens ranks 59 out of 62 counties in New York and 3,125 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Queens, 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 Queens below.
Conforming loan limits for Queens, NY
FHA loan limits for Queens, NY
VA loan limits for Queens, NY