Compare Schenectady, 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 Schenectady.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Schenectady. Plus, shopping lenders is free and there is no obligation.
February 8, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Schenectady. Understand how much you need to earn to afford a home in Schenectady, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Schenectady 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 Schenectady is right for you.
The median home value for Schenectady, NY is $329,053
Based on current mortgage rates and a 10% down payment, you need to make $53,914 per year to buy the median priced home in Schenectady
With this income, you could qualify for a $296,148 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 Schenectady is $1,249
The median household income for Schenectady, NY is $97,205
Based on this income, you can afford a home valued at approximately $593,270
The home price you can afford to buy based on household income in Schenectady is 180% of the median home value which means housing prices are average. Schenectady ranks 44 out of 62 counties in New York and 2,114 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Schenectady, NY is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Schenectady below.
Conforming loan limits for Schenectady, NY
FHA loan limits for Schenectady, NY
VA loan limits for Schenectady, NY