New York Mortgage & Property Tax Guide 2025
New York has an average property tax rate of 1.40% and a state income tax of 4–10.9%. The median home price is approximately $450,000.
Is New York a Good State to Buy a Home?
New York State offers diverse options from NYC to upstate. Upstate cities like Buffalo and Rochester are among the most affordable in the Northeast, while NYC remains one of the most expensive markets globally.
Property Tax in New York
On a $450,000 home in New York, you would pay approximately $6,300/year (525/month) in property taxes at the 1.40% average rate. Rates vary by county.
What is the average mortgage payment in New York?
For a $780,000 home with 20% down at 7.2% over 30 years, expect to pay approximately $5,296/month including property tax and insurance in New York.
How much income do I need to buy a house in New York?
To comfortably afford a $780,000 home in New York (28% DTI rule), you typically need a household income of at least $227,000/year.
Does New York have a first-time home buyer program?
Yes. New York offers state-level down payment assistance and mortgage credit certificate programs for eligible first-time buyers. Contact your local housing finance agency for current income and purchase price limits.