New York mortgage costs at a glance
The typical owner-occupied home in New York is worth $449,800, and its owner pays $6,542 a year in property tax: 1.45% of its value, more than the 0.89% across the US. That's the 5th highest of the 50 states and DC.
With 20% down and a 30-year loan at 7.24%, the payment on that home is about $3,131 a month: $2,452 of principal and interest, $544 of property tax and $136 of insurance. Use the calculator above to see the exact amounts for the home you’re looking at.
Sources:
- US Census Bureau: American Community Survey 2024, median home value (B25077)
- US Census Bureau: American Community Survey 2024, median real estate taxes (B25103)
- NAIC: Homeowners Insurance Report, data for 2022 (HMR-ZU), average HO-3 premium
Notes for New York
- Property tax rates vary by county, city and school district, and many states lower the tax on a home you live in (a homestead exemption), so check the rate for the home you’re buying.
- A standard homeowners policy (HO-3) in New York averaged $1,628 a year in 2022, against $1,569 across the US (the NAIC’s latest figures). Premiums have risen since, so get a quote for the home: costs depend on its value, age and area, and flood and earthquake cover are extra.