2026 data · 1.46% property tax · Median home $384,100
New York Mortgage Calculator
A median-priced home in New York ($384,100) costs roughly $2,685 per month all-in (PITI), assuming 20% down and a 30-year fixed at 7.0%. New York's effective property tax rate is 1.46% — close to the US average of about 1.0%.
New York median-home monthly payment
$2,685/mo
P&I $2,044 · Tax $467 · Insurance $173
@ $384,100 price, 20% down, 30-yr fixed at 7.0%
For a custom calculation with your specific numbers (different down payment, rate, term, or home price), use the main mortgage calculator — it includes a full amortization schedule.
Monthly payments at common home prices in New York
| Home price | 20% down | P&I | Prop tax | Insurance | Total PITI/mo |
|---|---|---|---|---|---|
| $200,000 | $40,000 | $1,064 | $243 | $90 | $1,398 |
| $300,000 | $60,000 | $1,597 | $365 | $135 | $2,097 |
| $384,100 (state median) | $76,820 | $2,044 | $467 | $173 | $2,685 |
| $400,000 | $80,000 | $2,129 | $487 | $180 | $2,796 |
| $500,000 | $100,000 | $2,661 | $608 | $225 | $3,495 |
| $750,000 | $150,000 | $3,992 | $913 | $338 | $5,242 |
Calculations use New York's 1.46% effective property tax rate, estimated homeowners insurance at 0.54%/year of home value, 30-year fixed at 7.0%, no PMI (20% down). Closing costs not included.
New York property tax
Effective rate
1.46%
Median home value
$384,100
Median property tax
$6,280/yr
New York property tax varies dramatically by region — NYC has effective rates around 0.9%, while Long Island and Westchester can exceed 2%. STAR program provides school property tax relief for primary residences.
See our property tax calculator for a state-by-state property tax breakdown, and our New York paycheck calculator to estimate take-home pay against this monthly housing cost.
New York vs neighboring states
| State | Property tax rate | Median home | Median tax/yr | |
|---|---|---|---|---|
| New York (this page) | 1.46% | $384,100 | $6,280 | |
| Connecticut | 1.96% | $313,200 | $6,476 | Connecticut mortgage → |
| Massachusetts | 1.12% | $498,700 | $5,618 | Massachusetts mortgage → |
| Vermont | 1.83% | $285,800 | $5,230 | Vermont mortgage → |
| Pennsylvania | 1.43% | $239,800 | $3,440 | Pennsylvania mortgage → |
FAQs about New York mortgages
What is the property tax rate in New York?
New York's effective property tax rate is 1.46%, meaning the average homeowner pays roughly 1.46% of their home's value in property tax annually. On a $384,100 home (the state median), that's about $6,280 per year, or $523 per month added to your mortgage payment.
What is the average monthly mortgage payment in New York?
For a home at New York's median value of $384,100, assuming 20% down, a 30-year fixed mortgage at 7.0%, and New York's 1.46% property tax + estimated insurance, the typical monthly PITI payment is approximately $2,685. This includes $2,044 principal & interest, $467 property tax, and $173 homeowners insurance.
How much income do I need to buy a house in New York?
Using the standard 28% front-end DTI rule, you'd need annual income of approximately $115,071 to comfortably afford New York's median-priced home. Lenders typically allow up to 43% total DTI (including all debts), which corresponds to about $74,930 annual income at the maximum end. Your specific qualification depends on credit score, down payment, debts, and lender requirements.
Is New York a good state to buy a house?
New York's combination of 1.46% property tax (near the national average of ~1.0%) and median home value of $384,100 place it in the mid-range of state housing markets nationally. New York property tax varies dramatically by region — NYC has effective rates around 0.9%, while Long Island and Westchester can exceed 2%.
How does New York property tax compare to neighboring states?
New York's 1.46% rate compares to: Connecticut at 1.96%, Massachusetts at 1.12%, Vermont at 1.83%, Pennsylvania at 1.43%. Property taxes can differ substantially between bordering states — moving 30 miles across a state line can change your annual tax bill by thousands.
Does New York have a homestead exemption?
New York offers various property tax relief programs. New York property tax varies dramatically by region — NYC has effective rates around 0.9%, while Long Island and Westchester can exceed 2%. STAR program provides school property tax relief for primary residences. Check with your county assessor for primary-residence exemptions and senior/disabled programs that may reduce your annual property tax bill.
What's included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four standard components of a mortgage payment. For your New York mortgage, the breakdown on a median-priced home would be: Principal & Interest $2,044, Property Tax $467, Homeowners Insurance $173. Add PMI if your down payment is under 20%, and HOA fees if your home is in a community with one.