Total monthly cost of ownership
Cost to Own a Home in Garden City, New York
A $1,063,000 home here costs
$7,980per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $342,000 a year.
A standard mortgage calculator would have told you $5,795. The real number is $2,185 higher every month, 38% more than the payment most buyers budget for.
Compare Nassau County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Garden City against Nassau County and New York
| Measure | Garden City | Nassau County |
|---|---|---|
| Median home value | $1,063,300 | $658,700 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 0.941% | 1.518% |
| Median gross rent | $3,478 | $2,195 |
| Population | 22,866 | 1,388,138 |
The weather behind that power bill
Garden City sits in Nassau County, which averages a high of 86.5°F in its hottest month and a low of 27.2°F in its coldest, with 45.33" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 1,124 cooling and 4,561 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Nassau County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Nassau County
Full Nassau County cost breakdown · Every county in New York
Talk to someone who works this market
These are Garden City averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Garden City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Garden City I already own here and may sell
Common questions
How much does it cost to own a home in Garden City?
A $1,063,000 home in Garden City, New York costs approximately $7,980 per month with 20% down at 7.24%. That is $5,795 principal and interest, $834 property tax, $234 homeowners insurance, $232 utilities and $886 set aside for maintenance.
What is the property tax rate in Garden City?
Garden City has an effective property tax rate of 0.941%, based on a median home value of $1,063,300 and median real estate taxes of $10,001. That is lower than the Nassau County average of 1.518%.
What is the average home price in Garden City?
The median owner-occupied home value in Garden City, New York is $1,063,300, against $658,700 across Nassau County.
Is it cheaper to rent or buy in Garden City?
Median gross rent in Garden City is $3,478 a month, against $7,980 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Garden City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Garden City, New York at today's rate takes a household income of roughly $342,000 a year. That covers the full $7,980 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Garden City, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for New York.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.