Total monthly cost of ownership
Cost to Own a Home in Hempstead, New York
A $442,000 home here costs
$3,908per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,272. The real number is $1,636 higher every month — 72% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Hempstead against Nassau County and New York
| Measure | Hempstead | Nassau County |
|---|---|---|
| Median home value | $442,100 | $658,700 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 2.262% | 1.518% |
| Median gross rent | $1,649 | $2,195 |
| Population | 58,569 | 1,388,138 |
The weather behind that power bill
Hempstead 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 $269 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
Common questions
How much does it cost to own a home in Hempstead?
A $442,000 home in Hempstead, New York costs approximately $3,908 per month with 20% down at 6.66%. That is $2,272 principal and interest, $833 property tax, $97 homeowners insurance, $337 utilities and $368 set aside for maintenance.
What is the property tax rate in Hempstead?
Hempstead has an effective property tax rate of 2.262%, based on a median home value of $442,100 and median real estate taxes of $10,001. That is higher than the Nassau County average of 1.518%.
What is the average home price in Hempstead?
The median owner-occupied home value in Hempstead, New York is $442,100, against $658,700 across Nassau County.
Is it cheaper to rent or buy in Hempstead?
Median gross rent in Hempstead is $1,649 a month, against $3,908 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Hempstead — 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.