Total monthly cost of ownership
Cost to Own a Home in New York, New York
A $752,000 home here costs
$5,726per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $245,500 a year.
A standard mortgage calculator would have told you $4,165. The real number is $1,561 higher every month, 37% more than the payment most buyers budget for.
Compare Kings 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.
New York against Kings County and New York
| Measure | New York | Kings County |
|---|---|---|
| Median home value | $751,700 | $889,700 |
| Median property tax | $6,358 | $6,120 |
| Effective tax rate | 0.846% | 0.688% |
| Median gross rent | $1,779 | $1,784 |
| Population | 8,516,202 | 2,646,306 |
New York extends across 5 counties. Figures here use Kings County, where most of its housing sits.
The weather behind that power bill
New York sits in Kings County, which averages a high of 84.8°F in its hottest month and a low of 27.5°F in its coldest, with 47.13" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,186 cooling and 4,600 heating degree days, which is what sets the $171 electricity line above.
See the full climate breakdown for Kings County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Kings County
No other places of this size are published in Kings County.
Talk to someone who works this market
These are New York 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 New York every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New York I already own here and may sell
Common questions
How much does it cost to own a home in New York?
A $752,000 home in New York, New York costs approximately $5,726 per month with 20% down at 7.4%. That is $4,165 principal and interest, $530 property tax, $165 homeowners insurance, $239 utilities and $627 set aside for maintenance.
What is the property tax rate in New York?
New York has an effective property tax rate of 0.846%, based on a median home value of $751,700 and median real estate taxes of $6,358. That is higher than the Kings County average of 0.688%.
What is the average home price in New York?
The median owner-occupied home value in New York, New York is $751,700, against $889,700 across Kings County.
Is it cheaper to rent or buy in New York?
Median gross rent in New York is $1,779 a month, against $5,726 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 New York?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New York, New York at today's rate takes a household income of roughly $245,500 a year. That covers the full $5,726 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New York, 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.