Cost of Ownership · New York

The true cost of owning a home in New York

For a median $403,000 home in New York, here is the full monthly cost — not just the mortgage. Built from public data: the state's median home value and effective property-tax rate, its average homeowners premium, and the current 30-year rate. This is a representative example, not a quote.

As of Jul 5, 2026Methodology true-cost-v3

Lender-approved payment

$3,100/mo

PITI + PMI

True monthly cost

$3,436/mo

everything, incl. upkeep

The gap

+$336/mo

what approval leaves out

Principal & interest$2,276/mo

Property tax$538/mo

Homeowners insurance$136/mo

PMI (LTV > 80%)$151/mo

Maintenance reserve$336/mo

True monthly cost$3,436/mo

Effective property-tax rate

1.60%

Avg. homeowners premium

$1,628/yr

NFIP flood claims on record

175,253

These figures use New York’s median home value and a 10% down payment as a representative example. Your price, rate, and county rate will differ — run your own numbers in the True Cost tool, see how New York ranks on property tax and insurance, or browse every state.