Cost of Ownership · New York
The true cost of owning a home in New York
For a median $423,800 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.
Lender-approved payment
$3,274/mo
PITI + PMI
True monthly cost
$3,627/mo
everything, incl. upkeep
The gap
+$353/mo
what approval leaves out
Effective property-tax rate
1.55%
Avg. homeowners premium
$1,628/yr
NFIP flood claims on record
175,253
Closing costs in New York
Median closing costs and lender origination charges on real home-purchase loans in New York, from public CFPB HMDA data. Cells with fewer than 25 loans aren't shown.
Median total closing costs
$6,516
Typically $4,509–$10,481
Median origination charges
$2,819
Typically $1,335–$6,553
| Loan size | p25 | Median | p75 | Loans |
|---|---|---|---|---|
| All | $4,509 | $6,516 | $10,481 | 96,888 |
| All | $4,387 | $6,709 | $11,360 | 96,062 |
| < $250k | $3,635 | $4,569 | $6,410 | 29,220 |
| < $250k | $3,409 | $4,589 | $6,658 | 33,698 |
| $250k–$500k | $4,544 | $6,107 | $9,501 | 31,474 |
| $250k–$500k | $4,829 | $7,438 | $11,840 | 31,930 |
| $500k–$750k | $6,495 | $11,580 | $18,938 | 19,326 |
| $500k–$750k | $6,280 | $9,264 | $16,731 | 21,126 |
| > $750k | $6,893 | $10,244 | $18,962 | 15,068 |
| > $750k | $6,263 | $9,438 | $19,827 | 11,108 |
Compare your own Loan Estimate with the Loan Estimate Decoder, or see every state in the Fee & Rate Index.
Common questions about buying a home in New York
- What are the median closing costs in New York?
- Median total closing costs — lender and third-party charges — on a home-purchase loan in New York are about $6,516, from public CFPB HMDA data. Cells with fewer than 25 loans are suppressed.
- What is the effective property-tax rate in New York?
- The effective property-tax rate in New York is about 1.55%, from the Census American Community Survey (median real estate taxes divided by median home value).
- What does a median home cost to own each month in New York?
- A median $423,800 home in New York costs about $3,627 a month to own — principal, interest, property tax, insurance, PMI, and a maintenance reserve — versus a lender-approved payment of about $3,274. Every figure is from public data.
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.