Income Needed to Buy a Home in New York (2026)
Verdict: unaffordable — requires $150,728/year (#4 least affordable of 51 US states)
New York ranks #4 of 51 US states for housing unaffordability in 2026. Buying the median home at $507,794 requires a household income of about $150,728. That's $64,908 more than the median household actually earns ($85,820) — a shortfall of 76% of typical income.
New York's affordability ratio of 1.76 (required income ÷ actual median income) is 37.5% worse than the median across all 51 US states (1.28). Home prices here sit 46.5% above the cross-state median of $346,668.
An effective property tax rate of 1.26% adds $533 per month, while homeowners insurance runs about $1,860/year. All-in, the monthly PITI (principal, interest, taxes, insurance) comes to $3,517.
New York monthly cost breakdown (2026)
| Median home price | $507,794 |
| Loan amount (10% down) | $457,015 |
| Monthly principal & interest | $2,829 |
| Monthly property tax (1.26% rate) | $533 |
| Monthly homeowners insurance | $155 |
| Total monthly PITI | $3,517 |
| Required household income | $150,728 |
| Median household income | $85,820 |
Run your own numbers
These figures model the median buyer. Your rate, down payment, and debts change the answer — check your personal maximum with the Home Affordability Analyzer or build a full payment schedule in the Advanced Mortgage Calculator. Closing costs typically add 2–5% on top — estimate them with the Closing Costs Estimator.
How New York compares
- Rhode Island — similar affordability (ratio 1.75, requires $146,304)
- Montana — similar affordability (ratio 1.75, requires $131,484)
- Massachusetts — similar affordability (ratio 1.77, requires $185,722)
- West Virginia — among the most affordable US states (requires $48,369)
- Iowa — among the most affordable US states (requires $74,199)
See every state and province ranked in the 2026 Mortgage Affordability Index.
Frequently asked questions
How much income do you need to buy a house in New York in 2026?
About $150,728 per year to afford the median-priced home of $507,794, assuming a 10% down payment and standard 28% housing-cost-to-income guideline. The median New York household earns $85,820.
What is the monthly cost of owning a median home in New York?
Roughly $3,517 per month, including principal and interest, property tax, and homeowners insurance.
Is New York affordable at the median income?
No. The required income exceeds the median household income by $64,908 (76%), ranking New York #4 least affordable of 51 US states.
Methodology & sources
Assumes 10% down, 30-year fixed at prevailing 2026 rates, 28% housing-cost-to-income guideline. Home prices from Zillow ZHVI (March 2026); incomes from Census ACS 1-Year 2024; property taxes from Tax Foundation; insurance from Bankrate state averages. Figures model the median scenario and are not financial advice. Full sources on the affordability index.