New York housing costs at a glance
| New York | |
|---|---|
| Median home value (Zillow) | $490,000 |
| Average effective property tax | 1.23% |
| Typical rate for a new buyer (calculator default) | 1.4% |
| Average homeowners insurance ($300k dwelling) | $1,356 a year |
| 2026 conforming loan limit (one unit) | $832,750 upstate; $1,249,125 in New York City, Long Island and Westchester, Rockland and Putnam counties |
Example: median-priced home
New York home for $490,000, 20% down, 6.5% 30-year fixed: principal and interest $2,478 + property tax $572 + insurance $113 = about $3,162 a month. Enter your own rate quote and the actual tax rate of the property for a precise figure.
New York property tax
Property tax varies enormously across New York. Many upstate and Long Island communities have effective rates of 2%–3% of market value, while New York City has a lower effective rate on one- to three-family homes (often well below 1%) because of how its assessment classes work. The statewide average is about 1.23%. Check the tax bill or school tax rate for the specific town before you buy.
New York closing costs
- Mortgage recording tax: paid by the buyer on the loan amount – about 1.8% to 1.925% in New York City and roughly 0.75% to 1.05% elsewhere, depending on the county.
- Mansion tax: 1% of the price on homes of $1 million or more, paid by the buyer (higher tiers apply in New York City).
- Transfer tax: the state charges 0.4% of the price, usually paid by the seller; New York City adds its own real property transfer tax.
Other states
See also the New York paycheck calculator and mortgage costs in other states.
Frequently asked questions
What is the mortgage recording tax in New York?
A tax on the loan amount paid by the buyer: about 1.8% (loans under $500,000) to 1.925% in New York City, and roughly 0.75% to 1.05% in other counties.
What is the New York mansion tax?
A 1% tax on the purchase of residential property for $1 million or more, paid by the buyer. New York City has higher rates for more expensive homes.
What is the monthly payment on a median-priced New York home?
On a $490,000 home with 20% down at 6.5%, principal and interest are about $2,478; with property tax at 1.4% and insurance the total is about $3,160 a month.
What is the 2026 conforming loan limit in New York City?
$1,249,125 for a one-unit home, the high-cost ceiling, which also applies on Long Island and in Westchester, Rockland and Putnam counties.
For information only; not a loan offer. Property tax, insurance and closing costs depend on the specific property and lender.
Sources
- NYS Department of Taxation and Finance – real property
- FHFA – 2026 conforming loan limits
- NAHB analysis of Census ACS property tax data
- Zillow Home Value Index
- Insurify – home insurance by state
Rules checked: October 2026