{"id":13008,"date":"2019-11-27T15:52:08","date_gmt":"2019-11-27T23:52:08","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=13008"},"modified":"2026-04-03T06:22:30","modified_gmt":"2026-04-03T13:22:30","slug":"buyer-buy-house-in-new-york","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-buy-house-in-new-york\/","title":{"rendered":"How to Buy a House in New York You Can Afford"},"content":{"rendered":"

Buying a house in New York City will test your patience, budget, and knowledge of a city spanning 304.8 miles<\/a>. You’ll need thick skin and an experienced buyer’s agent<\/a> on your side \u2014 or you’ll spend too much (the city ranks 274th on a list of 300 cities<\/a> for affordability), underestimate the sheer amount of time involved, or end up back where you started: renting like two-thirds of NYC residents<\/a> do.<\/p>\n

But if you can get through the challenge, you\u2019ll own property in a world-renowned hub of innovation, art, and culture.<\/p>\n

We spoke with top New York City real estate agent Erin Wheelock<\/a> and conducted our own research into where to buy, how much you\u2019ll spend, and what you should look out for. Take this advice to heart and get a great agent on your side, and your search for the perfect NYC home will go more smoothly.<\/p>\n

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Source: (Tatiana Fet\/ Pexels)<\/figcaption><\/figure>\n

Buying a home to escape New York rent\u00a0<\/b><\/h2>\n

If you\u2019re looking to make a home in one of New York\u2019s five boroughs<\/a>, you\u2019re familiar with its reputation as an expensive place to live. In New York, the median house costs nearly 10 times the median household annual income<\/a>.<\/p>\n

But the rental market won\u2019t offer much relief. Between 2009 and 2017 asking rents in NYC increased by 33%<\/a>. NYC rents hit a three-year high<\/a> in June 2019, reaching an average of $2,980 for a one-bedroom apartment. If you think that\u2019s high, try finding an apartment in Manhattan where the average rent is $3,667<\/a><\/p>\n

Despite skyrocketing rents and pricey Impossible Burgers, it\u2019s possible to purchase a condo, co-op, or walkup in New York City at a decent price.<\/p>\n

The median NYC home price is $386,862<\/a>, compared to the national median of $227,025. But according to seasoned real estate agent Erin Wheelock<\/a>, you can find a good home in the City for as little as $300,000 if you know where to look. Prices run the gamut from there, she said, depending on what you\u2019re looking for.<\/p>\n

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Source: (ELEVATE\/ Pexels)<\/figcaption><\/figure>\n

Set a housing budget so you can still afford to eat (and have fun!) in NYC<\/b><\/h2>\n

Careful budgeting and a realistic assessment of how you can stretch your money is essential when it comes to the home-buying process in New York. Start with HomeLight\u2019s simple home affordability calculator<\/a> and set your location to \u201cNew York\u201d to get a ballpark idea of how much house you can afford based on your income, current savings, monthly debts, and credit score.<\/p>\n

After accounting for your upfront expenses (down payment, closing costs) and budgeting for your monthly mortgage (principal and interest) payments, you\u2019ll also need to account for, among other costs:<\/p>\n

Property taxes<\/b><\/h4>\n

You can turn to resources like the city\u2019s Property Tax<\/a> website for more information. Property tax rates are actually comparatively low in the City, averaging about 0.90% for most people, compared to the state average<\/a> of 1.68%.<\/p>\n

Homeowners insurance<\/h4>\n

You\u2019ll need homeowner insurance<\/a>, too, which costs New Yorkers about $97 per month, on average.<\/p>\n

Maintenance<\/h4>\n

You should set aside at least 1% of your home\u2019s value<\/a> for yearly maintenance costs, on the median $386,862 priced NYC home, that\u2019s $3,868.<\/p>\n

Cost of living<\/h4>\n

In addition, make sure that buying a house won\u2019t prevent you from enjoying what the city has to offer. You don\u2019t want to be \u201chouse poor\u201d in a city where the cost of living is 68% higher<\/a> than the national average. According to an analysis by SmartAsset, some of the pricier aspects of living here include<\/a>:<\/p>\n