NY · Housing affordability · 2024

New YorkHousing Affordability by County

New York's housing market is mid-range — neither crisis nor bargain

At 4.9× of a typical annual income, New York sits comfortably in the middle of the national pack. Buyers face real costs but not the extremes seen in coastal states.

Getting pricey Population: 19,852,366

Getting pricey — housing costs are above average but not yet at crisis levels.

Years of income to buy a home

4.9×

▲ 17% vs US average

Typical home price

$423,800

▲ 23% vs US average

Typical monthly rent

$1,621

▲ 24% vs US average

Renters paying too much for rent

49.2%

▲ 9% vs US average

Homeowners stretched thin

19.1%

▲ 19% vs US average

Typical household income

$85,974

▲ 7% vs US average

How to read the bars: the coloured bar is NY's value; the grey tick is the US average. "Paying too much" means spending more than 30% of income on housing — the standard economic threshold for cost burden.

What the data shows

Buying a home in New York is manageable for many families, though it takes real commitment. The typical home costs $423,800, which is about 4.9× of the typical household income of $85,974 a year. A family saving their entire income would need around 4.9 years to cover the purchase price — before mortgage interest, taxes, or upkeep.

Renters face serious pressure. The typical rent in New York is $1,621 a month, and 49% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 9% higher than the national average of 45%.

19.1% of New York homeowners with a mortgage spend more than 30% of their income on housing — above the national average of 16.1%.

How New York ranks nationally

Rank 1 = most expensive / highest burden. Compared against all 50 states and DC (51 in total).

Years to buy a home

12th

of 51 states

Typical home price

11th

of 51 states

Typical monthly rent

10th

of 51 states

Renters paying too much

8th

of 51 states

Common questions

Is New York affordable to live in? +

It depends on what you're comparing to. New York is in the middle of the pack nationally. The typical home costs $423,800, which is 4.9× of the typical household income — above the national average, but far from the extremes seen in California or Hawaii.

What is the average rent in New York? +

The typical monthly rent in New York is $1,621, according to the 2024 American Community Survey. About 49% of NY renters spend more than 30% of their income on rent.

How much do you need to earn to buy a home in New York? +

As a rough guide, you'd need a household income of around $106,000 a year to comfortably afford the typical New York home of $423,800, assuming a 20% down payment and standard mortgage terms. The typical New York household earns $85,974 a year.

Explore New York county by county on the map

The state average is only part of the story. Drill into individual counties and census tracts to see where affordability varies most across New York.

Open NY on the map

Other states in the same tier — Getting pricey