What income to buy in NYC?
Often $180k+ gross for a median condo payment with 20% down — borough and building matter.
New York City · New York
How Much House Can You Afford in New York City?
Median home near $725,000. Typical household income near $95,000. Very high — co-op maintenance and local tax squeeze cash flow. Calculator below uses New York City tax and insurance defaults.
Local numbers for New York City
$725,000Median home price
$226,562+Rough gross income for median home (3× rule)
0.88%Property tax (effective)
0.45%Insurance (of home value / yr)
On a median $725,000 home, tax near 0.88% is about $531/month. Insurance near 0.45% is about $271/month. HOA near $450/month where it applies.
Co-ops may need 20–50% down and board approval. City income tax hits take-home before you shop.
Affordability in New York City: local context
New York City is the most complex market in this guide. Co-ops, condos, and townhomes each carry different fees and board rules.
City income tax stacks on state tax. Check take-home pay before you trust gross salary in the calculator.
Median price near $725k is not one borough. Queens and Bronx listings can sit far below Manhattan medians — still above national norms.
HOA and maintenance near $450 a month in our default is a floor, not a cap. Luxury buildings run much higher.
Many buyers need $180k+ gross for a median condo payment with 20% down. If you are below that, size down or widen your search to outer boroughs.
FAQ — New York City
Are NYC property taxes low?
Rates look low on paper but assessed values are high. Maintenance fees are the wild card.