How Much House Can You Afford in New York?
Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With New York's median income of $75,000/year ($6,250/month), that means a maximum housing payment of roughly $1,750/month.
At 6.76% over 30 years with a 15% down payment ($67,500), that monthly budget supports a purchase price of approximately $427,500–$450,000. The median home price in New York is $450,000, which means housing is significantly more expensive than the national average.