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These days, finding an affordable place to live in the New York area can be challenging. Home prices in New York are now at a median cost of $278,944, lower than the Texas average of $322,096.
The average cost of rent is $1,064/mo in New York, primarily driven by the current value of real estate in the New York area. In New York, 20.68% of households rent, and 53.56% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in New York is $6,424 per month. Households that rent pay about 16.56% of their income on rent here. New York’s most expensive areas are in the southern regions, while the cheapest areas are in the western parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
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Cities with Similar Populations
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- Beechwood Village, KY: higher priced homes
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