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How much house can I afford in New York? →State of New York Mortgage Agency's primary below-market-rate 30-year fixed first mortgage for 1-4 family homes, condos, co-ops, and manufactured homes, generally available to first-time homebuyers statewide (first-time requirement waived in SONYMA-designated target areas); subject to income and purchase-price limits that vary by county/region.
0%-interest second loan for down payment, closing costs, and/or mortgage insurance, up to 3% of the purchase price (min $1,000, generally up to $15,000), forgiven over 10 years of occupancy; must be paired with a SONYMA first mortgage and raises the first mortgage's interest rate by 0.40%.
Fewer listings, fewer buyers, and sellers who have a reason to be on the market in December. Here is what a winter discount is actually worth on a $400,000 house — in monthly payment, in lifetime interest, and in the seller concessions a quiet market makes possible — and the three ways a winter purchase goes wrong.
New York taxes the sale and the loan separately. At the $480,000 statewide median, that's $1,920 in transfer tax plus $1,920 more in mortgage recording tax.
The operational guide to buying property with a partner, friend, sibling, or parent — credit and DTI mechanics, title vesting, a clause-by-clause co-ownership agreement, and how the exit actually works.
A month-by-month plan for the year before you buy: what to do in each phase, what never to touch, how to document every dollar, and how to survive closing day.
New York guide
Most states tax one thing when a house changes hands: the sale. New York taxes two — a Real Estate Transfer Tax on the price the property sold for, and a separate Mortgage Recording Tax on the loan you took out to buy it. Different taxes, different sections of the tax law, and you pay both.
At the statewide median sale price of $480,000, the state transfer tax is $2 per $500 of consideration — 0.4%, or $1,920. Put 20% down and you're financing $384,000; the basic mortgage recording tax of 0.50% on that loan is another $1,920. Same number, twice, from two unrelated taxes.
And that's the floor: the 0.50% basic tax is only the first of three state components, and New York City layers its own mortgage tax and transfer tax on top. Below is where the state-specific money goes; for the ordinary fees, see our full line-by-line breakdown of closing costs.
A note before you start: this is general education, not financial, legal, or tax advice. Every figure below is a statewide number from CalculatorByState's sourced dataset, and your county, lender, attorney, title company, and contract will all move the total. New York's mortgage recording tax is set jurisdiction by jurisdiction — the state's own MT-15 return carries the current rate table — so the only rate that matters is the one for the county you're buying in. Your Loan Estimate and Closing Disclosure are authoritative. Use this to sanity-check them, not to replace them.
A 2-5% range against New York's $480,000 median sale price gives you roughly $9,600 to $24,000, midpoint around $16,800. That width isn't noise — it's the gap between upstate and Brooklyn. At $350,000 the same range becomes about $7,000 to $17,500.
Read the full New York guide →9 min read · Updated 2026-08-24