Buying a home in New York

New York's effective property-tax rate is about 1.227%of a home's value per year, higher than the U.S. average of 0.888%. On a $500,000 home that's roughly $6,135 a year.

Full New York property-tax guide →

New York involves an attorney at closing, and New York levies a real-estate transfer/deed tax of about 0.4% — customarily seller-paid. state transfer $2/$500 (seller); NYC RPTT + buyer mansion tax computed in finance.ts. On a $400,000 home, estimated closing costs run about $11,548–$15,648 on top of your down payment.

Full New York closing-costs guide →

New York runs a housing finance agency with first-time-buyer help: down-payment assistance, below-market first mortgages, and mortgage tax credits.

See first-time buyer programs in New York →

What you can afford depends on your income, debts, and down payment, not just the home price. New York's property taxes above feed straight into the monthly payment lenders measure against your income.

Enter your numbers once and see your real affordability range, debt-to-income, and rent-vs-buy break-even for New York:

Home Buying Steps walks you through the whole process, from checking if you're ready to getting pre-approved to closing day, one clear step at a time, tailored to New York where the rules differ.

• 1. Are you ready? — budget, credit, rent vs. buy
• 2. Get your finances in order — pre-approval
• 5. Making an offer — earnest money & contingencies
• 10. Closing day — every cost, line by line