New York Home Affordability Calculator
How much house you can afford based on income and debts.
Based on the standard 28/36 rule: housing costs at or below 28% of gross monthly income, and total debt (including housing) at or below 36%. Includes New York's average property tax rate of 1.60%.
30-year fixed mortgage rate, historical average
6.90% in 2026 (YTD)View as table
| Year | Avg. rate |
|---|---|
| 2000 | 8.08% |
| 2001 | 7.01% |
| 2002 | 6.57% |
| 2003 | 5.89% |
| 2004 | 5.88% |
| 2005 | 5.93% |
| 2006 | 6.47% |
| 2007 | 6.40% |
| 2008 | 6.23% |
| 2009 | 5.38% |
| 2010 | 4.86% |
| 2011 | 4.65% |
| 2012 | 3.88% |
| 2013 | 4.16% |
| 2014 | 4.31% |
| 2015 | 3.99% |
| 2016 | 3.79% |
| 2017 | 4.14% |
| 2018 | 4.70% |
| 2019 | 4.13% |
| 2020 | 3.38% |
| 2021 | 3.15% |
| 2022 | 5.53% |
| 2023 | 7.00% |
| 2024 | 6.90% |
| 2025 | 6.66% |
| 2026 (YTD) | 6.90% |
U.S. national annual average, not specific to New York. Source: Freddie Mac PMMS via Bankrate.
You can likely afford
What you can afford in New York
Affordability comes down to your income, debts, and local costs — including New York's average property tax rate of 1.60%, which factors directly into your monthly housing payment and therefore how much home you can qualify for.
Lenders typically want your total housing payment under 28% of gross monthly income, and all debt payments (including housing) under 36% — known as the 28/36 rule.
Frequently asked questions
What is the 28/36 rule?+
A common lending guideline: your monthly housing payment should be at or below 28% of gross monthly income, and your total debt payments (including housing) should be at or below 36%.
Does a bigger down payment always help?+
Generally yes — it lowers your loan amount (and monthly payment), can eliminate PMI at 20% down, and reduces total interest paid over the life of the loan. But it's worth balancing against keeping an emergency fund.
How much home can I afford on $90,000 a year in New York?+
On a $90,000 annual income with $400/month in other debt, a $40,000 down payment, and today's ~6.90% average mortgage rate, the 28/36 rule and New York's property tax rate put your estimated max home price at around $265,275.