Navigation
I Love New York.

Home Mortgage Rates in New York

New York State is the fourth most populous state in the country and covers almost 55,000 square miles. The landscape across the state, however, could not be more diverse. New York City is the most-populated city in the United States, and about 60% of New York State's citizens live in the New York City metropolitan area. Most of the state's area, however, lies to the north of New York City. This part of the state includes mountains, rural villages, college towns, and industrial cities.

New York City Skyline.

The New York City Long Island metropolitan area is referred to as Downstate New York, with the rest of the state comprising Upstate New York. Manhattan is just to the west of Long Island and includes some of the most expensive real estate in the world.

NY Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 1 New York-Newark-Jersey City, NY-NJ-PA Metro Area 20,153,634 19,567,410 586,224 3.00%
2 50 Buffalo-Cheektowaga-Niagara Falls 1,132,804 1,135,509 -2,705 -0.24%
3 51 Rochester 1,078,879 1,079,671 -792 -0.07%
4 63 Albany-Schenectady-Troy 881,839 870,716 11,123 1.28%
5 84 Syracuse 656,510 662,577 -6,067 -0.92%
6 164 Utica-Rome 293,803 299,397 -5,594 -1.87%
7 189 Binghamton 244,094 251,725 -7,631 -3.03%
8 236 Kingston 179,225 182,493 -3,268 -1.79%
9 317 Jamestown-Dunkirk-Fredonia 129,504 134,905 -5,401 -4.00%
10 324 Glens Falls 126,367 128,923 -2,556 -1.98%
11 352 Watertown-Fort Drum 114,006 116,229 -2,223 -1.91%
12 354 Ogdensburg-Massena 110,038 111,944 -1,906 -1.70%
13 366 Ithaca 104,871 101,564 3,307 3.26%
14 397 Corning 96,940 98,990 -2,050 -2.07%
15 420 Elmira 86,322 88,830 -2,508 -2.82%
16 441 Plattsburgh 81,073 82,128 -1,055 -1.28%
17 453 Auburn 77,861 80,026 -2,165 -2.71%
18 454 Olean 77,677 80,317 -2,640 -3.29%
19 520 Hudson 60,989 63,096 -2,107 -3.34%
20 527 Oneonta 60,097 62,259 -2,162 -3.47%
21 536 Batavia 58,482 60,079 -1,597 -2.66%
22 564 Gloversville 53,828 55,531 -1,703 -3.07%
23 592 Malone 50,409 51,599 -1,190 -2.31%
24 597 Amsterdam 49,276 50,219 -943 -1.88%
25 609 Cortland 48,070 49,336 -1,266 -2.57%
26 765 Seneca Falls 34,777 35,251 -474 -1.34%

Due to its large size, New York City includes many neighborhoods that have developed their own unique characteristics and have mortgages amongst the highest in the world: including Battery Park, Bedford, Belle Harbor, Carnegie Hill, Central Park, Chelsea, Forest Hill Gardens, Greenwich Village, Little Italy, Manhattan Beach, Queens, SoHo and Sutton Place. Sometimes, New York real estate agents might refer to the county the property is located in (i.e. Nassau or Westchester). Here are the population statistics for each of the five boroughs.

Borough 2016 Pop 2010 Pop Change % △ Land mi² Pop Density
New York State 19,745,289 19,378,102 367,187 1.90% 47,126.40 418.99
New York City 8,537,673 8,175.13 362,540 4.40% 302.64 28,210.66
Bronx 1,455,720 13,805,108 70,612 5.10% 42.1 34,577.67
Brooklyn 2,692,150 2,504,700 124,450 5.00% 70.82 38,013.98
Manhattan 1,643,734 1,585,873 57,861 3.60% 22.83 71,998.86
Queens 2,333,054 2,230,722 102,332 4.60% 108.53 21,496.86
Staten Island 476,015 468,730 7,285 1.60% 58.37 8,155.13
NYC as % NY State 43.20% 42.20% 98.70% 0.64219%

Current Real Estate Trends

The median home price is New York State is $303,300. In the last year, the median home price has increased by over 12%, and values are expected to continue increasing at a rate of around 6% annually. Condominiums in New York sell for about $975 per square foot, and single-family homes sell for a median value of $147 per square foot. The median rent list price in New York is $3,200. This large differential in price is due to the fact that rental properties and condominiums dominate the housing market in the New York City metropolitan area.

New York City is the most densely populated city in the United States and has some of the most expensive real estate. The financial services, entertainment, and tourism industries dominate the city's economy. The median sales price in New York City is $1.4 million, and the median rent is $3,900. Penthouse units have sold for over $100 million.

Manhattan Skyline at Night.

Life outside the New York City metropolitan area, however, is considerably more affordable. Four of the next largest cities in New York are Buffalo, Rochester, Syracuse, and Albany. Buffalo used to be a large manufacturing city and still maintains one of the largest steel manufacturing facilities in the country. The median home price is around $100,000, and median rents are around $950. Rochester is home to many large, technology firms such as Eastman Kodak and Xerox. The mean home price in Rochester is around $124,000, and median rent is $1,200. Syracuse recently ranked last out of the 100 largest U.S. metropolitan areas in economic growth. Once a thriving manufacturing city, it has become a victim of the decline in American manufacturing. The largest employers are related to Syracuse University. Median home prices have slowly declined over the last five years to $98,000, and the median rent is $1,200. Albany is the state capital of New York. The state government is a large part of Albany's economy, but it has grown to be a part of New York's tech valley in the past few years. The median home price is around $193,000, and the median rent is $1,500.

High Falls in Rochester, New York.

Buffalo and Syracuse are considered two of the most affordable cities in New York. Troy, Elmira, and a few other small towns in the Finger Lakes region also make the list. The cost of living is below the national average in all of these cities, and all of the cities have median home prices under $100,000.

Cohoes, Glens Falls, and Oneonta rank among the fastest growing cities in New York. Cohoes and Glens Falls are both suburbs of Albany that have experienced growth as business activity around Albany increases. Oneonta is a small city that is the home of two colleges.

New York State Census Data

According to the United States Census an estimated 19,745,289 people live in the state of New York. The state has 47,126.40 mi² of land area, which gave it a population density of 418.99 per mi². Here is a list of cities, towns, villages & Census Designated Places with more than 10,000 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 New York City Bronx, Kings, New York, Queens, and Richmond 8,537,673 8,175,133 362,540 4.43% 302.64 28,210.66
Brooklyn borough Kings 2,629,150 2,504,700 124,450 4.97% 70.82 37,124.40
Queens borough Queens 2,333,054 2,230,722 102,332 4.59% 108.53 21,496.86
Manhattan borough New York 1,643,734 1,585,873 57,861 3.65% 22.83 71,998.86
Bronx borough Bronx 1,455,720 1,385,108 70,612 5.10% 42.1 34,577.67
Staten Island borough Richmond 476,015 468,730 7,285 1.55% 58.37 8,155.13
2 Hempstead Nassau 770,367 759,757 10,610 1.40% 118.59 6,496.05
3 Brookhaven Suffolk 486,599 486,040 559 0.12% 259.44 1,875.57
4 Islip Suffolk 333,758 335,543 -1,785 -0.53% 104.11 3,205.82
5 Oyster Bay Nassau 298,961 293,214 5,747 1.96% 103.75 2,881.55
6 Buffalo Erie 256,902 261,310 -4,408 -1.69% 40.38 6,362.11
7 North Hempstead Nassau 231,114 226,322 4,792 2.12% 53.51 4,319.08
8 Babylon Suffolk 212,137 213,603 -1,466 -0.69% 52.32 4,054.61
9 Rochester Monroe 208,880 210,565 -1,685 -0.80% 35.78 5,837.90
10 Huntington Suffolk 203,236 203,264 -28 -0.01% 94.12 2,159.33
11 Yonkers Westchester 200,807 195,976 4,831 2.47% 18.01 11,149.75
12 Syracuse Onondaga 143,378 145,170 -1,792 -1.23% 25.04 5,725.96
13 Ramapo Rockland 136,235 126,595 9,640 7.61% 61.2 2,226.06
14 Amherst Erie 125,786 122,366 3,420 2.79% 53.2 2,364.40
15 Smithtown Suffolk 117,481 117,801 -320 -0.27% 53.7 2,187.73
16 Albany Albany 98,111 97,856 255 0.26% 21.39 4,586.77
17 Greece Monroe 96,175 96,095 80 0.08% 47.52 2,023.88
18 Greenburgh Westchester 92,316 88,400 3,916 4.43% 30.31 3,045.73
19 Clarkstown Rockland 87,332 84,187 3,145 3.74% 38.48 2,269.54
20 Cheektowaga Erie 86,983 88,226 -1,243 -1.41% 29.42 2,956.59
21 Colonie Albany 83,217 81,591 1,626 1.99% 55.94 1,487.61
22 New Rochelle Westchester 79,557 77,062 2,495 3.24% 10.35 7,686.67
Cheektowaga CDP Erie 74,905 75,178 -273 -0.36% 25.34 2,956.00
23 Tonawanda Erie 72,483 73,567 -1,084 -1.47% 18.73 3,869.89
24 Mount Vernon Westchester 68,344 67,292 1,052 1.56% 4.39 15,568.11
25 Schenectady Schenectady 64,913 66,135 -1,222 -1.85% 10.78 6,021.61
Brentwood CDP Suffolk 61,374 60,664 710 1.17% 10.98 5,589.62
26 Utica Oneida 60,652 62,235 -1,583 -2.54% 16.76 3,618.85
27 Clay Onondaga 59,606 58,206 1,400 2.41% 47.96 1,242.83
28 White Plains Westchester 58,241 56,853 1,388 2.44% 9.77 5,961.21
Tonawanda CDP Erie 58,149 58,144 5 0.01% 17.3 3,361.21
29 Southampton Suffolk 58,119 56,790 1,329 2.34% 139.19 417.55
30 Hamburg Erie 58,097 56,936 1,161 2.04% 41.32 1,406.03
31 Hempstead village Nassau 55,555 53,891 1,664 3.09% 3.68 15,096.47
32 Union Broome 54,790 56,346 -1,556 -2.76% 35.45 1,545.56
Levittown CDP Nassau 51,593 51,881 -288 -0.56% 6.81 7,576.06
Irondequoit CDP Monroe 51,337 51,692 -355 -0.69% 15 3,422.47
33 Irondequoit Monroe 50,556 51,692 -1,136 -2.20% 15 3,370.40
34 Orangetown Rockland 50,324 49,212 1,112 2.26% 24.1 2,088.13
35 Troy Rensselaer 49,702 50,129 -427 -0.85% 10.36 4,797.49
36 Niagara Falls Niagara 48,632 50,193 -1,561 -3.11% 14.09 3,451.53
37 Rye Westchester 46,881 45,928 953 2.07% 6.92 6,774.71
38 Perinton Monroe 46,713 46,462 251 0.54% 34.19 1,366.28
39 Binghamton Broome 45,672 47,376 -1,704 -3.60% 10.49 4,353.86
40 West Seneca Erie 45,463 44,711 752 1.68% 21.36 2,128.42
West Seneca CDP Erie 45,089 44,711 378 0.85% 21.36 2,110.91
41 Webster Monroe 44,743 42,641 2,102 4.93% 33.53 1,334.42
42 Mount Pleasant Westchester 44,556 43,724 832 1.90% 27.42 1,624.95
43 Poughkeepsie Dutchess 44,201 43,341 860 1.98% 28.51 1,550.37
44 Monroe Orange 43,819 39,912 3,907 9.79% 19.98 2,193.14
45 Henrietta Monroe 43,690 42,581 1,109 2.60% 35.35 1,235.93
46 Freeport village Nassau 43,279 42,860 419 0.98% 4.63 9,347.52
47 Lancaster Erie 43,158 41,604 1,554 3.74% 37.7 1,144.77
48 Cortlandt Westchester 42,821 41,592 1,229 2.95% 39.25 1,090.98
West Babylon CDP Suffolk 42,664 43,213 -549 -1.27% 7.77 5,490.86
Hicksville CDP Nassau 42,333 41,547 786 1.89% 6.79 6,234.61
Coram CDP Suffolk 40,685 39,113 1,572 4.02% 13.82 2,943.92
49 Ossining Westchester 38,303 37,674 629 1.67% 11.56 3,313.41
East Meadow CDP Nassau 37,836 38,132 -296 -0.78% 6.3 6,005.71
50 Valley Stream village Nassau 37,673 37,511 162 0.43% 3.48 10,825.57
51 Haverstraw Rockland 37,414 36,634 780 2.13% 22.16 1,688.36
Elmont CDP Nassau 37,388 33,198 4,190 12.62% 3.37 11,094.36
52 Penfield Monroe 37,329 36,242 1,087 3.00% 37.21 1,003.20
53 Yorktown Westchester 36,996 36,081 915 2.54% 36.64 1,009.72
Brighton CDP Monroe 36,929 36,609 320 0.87% 15.42 2,394.88
54 Clifton Park Saratoga 36,755 36,705 50 0.14% 48.2 762.55
55 Brighton Monroe 36,598 36,609 -11 -0.03% 15.42 2,373.41
Commack CDP Suffolk 35,914 36,124 -210 -0.58% 11.97 3,000.33
56 Guilderland Albany 35,745 35,303 442 1.25% 57.9 617.36
57 Bethlehem Albany 35,324 33,656 1,668 4.96% 49.03 720.46
Central Islip CDP Suffolk 34,960 34,450 510 1.48% 7.11 4,917.02
58 Carmel Putnam 34,225 34,305 -80 -0.23% 35.91 953.08
Huntington Station CDP Suffolk 34,088 33,029 1,059 3.21% 5.47 6,231.81
New City CDP Rockland 33,722 33,559 163 0.49% 15.58 2,164.44
59 Long Beach Nassau 33,717 33,275 442 1.33% 2.21 15,256.56
60 Riverhead Suffolk 33,637 33,506 131 0.39% 67.43 498.84
61 Salina Onondaga 33,149 33,710 -561 -1.66% 13.75 2,410.84
62 Eastchester Westchester 33,006 32,363 643 1.99% 4.85 6,805.36
Centereach CDP Suffolk 32,649 31,578 1,071 3.39% 8.71 3,748.45
63 Spring Valley village Rockland 32,603 31,347 1,256 4.01% 2.02 16,140.10
64 Rome Oneida 32,415 33,725 -1,310 -3.88% 74.79 433.41
65 Clarence Erie 32,328 30,673 1,655 5.40% 53.5 604.26
66 Manlius Onondaga 32,210 32,370 -160 -0.49% 49.22 654.41
Franklin Square CDP Nassau 31,544 29,320 2,224 7.59% 2.88 10,952.78
67 Warwick Orange 31,282 32,065 -783 -2.44% 101.34 308.68
68 Cicero Onondaga 31,212 31,632 -420 -1.33% 48.27 646.61
69 Ithaca Tompkins 30,756 30,014 742 2.47% 5.39 5,706.12
70 Newburgh Orange 30,704 29,801 903 3.03% 42.68 719.40
71 North Tonawanda Niagara 30,607 31,568 -961 -3.04% 10.1 3,030.40
Oceanside CDP Nassau 30,371 32,109 -1,738 -5.41% 4.94 6,147.98
72 Poughkeepsie Dutchess 30,267 32,736 -2,469 -7.54% 5.14 5,888.52
73 Mamaroneck Westchester 29,878 29,156 722 2.48% 6.65 4,492.93
74 Jamestown Chautauqua 29,775 31,146 -1,371 -4.40% 8.93 3,334.27
Bay Shore CDP Suffolk 29,670 26,337 3,333 12.66% 5.37 5,525.14
75 Orchard Park Erie 29,629 29,054 575 1.98% 38.44 770.79
76 Port Chester village Westchester 29,524 28,967 557 1.92% 2.33 12,671.24
77 Rotterdam Schenectady 29,519 29,094 425 1.46% 35.69 827.09
78 Pittsford Monroe 29,463 29,405 58 0.20% 23.18 1,271.05
79 East Fishkill Dutchess 29,439 29,029 410 1.41% 56.5 521.04
80 Glenville Schenectady 29,337 29,480 -143 -0.49% 49.19 596.40
81 Chili Monroe 28,794 28,625 169 0.59% 39.5 728.96
82 Wallkill Orange 28,710 27,426 1,284 4.68% 62.11 462.24
83 Gates Monroe 28,691 28,400 291 1.02% 15.2 1,887.57
84 Harrison village Westchester 28,340 27,472 868 3.16% 16.77 1,689.92
85 Newburgh  Orange 28,200 28,866 -666 -2.31% 3.8 7,421.05
86 Vestal Broome 28,082 28,043 39 0.14% 51.74 542.75
87 Elmira Chemung 27,962 29,200 -1,238 -4.24% 7.25 3,856.83
88 Saratoga Springs Saratoga 27,763 26,586 1,177 4.43% 28.06 989.42
89 Queensbury Warren 27,675 27,901 -226 -0.81% 62.83 440.47
90 Middletown Orange 27,653 28,086 -433 -1.54% 5.08 5,443.50
Holbrook CDP Suffolk 27,533 27,195 338 1.24% 7.18 3,834.68
Dix Hills CDP Suffolk 27,374 26,892 482 1.79% 15.95 1,716.24
Deer Park CDP Suffolk 27,346 27,745 -399 -1.44% 6.17 4,432.09
91 Glen Cove Nassau 27,341 26,964 377 1.40% 6.65 4,111.43
92 New Windsor Orange 27,272 25,244 2,028 8.03% 34.07 800.47
West Islip CDP Suffolk 27,224 28,335 -1,111 -3.92% 6.33 4,300.79
93 Lindenhurst village Suffolk 27,074 27,253 -179 -0.66% 3.76 7,200.53
94 Auburn Cayuga 26,821 27,687 -866 -3.13% 8.34 3,215.95
95 Wappinger Dutchess 26,780 27,048 -268 -0.99% 27.05 990.02
Plainview CDP Nassau 26,199 26,217 -18 -0.07% 5.73 4,572.25
Smithtown CDP Suffolk 25,974 26,470 -496 -1.87% 11.63 2,233.36
96 Watertown Jefferson 25,900 27,023 -1,123 -4.16% 9.02 2,871.40
Shirley CDP Suffolk 25,691 27,854 -2,163 -7.77% 11.46 2,241.80
97 De Witt Onondaga 25,467 25,838 -371 -1.44% 33.77 754.13
98 Ossining village Westchester 25,360 25,060 300 1.20% 3.15 8,050.79
Uniondale CDP Nassau 25,092 24,759 333 1.34% 2.71 9,259.04
Medford CDP Suffolk 24,793 24,142 651 2.70% 10.8 2,295.65
99 Camillus Onondaga 24,624 24,167 457 1.89% 34.42 715.40
100 Rockville Centre village Nassau 24,571 24,023 548 2.28% 3.25 7,560.31
Baldwin CDP Nassau 24,481 24,033 448 1.86% 2.96 8,270.61
101 Peekskill Westchester 24,053 23,583 470 1.99% 4.37 5,504.12
102 Halfmoon Saratoga 23,898 21,535 2,363 10.97% 32.58 733.52
103 Montgomery Orange 23,763 22,606 1,157 5.12% 50.26 472.80
104 Fishkill Dutchess 23,553 22,107 1,446 6.54% 27.34 861.49
105 Kingston Ulster 23,210 23,893 -683 -2.86% 7.49 3,098.80
106 Kiryas Joel village Orange 23,094 20,175 2,919 14.47% 1.11 20,805.41
107 Onondaga Onondaga 22,958 23,101 -143 -0.62% 57.74 397.61
108 Lysander Onondaga 22,877 21,759 1,118 5.14% 61.71 370.72
Copiague CDP Suffolk 22,772 22,993 -221 -0.96% 3.22 7,072.05
109 Garden City village Nassau 22,545 22,371 174 0.78% 5.33 4,229.83
East Patchogue CDP Suffolk 22,452 22,469 -17 -0.08% 8.35 2,688.86
110 Niskayuna Schenectady 22,436 21,781 655 3.01% 14.15 1,585.58
111 Southold Suffolk 22,165 21,968 197 0.90% 53.78 412.14
Massapequa CDP Nassau 22,128 21,685 443 2.04% 3.56 6,215.73
112 East Hampton Suffolk 22,009 21,457 552 2.57% 74.33 296.10
113 New Hartford Oneida 21,992 22,166 -174 -0.78% 25.36 867.19
114 Le Ray Jefferson 21,693 21,782 -89 -0.41% 73.64 294.58
115 Somers Westchester 21,345 20,434 911 4.46% 29.64 720.14
116 Hyde Park Dutchess 21,048 21,571 -523 -2.42% 36.66 574.14
Monsey CDP Rockland 21,001 18,412 2,589 14.06% 2.27 9,251.54
Rotterdam CDP Schenectady 20,949 20,652 297 1.44% 6.93 3,022.94
117 Grand Island Erie 20,829 20,374 455 2.23% 28.27 736.79
Hauppauge CDP Suffolk 20,616 20,882 -266 -1.27% 10.71 1,924.93
Merrick CDP Nassau 20,572 22,097 -1,525 -6.90% 4.02 5,117.41
118 Ithaca Tompkins 20,492 19,930 562 2.82% 28.95 707.84
119 Lockport Niagara 20,480 21,165 -685 -3.24% 8.4 2,438.10
120 Ogden Monroe 20,264 19,856 408 2.05% 36.48 555.48
North Bellmore CDP Nassau 20,153 19,941 212 1.06% 2.62 7,691.98
North Bay Shore CDP Suffolk 20,127 18,944 1,183 6.24% 3.25 6,192.92
Selden CDP Suffolk 20,123 19,851 272 1.37% 4.32 4,658.10
121 Lockport Niagara 20,094 20,529 -435 -2.12% 44.84 448.13
Holtsville CDP Suffolk 20,081 19,714 367 1.86% 7.11 2,824.33
Lake Ronkonkoma CDP Suffolk 19,943 20,155 -212 -1.05% 4.94 4,037.04
North Amityville CDP Suffolk 19,895 17,862 2,033 11.38% 2.35 8,465.96
Eastchester CDP Westchester 19,885 19,554 331 1.69% 3.29 6,044.07
East Massapequa CDP Nassau 19,843 19,069 774 4.06% 3.44 5,768.31
122 Plattsburgh Clinton 19,780 19,989 -209 -1.05% 5.02 3,940.24
East Northport CDP Suffolk 19,682 20,217 -535 -2.65% 5.16 3,814.34
123 Lynbrook village Nassau 19,567 19,427 140 0.72% 2.01 9,734.83
124 Horseheads Chemung 19,393 19,485 -92 -0.47% 35.61 544.59
125 Mamaroneck village Westchester 19,356 18,929 427 2.26% 3.17 6,105.99
126 Mineola village Nassau 19,245 18,799 446 2.37% 1.88 10,236.70
127 Milton Saratoga 19,187 18,575 612 3.29% 35.69 537.60
Syosset CDP Nassau 19,157 18,829 328 1.74% 4.97 3,854.53
128 Saugerties Ulster 19,097 19,482 -385 -1.98% 64.57 295.76
West Hempstead CDP Nassau 19,012 18,862 150 0.80% 2.66 7,147.37
129 Owego Tioga 18,946 19,883 -937 -4.71% 104.22 181.79
Wantagh CDP Nassau 18,939 18,871 68 0.36% 3.83 4,944.91
130 Cortland Cortland 18,795 19,204 -409 -2.13% 3.89 4,831.62
North Massapequa CDP Nassau 18,749 17,886 863 4.83% 3 6,249.67
Melville CDP Suffolk 18,682 18,985 -303 -1.60% 12.09 1,545.24
Nanuet CDP Rockland 18,678 17,882 796 4.45% 5.43 3,439.78
Ronkonkoma CDP Suffolk 18,634 19,082 -448 -2.35% 7.83 2,379.82
131 Whitestown Oneida 18,474 18,667 -193 -1.03% 27.32 676.21
Islip CDP Suffolk 18,433 18,689 -256 -1.37% 4.8 3,840.21
132 Wheatfield Niagara 18,284 18,117 167 0.92% 27.91 655.11
133 Southeast Putnam 18,168 18,404 -236 -1.28% 31.73 572.58
134 New Castle Westchester 18,100 17,569 531 3.02% 23.24 778.83
Huntington CDP Suffolk 17,917 18,046 -129 -0.71% 7.59 2,360.61
135 Scarsdale village Westchester 17,909 17,166 743 4.33% 6.66 2,689.04
136 Bedford Westchester 17,906 17,335 571 3.29% 37.17 481.73
137 Lackawanna Erie 17,868 18,141 -273 -1.50% 6.57 2,719.63
138 Amsterdam Montgomery 17,858 18,620 -762 -4.09% 5.86 3,047.44
North Valley Stream CDP Nassau 17,845 16,628 1,217 7.32% 1.86 9,594.09
Kings Park CDP Suffolk 17,823 17,282 541 3.13% 6.2 2,874.68
139 Blooming Grove Orange 17,676 18,028 -352 -1.95% 34.74 508.81
140 Oswego Oswego 17,599 18,142 -543 -2.99% 7.61 2,312.61
North Babylon CDP Suffolk 17,228 17,509 -281 -1.60% 3.37 5,112.17
Woodmere CDP Nassau 17,217 17,121 96 0.56% 2.55 6,751.76
141 Massapequa Park village Nassau 17,202 17,008 194 1.14% 2.21 7,783.71
142 Cohoes Albany 16,883 16,168 715 4.42% 3.77 4,478.25
143 Wilton Saratoga 16,785 16,173 612 3.78% 35.83 468.46
144 Geddes Onondaga 16,652 17,118 -466 -2.72% 9.16 1,817.90
Roosevelt CDP Nassau 16,645 16,258 387 2.38% 1.77 9,403.95
Sayville CDP Suffolk 16,621 16,853 -232 -1.38% 5.29 3,141.97
145 East Greenbush Rensselaer 16,462 16,473 -11 -0.07% 24.02 685.35
Pearl River CDP  Rockland 16,383 15,876 507 3.19% 6.8 2,409.26
Bethpage CDP Nassau 16,315 16,429 -114 -0.69% 3.58 4,557.26
Port Washington CDP Nassau 16,233 15,846 387 2.44% 4.18 3,883.49
146 Evans Erie 16,191 16,356 -165 -1.01% 41.53 389.86
147 Potsdam St. Lawrence 16,159 16,041 118 0.74% 101.4 159.36
Mastic CDP Suffolk 16,084 15,481 603 3.90% 3.9 4,124.10
148 Lewiston Niagara 16,015 16,262 -247 -1.52% 37.12 431.44
149 Rye Westchester 15,980 15,720 260 1.65% 5.85 2,731.62
150 Floral Park village Nassau 15,951 15,863 88 0.55% 1.42 11,233.10
151 Malta Saratoga 15,892 14,765 1,127 7.63% 27.92 569.20
Bellmore CDP Nassau 15,871 16,218 -347 -2.14% 2.36 6,725.00
152 Parma Monroe 15,771 15,633 138 0.88% 42.02 375.32
Farmingville CDP Suffolk 15,690 15,481 209 1.35% 4.12 3,808.25
Eggertsville CDP Erie 15,675 15,019 656 4.37% 2.85 5,500.00
Seaford CDP Nassau 15,656 15,294 362 2.37% 2.61 5,998.47
153 La Grange Dutchess 15,634 15,730 -96 -0.61% 39.88 392.03
154 Stony Point Rockland 15,475 15,059 416 2.76% 27.62 560.28
155 Westbury village Nassau 15,384 15,146 238 1.57% 2.37 6,491.14
156 Moreau Saratoga 15,275 14,728 547 3.71% 41.92 364.38
157 Sullivan Madison 15,225 15,339 -114 -0.74% 73.16 208.11
158 Depew village Erie 15,190 15,303 -113 -0.74% 5.07 2,996.06
North New Hyde Park CDP Nassau 15,177 14,899 278 1.87% 1.97 7,704.06
159 Kenmore village Erie 15,143 15,423 -280 -1.82% 1.44 10,515.97
South Farmingdale CDP Nassau 15,130 14,486 644 4.45% 2.22 6,815.32
160 Gloversville Fulton 14,940 15,665 -725 -4.63% 5.14 2,906.61
Jefferson Valley-Yorktown CDP Westchester 14,923 14,142 781 5.52% 6.93 2,153.39
161 Dryden Tompkins 14,921 14,435 486 3.37% 93.64 159.34
162 Thompson Sullivan 14,894 15,308 -414 -2.70% 84.09 177.12
163 Tonawanda Erie 14,858 15,130 -272 -1.80% 3.8 3,910.00
164 Batavia Genesee 14,801 15,465 -664 -4.29% 5.2 2,846.35
165 Victor Ontario 14,773 14,275 498 3.49% 35.92 411.28
166 Mastic Beach village Suffolk 14,760 10,936 3,824 34.97% 4.2 3,514.29
167 Johnson City village Broome 14,673 15,174 -501 -3.30% 4.54 3,231.94
Greece CDP Monroe 14,568 14,519 49 0.34% 4.37 3,333.64
Manorville CDP Suffolk 14,501 14,314 187 1.31% 25.47 569.34
Greenlawn CDP Suffolk 14,481 13,742 739 5.38% 3.72 3,892.74
168 Beekman Dutchess 14,385 14,621 -236 -1.61% 29.84 482.07
Setauket-East Setauket CDP Suffolk 14,346 15,477 -1,131 -7.31% 8.52 1,683.80
169 Glens Falls Warren 14,328 14,700 -372 -2.53% 3.85 3,721.56
170 Beacon Dutchess 14,271 15,541 -1,270 -8.17% 4.74 3,010.76
Riverhead CDP Suffolk 14,258 13,299 959 7.21% 15.08 945.49
171 Pomfret Chautauqua 14,244 14,965 -721 -4.82% 43.85 324.83
172 Sweden Monroe 14,184 14,175 9 0.06% 33.68 421.14
173 New Paltz Ulster 14,108 14,003 105 0.75% 33.87 416.53
174 Malone Franklin 14,092 14,545 -453 -3.11% 101.52 138.81
175 Shawangunk Ulster 14,063 14,332 -269 -1.88% 56.06 250.86
Fort Drum CDP Jefferson 13,985 12,955 1,030 7.95% 14.33 975.92
176 Goshen Orange 13,980 13,687 293 2.14% 43.64 320.35
177 Oneonta Otsego 13,955 13,901 54 0.39% 4.36 3,200.69
New Cassel CDP Nassau 13,903 14,059 -156 -1.11% 1.48 9,393.92
Stony Brook CDP Suffolk 13,889 13,740 149 1.08% 5.81 2,390.53
Nesconset CDP Suffolk 13,876 13,387 489 3.65% 3.82 3,632.46
178 Aurora Erie 13,805 13,782 23 0.17% 36.39 379.36
East Islip CDP Suffolk 13,802 14,475 -673 -4.65% 3.95 3,494.18
179 Olean Cattaraugus 13,794 14,452 -658 -4.55% 5.91 2,334.01
Jericho CDP Nassau 13,746 13,567 179 1.32% 3.94 3,488.83
180 Arcadia Wayne 13,686 14,244 -558 -3.92% 52.03 263.04
Rocky Point CDP Suffolk 13,593 14,014 -421 -3.00% 11.3 1,202.92
St. James CDP Suffolk 13,536 13,338 198 1.48% 4.56 2,968.42
181 Van Buren Onondaga 13,318 13,185 133 1.01% 35.41 376.11
182 Kent Putnam 13,283 13,507 -224 -1.66% 40.5 327.98
183 Schodack Rensselaer 13,151 12,794 357 2.79% 61.93 212.35
184 Endicott village Broome 12,992 13,392 -400 -2.99% 3.19 4,072.73
185 Geneva Ontario & Seneca 12,988 13,261 -273 -2.06% 4.21 3,085.04
186 Farmington Ontario 12,945 11,825 1,120 9.47% 39.43 328.30
Mastic Beach CDP Suffolk 12,930 12,930 0 0.00% 4.71 2,745.22
Stony Point CDP Rockland 12,882 12,147 735 6.05% 5.44 2,368.01
Hampton Bays CDP Suffolk 12,866 13,603 -737 -5.42% 12.95 993.51
187 Fallsburg Sullivan 12,845 12,870 -25 -0.19% 77.62 165.49
Ridge CDP Suffolk 12,835 13,336 -501 -3.76% 13.21 971.61
188 Wawarsing Ulster 12,833 13,157 -324 -2.46% 130.5 98.34
189 Brunswick Rensselaer 12,778 11,941 837 7.01% 44.35 288.12
190 Lewisboro Westchester 12,766 12,411 355 2.86% 27.75 460.04
191 German Flatts Herkimer 12,710 13,258 -548 -4.13% 33.7 377.15
192 Pelham Westchester 12,585 12,396 189 1.52% 2.17 5,799.54
193 Cornwall Orange 12,480 12,646 -166 -1.31% 26.65 468.29
Salisbury CDP Nassau 12,467 12,093 374 3.09% 1.74 7,164.94
194 Ulster Ulster 12,455 12,327 128 1.04% 26.8 464.74
195 Kingsbury Washington 12,453 12,671 -218 -1.72% 39.68 313.84
Mount Sinai CDP Suffolk 12,451 12,118 333 2.75% 6 2,075.17
196 Patchogue village Suffolk 12,449 11,798 651 5.52% 2.26 5,508.41
197 Massena St. Lawrence 12,357 12,883 -526 -4.08% 44.37 278.50
198 North Castle Westchester 12,330 11,841 489 4.13% 23.76 518.94
Terryville CDP Suffolk 12,296 11,849 447 3.77% 3.21 3,830.53
199 North Greenbush Rensselaer 12,212 12,075 137 1.13% 18.55 658.33
200 Highlands Orange 12,138 12,492 -354 -2.83% 30.41 399.15
201 Haverstraw village Rockland 12,129 11,910 219 1.84% 1.98 6,125.76
202 Babylon village Suffolk 12,079 12,166 -87 -0.72% 2.44 4,950.41
North Merrick CDP Nassau 12,077 12,272 -195 -1.59% 1.72 7,021.51
203 Bath Steuben 12,057 12,379 -322 -2.60% 95.32 126.49
204 Chester Orange 11,944 11,981 -37 -0.31% 25.05 476.81
205 Dunkirk Chautauqua 11,940 12,563 -623 -4.96% 4.5 2,653.33
206 Patterson Putnam 11,909 12,023 -114 -0.95% 32.21 369.73
207 Plattsburgh Clinton 11,877 11,870 7 0.06% 45.92 258.65
208 Elma Erie 11,802 11,317 485 4.29% 34.52 341.89
North Wantagh CDP Nassau 11,713 11,960 -247 -2.07% 1.9 6,164.74
North Lindenhurst CDP Suffolk 11,679 11,652 27 0.23% 1.92 6,082.81
209 Woodbury Orange 11,637 11,353 284 2.50% 36.12 322.18
North Bellport CDP Suffolk 11,623 11,545 78 0.68% 4.94 2,352.83
210 Putnam Valley Putnam 11,616 11,809 -193 -1.63% 41.17 282.15
211 Lansing Tompkins 11,608 11,033 575 5.21% 60.49 191.90
Wyandanch CDP Suffolk 11,558 11,647 -89 -0.76% 4.47 2,585.68
212 Tarrytown village Westchester 11,532 11,277 255 2.26% 2.93 3,935.84
Endwell CDP Broome 11,445 11,446 -1 -0.01% 3.74 3,060.16
213 Mamakating Sullivan 11,426 12,085 -659 -5.45% 96.11 118.88
214 Fulton Oswego 11,402 11,896 -494 -4.15% 3.75 3,040.53
215 Catskill Greene 11,365 11,775 -410 -3.48% 60.44 188.04
Miller Place CDP Suffolk 11,312 12,339 -1,027 -8.32% 6.55 1,727.02
216 Red Hook Dutchess 11,181 11,319 -138 -1.22% 36.17 309.12
217 Lake Grove village Suffolk 11,162 11,163 -1 -0.01% 2.95 3,783.73
218 Canandaigua Ontario 11,161 10,020 1,141 11.39% 56.8 196.50
219 Canton St. Lawrence 11,116 10,995 121 1.10% 104.76 106.11
220 Mount Kisco village Westchester 11,103 10,877 226 2.08% 3.04 3,652.30
221 Dobbs Ferry village Westchester 11,093 10,875 218 2.00% 2.43 4,565.02
222 Oneida Madison 11,080 11,393 -313 -2.75% 22.05 502.49
223 Woodbury village Orange 10,986 10,686 300 2.81% 35.6 308.60
224 Suffern village Rockland 10,948 10,723 225 2.10% 2.09 5,238.28
Elwood CDP Suffolk 10,941 11,177 -236 -2.11% 4.78 2,288.91
225 Chenango  Broome 10,876 11,252 -376 -3.34% 33.83 321.49
226 Corning Steuben 10,812 11,183 -371 -3.32% 3.08 3,510.39
227 Ogdensburg St. Lawrence 10,743 11,128 -385 -3.46% 4.96 2,165.93
228 Geneseo Livingston 10,726 10,483 243 2.32% 43.94 244.11
229 Fredonia village Chautauqua 10,639 11,230 -591 -5.26% 5.19 2,049.90
230 Lloyd Ulster 10,517 10,863 -346 -3.19% 31.27 336.33
231 Massena village St. Lawrence 10,468 10,936 -468 -4.28% 4.52 2,315.93
232 Southport Chemung 10,415 10,940 -525 -4.80% 46.41 224.41
233 Canandaigua Ontario 10,369 10,545 -176 -1.67% 4.59 2,259.04
234 West Haverstraw village Rockland 10,345 10,165 180 1.77% 1.52 6,805.92
235 Plattekill Ulster 10,219 10,499 -280 -2.67% 35.11 291.06
236 Great Neck village Nassau 10,218 9,989 229 2.29% 1.33 7,682.71
237 Sleepy Hollow village Westchester 10,198 9,870 328 3.32% 2.16 4,721.30
Valley Cottage CDP Rockland 10,191 9,107 1,084 11.90% 4.3 2,370.00
238 Lancaster village Erie 10,165 10,352 -187 -1.81% 2.7 3,764.81
239 Watervliet Albany 10,120 10,254 -134 -1.31% 1.35 7,496.30
Fairmount CDP Onondaga 10,106 10,224 -118 -1.15% 3.33 3,034.83
240 Kirkland Oneida 10,105 10,315 -210 -2.04% 33.78 299.14
241 Ontario Wayne 10,064 10,136 -72 -0.71% 32.41 310.52
Inwood CDP Nassau 10,052 9,792 260 2.66% 1.7 5,912.94
242 Alden Erie 10,034 10,865 -831 -7.65% 34.31 292.45
Bohemia CDP Suffolk 9,977 10,180 -203 -1.99% 8.62 1,157.42
Middle Island CDP Suffolk 9,949 10,483 -534 -5.09% 8.24 1,207.40
243 Herkimer Herkimer 9,822 10,175 -353 -3.47% 31.66 310.23
Fort Salonga CDP Suffolk 9,821 10,008 -187 -1.87% 9.83 999.08

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Historical Real Estate Trends

Brooklyn Bridge with a Gotham City Theme.

Real estate trends in New York City dominate the trends reported for the entire state. So, it is important to note that many of the smaller cities and towns in New York State may react differently to local market conditions over time. New York's housing markets are very sensitive to national economic trends. Housing prices were relatively stable during the 1970s, but the economic boom of the 1980s pushed prices up rapidly. Housing prices in New York doubled between 1980 and 1990. Throughout the 1990s, New York's housing market experienced only a small amount of growth until close to the year 2000. Home prices doubled again between 2000 and 2008.

The Impact of the Financial Crisis on New York City

Home prices in New York peaked in the beginning of 2007. Prices continued to decline as the financial crisis deepened and the financial markets struggled to recover. Home prices in New York finally hit their bottom in the middle of 2012 after declining 13%. The impact of the housing crisis on New York home prices was quite small compared to other areas of the country. States like California and Florida experienced drops of over 40% in home values.

It took the housing markets in New York five years to hit their bottom after the all-time high in 2007. Then, it took another five years to recover from the housing crisis. In the second quarter of 2017, home prices in New York exceeded their previous all-time high (2007) for the first time.

Here are some of the reasons NYC real estate market rebounded faster than other areas of the country:

The Big Short & Too Big to Fail are documentaries which capture the essence of the financial crisis & the impact it had on the broader global economy. While big US banks were bailed out during the 2008 / 2009 financial crisis, growing populism may make it hard for them to receive bailouts in future financial crises, particularly as the last one spawned both the Occupy Wall Street & Tea Party movements. If banks are not treated with deference, then NYC real estate may be more volatile in future recessions.

Home Loan Qualification

Conforming Mortgages

The 30-year fixed mortgage is the most popular type of mortgage loan in New York. The 15-year fixed rate mortgage is a great way to build equity faster & save money on interest expenses if you can afford the higher monthly loan payment.

NYC has high real estate prices which can make saving for a down payment difficult. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment. This mortgage is a good way to avoid the standard 20% down payment, which is required by most private banks.

Most private banks give their best rates to borrowers with credit scores above 740, but loans with higher interest rates can be obtained with lower scores. Mortgage underwriters prefer debt-to-income ratios to be below 40%, but other factors are considered on the loan application.

People in finance who have significant financial assets & can achieve high rates of return may be more inclinded to choose an adjustable rate mortgage or interest-only loan to maximize their income tax write off from the interest payments. Balloon loans have low monthly payments and are required to be paid off with a lump sum or refinanced at a future date.

Relatively high real estate prices around the New York City metro area make a large portion of loans jumbo mortgages, as they exceed the conforming limit. As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions. Here are the conforming mortgage limits in different areas of the state

County Metropolitan Designation 1 Unit Limit 2 Unit Limit 3 Unit Limit 4 Unit Limit
Bronx New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
Dutchess New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
Kings New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
Nassau New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
New York New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
Orange New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
Putnam New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
Queens New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
Richmond New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
Rockland New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
Suffolk New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475
Westchester New York-Newark-Jersey City, Ny-Nj-Pa $636,150 $814,500 $984,525 $1,223,475

Governmental Financial Assistance Programs

FHA mortgages are a popular option for some borrowers, but the FHA loan limit varies throughout the state. The FHA loan limit is as low as $275,655 in most of update New York but rises to $636,150 in the New York City metropolitan area. Mortgage rates in New York tend to be above the national average but still well below the highest rates. USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan. VA loans are a popular choice for veterans.

In addition to all of the federal assistance programs for homebuyers, New York State has a variety of its own programs designed to help first-time and lower-income homebuyers. The State of New York Mortgage Agency (SONYMA) administers five mortgage programs. SONYMA received funding for these programs through the sale of tax-exempt bonds.

The Achieving the Dream program offers some of SONYMA's lowest interest rates. The program features a fixed interest rate and is available for the purchase of both one and two-family homes. Achieving the Dream targets first-time and low-income homebuyers who may not otherwise be able to receive financing for a home purchase.

The State of New York has its own mortgage assistance program for military veterans. The Homes For Veterans program provides assistance with a down payment, low interest rate, no points or origination fees, and a 1% minimum borrower cash contribution. Candidates for assistance through the Homes for Veterans program do need to be military veterans but do not have to be first-time homebuyers.

SONYMA has a special loan assistance program for borrowers purchasing homes that require renovation. The Remodel New York program allows borrowers to obtain one loan to finance both the purchase and renovation project costs. Borrowers have to be first-time homebuyers to receive financing through this program. Remodel New York loans have no points or origination fees, low interest rates, and no prepayment penalties. Borrowers are able to have as little as a 3% down payment and can choose either 30-year or 40-year loan maturity.

There is an additional program for first-time homebuyers called the Low Interest Rate loan program. This serves as the standard assistance program in New York for borrowers who meet the income and purchase price restrictions. The Low Interest Rate loan program features low interest rates, low down payment requirements, and no points or origination fees. In addition, these loans offer a special payment protection feature designed to assist borrowers in the event of an accident or temporary job loss.

New York State also features an assistance program that encourages construction of one and two-family homes. The Construction Incentive program provides financing with as little as a 3% down payment. Loans for the Construction Incentive program can only be obtained from one of the select participating lenders throughout the state.

Further information on state programs can be obtained from the State of New York Mortgage Agency, New York City Housing Development Corporation, and the New York State Housing Finance Agency.

Natural Disasters

Standard homeowner's insurance policies typically cover damages from natural disasters other than earthquakes & flooding. Earthquake and flood coverage require supplemental policies.

The state of New York has a very low risk of tornadoes, with the county of Albany being the only county statewide with a risk of low.

Hail damage is quite common across the state. Here is a list of counties with a risk of hail damage above low.

  • Moderate hail risk: Bronx, Cayuga, Chemung, Chenango, Columbia, Dutchess, Madison, Nassau, New York, Onondaga, Putnam, Queens, Rensselaer, Sullivan, Tioga, Tompkins
  • High hail risk: Albany, Broome, Oneida, Schenectady

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Here are counties across the state which have a risk profile above very low for either flooding or hurricane storm surges.

  • Low risk of flooding: Livingston, Madison, Oneida, Orange, Oswego, Queens, Rockland, Ulster, Westchester
  • Moderate risk of flooding: Bronx, Cayuga, Cortland, Delaware, Dutchess, Greene, Kings, New York, Niagara, Schoharie, Suffolk, Sullivan
  • High risk of flooding: Chenango, Nassau, Tioga
  • Low risk of hurricane storm surges: Rockland
  • Moderate risk of hurricane storm surges: Bronx, Nassau, Suffolk

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult €“ or very expensive €“ to insure.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Earthquakes

Most of the state has a very low eathquake risk, but the northwestern part of New York has a low to moderate earthquake risk. The metro New York City area is considered to have a low earthquake risk. Here are the counties which fall into the low & moderate risk categories.

  • Low risk: Addison, Bronx, Chittenden, Essex, Franklin, Hamilton, Kings, Nassau, New York, Queens, Rockland, Saint Lawrence, Warren, Westchester
  • Moderate risk: Clinton, Franklin

Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Wildfires

The risk of wildfires is very low across most of the state, however it is significantly elevated donwnstate, in the northewest of the state in the southeast parts of the state bordering Connecticut & Massachusettes. Here is a list of counties with risk above very low.

  • Low risk: Montgomery, New York, Queens, Sullivan
  • Moderate risk: Bronx, Columbia, Greene, Livingston, Niagara, Ontario, Wayne
  • High risk: Dutchess, Erie, Nassau, Putnam, Rensselaer, Ulster
  • Very high risk: Albany, Monroe, Orange, Rockland, Saratoga, Schenectady, Suffolk, Westchester

Fire damages from wildfires & other types of fires are typically covered in most homeowner's insurance policies. If you own expensive items you may want to keep an up-to-date household inventory list which lists specific valuables, such as fine art & jewelry.

New York Real Estate Laws

Property Taxes

In 2016 New York homeowners were assessed an average of 1.88% in property taxes, costing $7,013 per year. In the city average property taxes run $9,384. Only the state of New Jersey has a higher average out of pocket expense than the state of New York. The Bridgeport-Stamford-Norwalk are of Connecticut are one of the few areas with higher median property taxes than New York City.

Foreclosures

Foreclosure proceedings in New York are accomplished using the judicial foreclosure process. The lender usually initiates foreclosure after two or three months of delinquent payments. Borrower default triggers the acceleration clause, the lender requests full repayment of the loan, and the lender files for foreclosure through the courts. The borrower and lender go before a judge, who decides whether or not to approve the foreclosure request. If the judge upholds the foreclosure, the lender can either hold the property to sell or can sell the property at a foreclosure auction.

It is important to note that New York is what is called a "full recourse" state. This means that the borrower is 100% fully liable for the outstanding mortgage debt. If the lender receives less through the foreclosure and sale of the property than the borrower owed on the mortgage, the lender can take legal action against the borrower for the remaining balance. The lender can seize assets, garnish wages, or obtain a judgment against the borrower until the excess balance gets repaid.

Predatory Lending

Before a potential buyer submits an offer on a home, the real estate agent must provide a "Real Estate Transfer Disclosure Statement" to the potential buyer. The document includes all equipment (refrigerator, smoke alarm etc.) included in the house, as well as potential hazards.

In July 2002, New York issued a number of anti-predatory lending laws aimed at protecting buyers - prohibiting the charging of points and fees exceeding 6% of the total principal financed amount and prohibiting the use of single-premium credit insurance for financing.

New York is a "Lien Theory" State

While other forms of debt agreements were contingent upon the flow of goods, services or cash streams that could pay for the accruing interest, the mortgage is a real estate contract based on an unconditional promise by the lender to repay the property loan. In return for this absolute debt repayment promise, the prrevious property owner relinquished many rights to the property, contingent on the continued repayment of the mortgage contract. Homeowners could remodel, refurbish and refurnish the property while making mortgage payments.

New York is a "lien theory" state where the property is the security for the loan. The "mortgage" is the contract document that places the lien on the property. As long as the homeowner continues to make payments, the lender cannot foreclose. If the homeowner fails to make payments, then the lender has the legal right to foreclose the property, which means that it will be resold to repay the original mortgage debt.

New York Foreclosure Process

New York is primarily a judicial foreclosure state, where the creditor issues a "Filing Complaint" to begin the foreclosure process with the Supreme Court of the county in which the property is located. The "lis pendens" is a legal document giving public notice that the said property is being foreclosed upon. It can take nearly 445 days to process these legal foreclosure documents. A court must authorize the foreclosure by examining the facts, listening to testimony and issuing a final order specifying the property and all conditions and terms of the foreclosure sale. This court ruling might take from seven to nine months to occur. Once the court ruling is issued, a sale is set for four months thereafter.

One Action to Recover Mortgage Losses

In New York, a lender can initiate only "One Legal Action" to recover the amount due on a mortgage - either 1.) foreclosure, or 2.) suing to collect the debt. If upon resale of the property, the full original loan amount is not recouped, then the "deficiency judgment" is another remedy open to the creditor if there is an "express promise" to fully repay the full loan amount included in the mortgage document. Then, the creditor can file a "Motion for a Deficiency Judgment" within 90 days of the foreclosure sale to attempt to regain the outstanding mortgage value from the debtor.

The "right of redemption" (which is a last moment action by the debtor to repay the entire mortgage debt, including all interest payments) does not exist in New York.