What is the Average Monthly Mortgage Payment in NY?
We all know New York is expensive to live in, but just how expensive?
New York, and the Hudson Valley, are notorious for being expensive to live in. In July we reported that you need to make over $90,000 annually to own a home in New York State on average. $91,720 to be exact. The average home price in New York State is $328,677 and has gone up about 2% in the last year. In August we reported Kingston has the fastest rising home prices in the U.S. An average home in Kingston sold for 18% more this second quarter, compared to last year.
According to MSN, the average monthly mortgage payment in New York State is $1,575. The average monthly household income is $8,119. New York State ranked #3 for highest mortgage payments, to fall behind #2 California and #1 Hawaii. The difference between the New York State and the national average mortgage payment is $416.
Even if you don't own a home, the Poughkeepsie-Newburgh-Middletown HUD Metro FMR was named the fourth most expensive metro area in New York, according to a story we wrote in July. The housing wage necessary to afford a two-bedroom apartment is $26.87, meaning no minimum wage worker in New York State, or the country can afford rent in the Hudson Valley.