New York · main city

Buying a home in New York City, New York

In New York City, the median value of owner-occupied homes is $810,700, Kings County's effective property tax rate is 0.71%, and a purchase mortgage carried a median $8,778 in total loan costs in 2025.

Data as of : Census ACS 2025 1-year, Census Vintage 2024, FHFA HPI 2026Q2, Census ACS 2020-2024, HMDA 2025, HUD FY 2027. Sources

Checked on against the official sources listed at the bottom of the page.

New York City home costs, fact by fact

Calculate for New York City

If you buy

New York state transfer tax

Real estate transfer tax (Tax Law 1402), plus mansion tax (1402-a): $2 per $500 of consideration, or fraction of $500 (0.4%), when consideration is over $500. Change the price: the amount is recalculated instantly.

Price$810,700
State transfer tax$3,244
Share of the price0.4% of the price
Who paysThe seller

Default price: the New York City median value of owner-occupied homes, $810,700 (Census ACS 2025). Rule: Divide consideration by $500, round up to the next whole unit, multiply by $2. Applies when consideration is more than $500. The 1% mansion tax (buyer) on residential sales of $1,000,000 or more is separate and not included. Who pays: State base tax and additional base tax: seller (grantor), with the buyer liable if the seller fails to pay or is exempt. Mansion tax and NYC supplemental tax: buyer. NYC RPTT: the city page does not assign it to one side, so the contract controls. Not included: county and city transfer taxes, the tax on the mortgage, recording fees, title insurance and lender charges. New York transfer tax guide · all 50 states.

Local taxes in New York City, on top of the amount above at $810,700: $11,552. Rates, who pays and sources: transfer tax in New York City.

If you sell

Capital gain and the federal tax on it

Same federal rule in every state: Section 121 of the Internal Revenue Code excludes up to $250,000 of gain on a main home ($500,000 for a married couple filing jointly).

Capital gain$350,000
Section 121 exclusion$250,000 (limit $250,000)
Taxable gain$100,000
Type of gainLong-term (owned over 1 year), 15% chosen
Federal tax on the gain$15,000

Section 121 excludes $250,000; the rest is taxable.

Gain = sale price minus your adjusted basis (purchase price, buying costs and improvements); selling expenses reduce it (IRS Publication 523). Long-term rates for sales in 2026, by taxable income including the gain (IRS Rev. Proc. 2025-32, section 4.03): 0% up to $49,450 single or $98,900 married filing jointly, 15% up to $545,500 single or $613,700 jointly, 20% above. Not included: New York state income tax on the gain (not computed), the net investment income tax, depreciation recapture on a rental or home office, and the reduced exclusion for an early sale. Agent commissions are negotiated and never set by law. Capital gains on a home sale.

In short

The median value of owner-occupied homes in New York City is $778,600, according to the Census Bureau’s 2024 American Community Survey. A one- to three-family home is taxed in Class 1 at 19.843% of an assessed value set at 6% of market value, according to the city’s Department of Finance. Many buyers choose between a co-op, where you buy shares, and a condo, where you own the unit.

How much homes cost in New York City

The Census Bureau’s American Community Survey (ACS) asks owners how much they think their home would sell for. The median of those answers is a useful benchmark, but it is not a sale price: it covers every owner-occupied home, including homes bought long ago, and mixes houses, condos and apartments. Our page on New York home prices explains the method and the co-op limit in detail.

AreaMedian value, 2024 (ACS)Margin of error (90%)
New York County (Manhattan)$1,105,600±$54,019
Kings County (Brooklyn)$912,500±$17,056
New York City$778,600±$8,906
Queens County$720,300±$13,193
Richmond County (Staten Island)$682,300±$12,321
Bronx County$567,700±$17,490
New York–Newark–Jersey City metro area$648,800±$2,533
New York State$449,800±$3,718
United States$360,600±$618

Source: U.S. Census Bureau, ACS 1-Year Estimates 2024, table B25077. The 2025 estimates are scheduled for October 29, 2026.

Are New York prices rising?

The Federal Housing Finance Agency (FHFA) tracks repeat sales of the same single-family homes with a purchase-only, seasonally adjusted index. Its release of August 25, 2026 shows:

Area1-year change (Q2 2025 to Q2 2026)5-year change (Q2 2021 to Q2 2026)
New York–Jersey City–White Plains metro division (NY-NJ)+5.6%+41.7%
New York State+3.5%+44.0%
United States+2.1%+33.4%

Source: FHFA House Price Index, quarterly purchase-only files. Changes calculated by Payotte from the published index values.

The metro division includes parts of New Jersey, and the index follows single-family homes with Fannie Mae or Freddie Mac mortgages, so it says little about co-ops.

Co-op or condo?

New York State’s Attorney General describes the two forms of ownership:

  • Co-op. You buy shares in a corporation. The shares are allocated to a specific apartment, and owning them entitles you to a long-term proprietary lease. Each owner pays maintenance charges based on the number of shares allocated to the apartment.
  • Condo. You have separate (individual) ownership of a unit and an undivided interest in the common elements of the building.

For both, sales are made under the terms of an offering plan, which the Attorney General’s Real Estate Finance Bureau reviews. The Attorney General highly recommends that you read the entire offering plan and consult an attorney before signing a purchase agreement, and that any promise made by the sponsor that is not in the plan or contract be put in writing, for example in a rider to the purchase agreement. See our page on real estate attorneys in New York.

For property tax, the city treats both the same way: Department of Finance values co-ops and condos as if they were rental buildings, based on income and expenses, even though they are not income-producing.

Taxes and costs on top of the price

On top of the price, buyers and sellers in New York pay closing costs, transfer taxes and, when there is a mortgage, a mortgage recording tax. We do not recalculate them here. The rules, who pays what and the amounts are on our pages about closing costs in New York and transfer tax in New York. For the general picture, see our guide to closing costs explained.

Property tax in New York City

The Department of Finance sorts every property into a tax class. One- to three-unit homes are Class 1; buildings with more than three units, including co-ops and condos, are Class 2.

Tax classAssessment ratioRate, tax year 2026
Class 1 (1 to 3 units)6%19.843%
Class 2 (4+ units, co-ops, condos)45%12.439%

Source: NYC Department of Finance, “Property tax rates” and “Determining your assessed value”. These are the most recent rates listed as of October 13, 2026.

For Class 1, state law caps increases in assessed value at 6% per year and 20% over five years, unless the increase comes from new construction or renovation. The full explanation, the other classes, exemptions such as STAR, a worked example and how to contest your assessment with the NYC Tax Commission are in our New York property tax guide. To see how property tax is paid through your monthly mortgage payment, read our guide to escrow accounts.

Renting instead

If you rent, different rules apply to your lease, your deposit and your landlord’s duties. See our page on tenant rights in New York.

New York guides for New York City buyers

Frequently asked questions

What is the median home price in New York City?

The Census Bureau’s 2024 American Community Survey puts the median value of owner-occupied homes in New York City at $778,600 (±$8,906). This is what owners think their home is worth, not the median sale price of recent sales.

Are home prices in New York going up?

According to the FHFA purchase-only index, prices in the New York–Jersey City–White Plains metro division rose 5.6% between the second quarter of 2025 and the second quarter of 2026, and 41.7% over five years.

What is the property tax rate in New York City?

For a one- to three-family home (Class 1), the Department of Finance lists 19.843% for tax year 2026, applied to an assessed value that is 6% of market value. Co-ops and condos are Class 2, at 12.439%.

What is the difference between a co-op and a condo?

In a co-op you buy shares in a corporation tied to an apartment and a proprietary lease. In a condo you own your unit and share an undivided interest in the common elements, according to the Attorney General.

Where do I find transfer tax and closing costs?

They are on our pages about closing costs and transfer tax in New York, which explain who pays and how the amounts are set.

More New York guides

Sources

Questions about buying a home in New York City

How much is property tax in New York City?

Homeowners in Kings County pay a median $6,382 a year in property tax, 0.71% of the county median home value of $905,000 (Census ACS 2020-2024). Your bill depends on your assessed value and local rates.

What are closing costs on a mortgage in New York City?

Home-purchase mortgages in Kings County carried median total loan costs of $8,778 in 2025; half of the 5,445 loans fell between $6,000 and $15,299 (HMDA). Total loan costs are the lender and settlement-service charges of the Closing Disclosure; transfer taxes and prepaid items come on top.

Is there a transfer tax when you buy a home in New York City?

New York State taxes every deed at $2 per $500 of price, or 0.4%, and the seller pays. New York City adds its own tax of 1% up to $500,000 and 1.425% above it on homes, and the buyer pays a 1% mansion tax on residential sales of $1 million or more.

Is it cheaper to rent or buy in New York City?

It depends on your mortgage rate, down payment and how long you stay. As a benchmark, the median value of owner-occupied homes in New York City ($777,600) equals 35.6 years of the median gross rent ($1,821 a month), both from Census ACS 2020-2024.

Run your own numbers: rent vs buy calculator · closing costs calculator.

Professionals by sector of New York City

Who licenses each trade in New York

Other large cities: see cities in New York.

Data sources for the figures above

New York · All states · Federal guides