How does New York City compare with New York?
The city's median is above the statewide median by $348,700. The higher price-to-income ratio makes the down payment and monthly debt budget particularly important. The median is 62.1% of the conforming limit. A median-valued purchase fits the FHA base-loan limit at 3.5% down.
How much down payment and PMI would a typical New York City home need?
| Down payment | Cash down | Estimated PMI / month | Estimated PITI + PMI | Income at 28% / 36% |
|---|---|---|---|---|
| 3% | $22,551 | $304 | $6,396 | $275,000 / $214,000 |
| 5% | $37,585 | $298 | $6,288 | $270,000 / $210,000 |
| 10% | $75,170 | $282 | $6,017 | $258,000 / $201,000 |
| 20% | $150,340 | $0 | $5,226 | $224,000 / $175,000 |
3%-down conventional products have borrower/program restrictions. PMI uses a fixed 0.5% annual loan-balance estimate at less than 20% down; it is not a credit-specific quote or an assumed discount by down payment. Payments include state-average tax and insurance and assume zero other debts.
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
Is there down payment assistance in New York City?
- HomeFirst Down Payment Assistance Program — Up to $100,000; forgivable loan; city-level. NYC Department of Housing Preservation and Development (HPD) · Verified October 25, 2026
- SONYMA Down Payment Assistance Loan (DPAL) — 3% of the purchase price (up to $15,000) or $3,000, whichever is highest; forgivable; state-level. State of New York Mortgage Agency · Verified October 23, 2026
Conventional loans in the nearest eligible cities
Home loan options in New York City
Frequently asked questions
Sources
- U.S. Census Bureau — ACS 2019–2023 5-Year Estimates
- FHFA — 2026 Conforming Loan Limit Values
- HUD — 2026 FHA Forward Mortgage Limits (county file)
- Fannie Mae Selling Guide
- NAIC — Homeowners Insurance Report, Data for 2023 (HO-3 average premium)
- Freddie Mac PMMS
- HomeFirst Down Payment Assistance Program
- SONYMA Down Payment Assistance Loan (DPAL)
Data last updated November 5, 2026.
Get matched for your New York City home purchase
Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.
Get My MatchesFigures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.