How much house can you afford in Manhattan? With a median price of $1,200,000 and a typical effective property tax rate of 0.95%, here are the real numbers a typical buyer faces in New York County — plus a calculator for your exact case.
| Median home price | $1,200,000 |
| Down payment (20%) | $240,000 |
| Loan amount | $960,000 |
| Principal & interest / mo | $6,068 |
| Property tax / mo (0.95%) | $950 |
| Insurance / mo | $150 |
| Total monthly payment | $7,168 |
| Annual income needed (28% rule) | $307,194 |
Most Manhattan purchases exceed $1M, so budget for the mansion tax (1%+). Co-ops dominate the market and often require 20-25% down plus post-closing liquidity.
Different income, debts, down payment or rate — the calculator adjusts instantly and gives you a conservative-to-aggressive range for Manhattan.
Calculate my Manhattan mortgage →The typical effective rate in New York County is about 0.95% of home value per year. On a median $1,200,000 home that is roughly $11,400 per year ($950 per month).
For the median $1,200,000 home with 20% down, the total payment is about $7,168/mo. Under the 28% rule you need a gross income of ~$307,194 per year. With a smaller down payment or existing debts, the figure rises.
Yes. Manhattan is part of NYC: the mortgage recording tax is 1.8% of the loan (1.925% if the loan is $500,000+). On the median example that is ~$18,480. Purchases of $1M+ also owe the mansion tax (~$12,000 in this example).
Indicative figures based on public data and the stated assumptions; not financial advice. Confirm rates and taxes with your lender and attorney.
