The Real Deal New York

Here’s how much you need to earn to buy a median-priced home in NYC

And New York doesn't even qualify as one of America's top 5 most expensive cities, according to new survey
September 29, 2018 02:00PM

(Credit from left: Pixabay, Sam Valadi)

The salary New Yorkers must be earning to afford a median-priced home in the city is about $103,000. But despite that threshold in a city where the median household income hovers at just over $50,000, New York is not the most expensive city to own a home.

In fact, West Coast cities of Los Angeles, San Francisco and San Diego all beat out the Big Apple, according to a recent survey by mortgage research firm HSH as cited by the New York Post.

In San Jose, which was ranked the most expensive city, homeowners need to be earning upwards of $270,000 to afford the principal, interest, taxes and insurance on a median-priced house. Boston and Seattle also came in as being pricier than NYC for homeowners.

That said, New York’s cost of living is about 120 percent higher than the national average, according to Investopedia. [NYP]—Erin Hudson