Overview
New York is home to the nation's largest city and financial center. The state offers diverse real estate markets from the expensive Manhattan skyline to affordable upstate communities.
New York Real Estate Market
New York City remains one of the most expensive markets, though prices have stabilized. Upstate markets like Buffalo, Rochester, and Syracuse offer much more affordable options. The state has seen some population loss to lower-tax states.
Property Taxes in New York
New York has some of the highest property taxes in the nation, particularly in the NYC suburbs.
Average effective rate: 1.72%
Annual tax on median home: ~$7,482
STAR exemption: Available for primary residence owners
First-Time Buyer Programs
SONYMA Programs: State of New York Mortgage Agency offers:
- Low-interest rate mortgages
- Down payment assistance up to $15,000
- Mortgage credit certificates
Closing Costs in New York
New York closing costs are among the highest due to transfer taxes and attorney requirements.
Common costs include:
- Mansion tax: 1%+ on homes over $1M
- Transfer tax: 0.4% (higher in NYC)
- Attorney fees: $2,000-$5,000
- Title insurance: ~0.5% of purchase price
Frequently Asked Questions
While not legally required everywhere, it's customary and strongly recommended to have an attorney represent you in New York real estate transactions. Many title companies require it.
The School Tax Relief (STAR) program provides property tax relief to eligible homeowners. The Basic STAR exemption is available to all owner-occupied primary residences; Enhanced STAR is for seniors 65+.
NYC markets have stabilized from pandemic lows but remain expensive. Remote work has shifted some demand to outer boroughs and suburbs, while Manhattan luxury remains robust.