Calculate using real New York data. Median home price: $680,000. Property tax rate: 0.88%.
With the median household income of $74,694 in New York, NY, following the 28% rule, you could afford a monthly payment of about $1,743.
The cost of living index in New York, NY is 150 (national average = 100). A home at the median price of $680,000 would require roughly 9.1x the median income.
A conventional 20% down payment on the median New York, NY home ($680,000) would be $136,000. FHA loans may require as little as 3.5% ($23,800).