Special Report

The Cheapest and Most Expensive Housing Markets in New York

Meinzahn / Getty Images

Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some cities in New York state are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in New York is worth $384,100. But across the 48 cities, towns, and unincorporated communities in the state with populations of at least 30,000, median home values range from less than $100,000 to over $730,000.

In any local market, home prices are often a reflection of what residents can afford. In New York, many of the least expensive cities for homebuyers are not high-income areas. Of the 48 New York cities with available data from the ACS, 22 have a median home value that is less than the statewide median. In all but two of these places, the typical household earns less than the statewide median household income of $81,386. Similarly, most of New York’s more expensive housing markets have higher earning populations.

These are the cheapest and most expensive housing markets in New York.

48. Niagara Falls

Source: Orchidpoet / E+ via Getty Images
  • Median home value: $94,900
  • Homes worth over $1 million: 2.9%
  • Homeownership rate: 56.0%
  • Median household income: $45,932
  • Total population: 48,502

47. Rochester

Source: Davel5957 / iStock via Getty Images
  • Median home value: $111,400
  • Homes worth over $1 million: 0.7%
  • Homeownership rate: 37.3%
  • Median household income: $44,156
  • Total population: 210,992

46. Binghamton

Source: ChrisBoswell / iStock via Getty Images
  • Median home value: $117,400
  • Homes worth over $1 million: 0.8%
  • Homeownership rate: 43.6%
  • Median household income: $42,031
  • Total population: 47,617

45. Syracuse

Source: Andre Carrotflower / Wikimedia Commons
  • Median home value: $117,900
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 40.8%
  • Median household income: $43,584
  • Total population: 146,134

44. Utica

Source: DenisTangneyJr / iStock via Getty Images
  • Median home value: $123,800
  • Homes worth over $1 million: 1.4%
  • Homeownership rate: 49.4%
  • Median household income: $48,212
  • Total population: 64,728

43. Rome

Source: M. Suhail / iStock via Getty Images
  • Median home value: $124,900
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 56.6%
  • Median household income: $56,901
  • Total population: 32,031

42. Buffalo

Source: Andre Carrotflower / Wikimedia Commons
  • Median home value: $132,100
  • Homes worth over $1 million: 1.3%
  • Homeownership rate: 42.6%
  • Median household income: $46,184
  • Total population: 276,688

41. Schenectady

Source: DenisTangneyJr / E+ via Getty Images
  • Median home value: $140,000
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 45.3%
  • Median household income: $54,650
  • Total population: 68,476

40. Cheektowaga

  • Median home value: $152,100
  • Homes worth over $1 million: 0.9%
  • Homeownership rate: 69.8%
  • Median household income: $64,066
  • Total population: 76,483

39. Irondequoit

  • Median home value: $155,200
  • Homes worth over $1 million: 0.8%
  • Homeownership rate: 78.8%
  • Median household income: $74,031
  • Total population: 50,780

38. North Tonawanda

  • Median home value: $166,300
  • Homes worth over $1 million: 0.8%
  • Homeownership rate: 70.1%
  • Median household income: $66,836
  • Total population: 30,479

37. Troy

Source: ChrisBoswell / iStock via Getty Images
  • Median home value: $177,100
  • Homes worth over $1 million: 0.6%
  • Homeownership rate: 34.5%
  • Median household income: $54,837
  • Total population: 51,268

36. Tonawanda Town

  • Median home value: $182,200
  • Homes worth over $1 million: 0.7%
  • Homeownership rate: 72.7%
  • Median household income: $74,313
  • Total population: 57,210

35. West Seneca

Buffalo Remembers Native Son Tim Russert
Source: 2008 Getty Images / Getty Images News via Getty Images
  • Median home value: $197,500
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 77.2%
  • Median household income: $75,435
  • Total population: 45,387

34. Albany

Source: DenisTangneyJr / E+ via Getty Images
  • Median home value: $213,400
  • Homes worth over $1 million: 0.8%
  • Homeownership rate: 36.7%
  • Median household income: $54,736
  • Total population: 99,692

33. Brighton

  • Median home value: $236,500
  • Homes worth over $1 million: 0.8%
  • Homeownership rate: 55.6%
  • Median household income: $78,570
  • Total population: 36,819

32. Middletown

  • Median home value: $236,900
  • Homes worth over $1 million: 1.6%
  • Homeownership rate: 53.3%
  • Median household income: $70,155
  • Total population: 30,169

31. Poughkeepsie

Source: amlphoto / iStock via Getty Images
  • Median home value: $245,100
  • Homes worth over $1 million: 1.0%
  • Homeownership rate: 37.4%
  • Median household income: $53,875
  • Total population: 31,717

30. Spring Valley

Source: Daniel Case / Wikimedia Commons
  • Median home value: $302,100
  • Homes worth over $1 million: 9.7%
  • Homeownership rate: 25.4%
  • Median household income: $50,749
  • Total population: 32,963

29. Ithaca

Source: benedek / iStock Unreleased via Getty Images
  • Median home value: $324,300
  • Homes worth over $1 million: 0.6%
  • Homeownership rate: 27.2%
  • Median household income: $45,468
  • Total population: 31,359

28. Central Islip

Source: Public Domain / Wikimedia Commons
  • Median home value: $365,700
  • Homes worth over $1 million: 0.8%
  • Homeownership rate: 74.4%
  • Median household income: $100,459
  • Total population: 36,519

27. Coram

  • Median home value: $380,300
  • Homes worth over $1 million: 0.3%
  • Homeownership rate: 68.3%
  • Median household income: $95,940
  • Total population: 42,169

26. Brentwood

Source: DanTD / Wikimedia Commons
  • Median home value: $416,000
  • Homes worth over $1 million: 2.2%
  • Homeownership rate: 80.4%
  • Median household income: $111,572
  • Total population: 65,042

25. Hempstead

Source: littleny / iStock Editorial via Getty Images
  • Median home value: $421,300
  • Homes worth over $1 million: 1.4%
  • Homeownership rate: 44.2%
  • Median household income: $80,350
  • Total population: 58,557

24. Centereach

  • Median home value: $439,800
  • Homes worth over $1 million: 0.7%
  • Homeownership rate: 82.3%
  • Median household income: $122,462
  • Total population: 31,889

23. Freeport

New York's Long Island Begins Reopening Barber Shops, Retail And Restaurants
Source: 2020 Getty Images / Getty Images News via Getty Images
  • Median home value: $444,300
  • Homes worth over $1 million: 0.6%
  • Homeownership rate: 69.0%
  • Median household income: $109,390
  • Total population: 44,210

22. Bay Shore

Coronavirus Pandemic Causes Climate Of Anxiety And Changing Routines In America
Source: 2020 Getty Images / Getty Images News via Getty Images
  • Median home value: $444,800
  • Homes worth over $1 million: 4.7%
  • Homeownership rate: 65.5%
  • Median household income: $103,272
  • Total population: 30,553

21. Mount Vernon

Source: DenisTangneyJr / iStock via Getty Images
  • Median home value: $446,400
  • Homes worth over $1 million: 2.1%
  • Homeownership rate: 39.8%
  • Median household income: $75,511
  • Total population: 72,817

20. West Babylon

Funeral Held For Brooklyn Cop Shot During Home Invasion
Source: 2011 Getty Images / Getty Images News via Getty Images
  • Median home value: $448,300
  • Homes worth over $1 million: 1.2%
  • Homeownership rate: 76.7%
  • Median household income: $121,266
  • Total population: 42,783

19. Yonkers

Source: DenisTangneyJr / iStock via Getty Images
  • Median home value: $456,500
  • Homes worth over $1 million: 3.8%
  • Homeownership rate: 48.3%
  • Median household income: $78,208
  • Total population: 209,780

18. Uniondale

  • Median home value: $467,500
  • Homes worth over $1 million: 3.8%
  • Homeownership rate: 72.1%
  • Median household income: $107,885
  • Total population: 33,192

17. Huntington Station

Source: Bruce Bennett / Getty Images News via Getty Images
  • Median home value: $487,400
  • Homes worth over $1 million: 0.1%
  • Homeownership rate: 77.3%
  • Median household income: $122,226
  • Total population: 34,588

16. Levittown

Source: Kenenth C. Zirkel / Wikimedia Commons
  • Median home value: $515,300
  • Homes worth over $1 million: 1.4%
  • Homeownership rate: 94.5%
  • Median household income: $140,559
  • Total population: 50,804

15. Baldwin

Source: martiecl / iStock via Getty Images
  • Median home value: $523,100
  • Homes worth over $1 million: 1.7%
  • Homeownership rate: 87.9%
  • Median household income: $132,852
  • Total population: 33,776

14. Elmont

  • Median home value: $535,600
  • Homes worth over $1 million: 0.6%
  • Homeownership rate: 78.8%
  • Median household income: $115,691
  • Total population: 37,866

13. Port Chester

Source: DenisTangneyJr / iStock via Getty Images
  • Median home value: $548,400
  • Homes worth over $1 million: 3.5%
  • Homeownership rate: 45.0%
  • Median household income: $92,116
  • Total population: 31,288

12. Valley Stream

Hurricane Henri Tracks Towards Coast Of Northeast
Source: 2021 Getty Images / Getty Images News via Getty Images
  • Median home value: $571,700
  • Homes worth over $1 million: 1.1%
  • Homeownership rate: 79.8%
  • Median household income: $122,048
  • Total population: 40,288

11. Hicksville

Source: Kenneth C. Zirkel / Wikimedia Commons
  • Median home value: $593,500
  • Homes worth over $1 million: 2.2%
  • Homeownership rate: 86.9%
  • Median household income: $139,809
  • Total population: 44,084

10. East Meadow

Source: Sullynyflhi / Wikimedia Commons
  • Median home value: $594,400
  • Homes worth over $1 million: 1.9%
  • Homeownership rate: 88.9%
  • Median household income: $129,268
  • Total population: 36,856

9. New City

For Sale Real Estate Sign in Front of New House.
Source: Feverpitched / iStock via Getty Images
  • Median home value: $596,900
  • Homes worth over $1 million: 3.4%
  • Homeownership rate: 93.2%
  • Median household income: $168,672
  • Total population: 33,837

8. Oceanside

Source: Alex Potemkin / Getty Images
  • Median home value: $607,900
  • Homes worth over $1 million: 3.0%
  • Homeownership rate: 91.9%
  • Median household income: $136,997
  • Total population: 31,488

7. White Plains

Source: ChrisBoswell / iStock via Getty Images
  • Median home value: $612,800
  • Homes worth over $1 million: 14.5%
  • Homeownership rate: 53.2%
  • Median household income: $109,551
  • Total population: 59,421

6. Franklin Square

Source: Michael Vi / iStock via Getty Images
  • Median home value: $621,500
  • Homes worth over $1 million: 3.7%
  • Homeownership rate: 83.6%
  • Median household income: $136,225
  • Total population: 31,969

5. Kiryas Joel

Source: Jonathan Novack / iStock Editorial via Getty Images
  • Median home value: $626,200
  • Homes worth over $1 million: 8.4%
  • Homeownership rate: 31.8%
  • Median household income: $40,218
  • Total population: 34,368

4. Commack

Source: SondraP / iStock via Getty Images
  • Median home value: $626,500
  • Homes worth over $1 million: 3.5%
  • Homeownership rate: 92.9%
  • Median household income: $168,804
  • Total population: 35,770

3. Long Beach

Source: JJFarquitectos / iStock via Getty Images
  • Median home value: $631,300
  • Homes worth over $1 million: 9.9%
  • Homeownership rate: 63.0%
  • Median household income: $125,974
  • Total population: 34,734

2. New Rochelle

Source: DenisTangneyJr / iStock via Getty Images
  • Median home value: $637,000
  • Homes worth over $1 million: 15.2%
  • Homeownership rate: 52.1%
  • Median household income: $100,542
  • Total population: 80,828

1. New York City

Source: StockByM / iStock via Getty Images
  • Median home value: $732,100
  • Homes worth over $1 million: 28.3%
  • Homeownership rate: 32.9%
  • Median household income: $76,607
  • Total population: 8,622,467

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