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
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
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
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
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
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
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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