Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content

Mortgage Rates in New York

Kimberly Rotter
By: Kimberly Rotter

Our Mortgages Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

If you're looking to buy a home in New York, your goal should be to secure the best mortgage rates available in the Empire State. It certainly pays to compare mortgage lenders to see what your options look like. Keep in mind that the rate you qualify for will depend on factors like your credit score and debt-to-income ratio.

5 affordable places to live in New York

When you think of New York, it's easy to picture the exorbitant home prices associated with New York City and its surrounding suburbs. But there are plenty of affordable cities in New York, like these.

1. Buffalo

Known for its sports scene and colleges, Buffalo offers a mix of suburban living with a city feel. With a median home value of $89,800, according to Niche, it's a relatively affordable choice if your goal is to move to a larger city (and enjoy the job opportunities that come with it). It's also a steal when you compare its home prices to the median across the state -- $381,335, according to Zillow. Property taxes, on the other hand, are less of a bargain. Erie County, where Buffalo is located, collects an average of 2.65% of a property's assessed value, according to The national average property tax rate, meanwhile, is 1.23%.

2. Syracuse

With a median home value of $94,400, Syracuse is an affordable city to settle down in. Much of the city's economy centers around Syracuse University, though it's also home to major corporations like Lockheed Martin and Wegmans Food Markets. Property taxes, however, are a bit high. The average tax rate in Onondaga County, where Syracuse is located, is 2.6% of property value.

3. Rochester

Though once thought of as an industrial town, Rochester is now home to numerous charming neighborhoods with crowd-pleasing eateries and attractions. The city's economy continues to thrive, fueled largely by the presence of major companies and several universities. And with the city's median home value of $83,100, it's a good fit for many would-be homeowners. Property taxes, on the other hand, may be a bit higher than you'd like. The average property tax rate in Monroe County, home to Rochester, is 2.92%.

4. Ogdensburg

Located near the Canadian border, Ogdensburg is one of New York's most affordable cities. With a median home value of $67,900, it's possible to spread out in Ogdensburg without breaking the bank. However, you may need to budget for a snowblower if you move to Ogdensburg: Like much of Upstate New York, it sees its share of inclement weather. Property taxes are a bit high, proportionally speaking. The median property tax rate in St. Lawrence County, where Ogdensburg is located, is 2.1% of a property's assessed value.

5. Dunkirk

Located within an hour of Buffalo, Dunkirk is another affordable city in New York. With a median home value of $67,300, you're looking at a much lower price tag than what you'll see in most of the state. That said, what you'll save in home prices you'll pay in property taxes. Chautauqua County, where Dunkirk is located, has an average property tax rate of 2.75%, which is pretty high on a national level. And before you commit to living in this lakeside city, make sure you can handle the harsh winters.

Some parts of New York are more affordable than others, but regardless of where you buy, shopping around for a mortgage is a sure way to keep your housing costs to a minimum. You can also work on improving your credit score before applying for a home loan, as well as paying off some debt to lower your debt-to-income ratio. This way, you're more likely to snag the best rates out there.

Mortgage Calculator: How Much House Can I Afford?
Home I Can Afford
{{ getValueResult }}

Total Mortgage Cost
{{ getTotalValue }}

The Ascent's best mortgage lenders

If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.

Our Mortgages Experts