The Cheapest and Most Expensive Housing Markets in New York

By Sam Stebbins Published Mar 29, 12:50PM EDT

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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

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

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

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

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

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

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

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

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

NFTA Metro Bus 6 @ Walden Ave near Galleria Drive, Cheektowaga, New York - 20211021 by Andre Carrotflower

NFTA Metro Bus 6 @ Walden Ave near Galleria Drive, Cheektowaga, New York - 20211021 (CC BY-SA 4.0) by Andre Carrotflower

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

Irondequoit, New York town hall by DanielPenfield

Irondequoit, New York town hall (CC BY-SA 3.0) by DanielPenfield

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

Theodore Roosevelt historical marker at north end of Webster Street, North Tonawanda, New York - 20230329 by Andre Carrotflower

Theodore Roosevelt historical marker at north end of Webster Street, North Tonawanda, New York - 20230329 (CC BY-SA 4.0) by Andre Carrotflower

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

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

Tonawanda, New York riverfront as seen from South Grand Island Bridge - 20210811 by Andre Carrotflower

Tonawanda, New York riverfront as seen from South Grand Island Bridge - 20210811 (CC BY-SA 4.0) by Andre Carrotflower

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

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

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

Brighton, New York town hall by DanielPenfield

Brighton, New York town hall (CC BY-SA 3.0) by DanielPenfield

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

Middletown, NY, USA - panoramio (1) by Idawriter

Middletown, NY, USA - panoramio (1) (CC BY-SA 3.0) by Idawriter

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

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

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

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

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

Welcome sign for Coram, NY (https://creativecommons.org/licenses/by-sa/4.0/deed.en) by Premiess

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

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

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

Suffolk Palace Diner; Centereach, New York-1 by DanTD

Suffolk Palace Diner; Centereach, New York-1 (CC BY-SA 4.0) by DanTD

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

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

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

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

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

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

Uniondale Welcome Sign, Uniondale, Long Island, New York December 3, 2021 by AITFFan1

Uniondale Welcome Sign, Uniondale, Long Island, New York December 3, 2021 (CC BY-SA 4.0) by AITFFan1

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

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

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

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

Landau Avenue, Elmont, NY August 11, 2022 by AITFFan1

Landau Avenue, Elmont, NY August 11, 2022 (CC BY-SA 4.0) by AITFFan1

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

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

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

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

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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.

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

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

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

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

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

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

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

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

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

About the Author Sam Stebbins →

Sam Stebbins is a writer at a673b.bigscoots-temp.com where his primary focus is on government policy, politics, companies, and broad social and economic trends. Sam has been writing in the money and news verticals for over 8 years and holds a bachelor's degree from Hobart College, which he earned in 2010. Sam resides in upstate New York and enjoys hiking, biking, canoeing, and skiing in the Adirondack Mountains and across the Northeast.