The True Monthly Cost of Owning a Home in NYC

The true monthly cost of owning in NYC is your mortgage payment plus co-op maintenance or condo common charges, property tax (included in co-op maintenance), insurance, utilities and a repair reserve, minus any income tax savings. In our illustrative examples that adds up to roughly $5,100 to $5,800 a month after tax, on homes priced $650,000 to $900,000.

Listings and mortgage ads usually show only principal and interest. In New York the other lines can add $2,000 or more a month, and they work differently for co-ops, condos and houses. Start with your loan payment below, then build the rest.

Start with principal and interest

Enter your price, down payment and rate. Then add the lines below to the result.

The other lines, by property type

Co-op

You own shares in a corporation that owns the building. Your monthly maintenance pays your share of the building's property taxes, staff, repairs, insurance, reserves and any mortgage the building itself carries. In many buildings it also covers heat and hot water. You add your share loan payment, contents insurance and your own electricity. Because maintenance pays the building's taxes and debt, a co-op that looks cheap on price can cost more each month.

Condo

You own the unit outright. You pay common charges to the condo for building operations, and you get your own property tax bill from the Department of Finance. Most condos are in tax Class 2 (12.439% for tax year 2026, the latest rates DOF lists; the city resets rates each year); condos in buildings of no more than three stories are usually Class 1. In Class 2 the rate applies to an assessed value equal to 45% of the market value DOF assigns, not your purchase price. Utilities are often billed to you separately.

House

One- to three-family homes are generally in Class 1 (19.843% for tax year 2026). That rate applies to an assessed value of just 6% of market value, and increases are capped at 6% a year and 20% over five years, so tax bills on long-held houses can be modest. Look up the actual bill for any address before you buy. You also pay water and sewer, full homeowners insurance, every utility and every repair: roof, boiler, facade, sidewalk. See NYC property tax classes.

Side-by-side monthly budget

These are illustrative assumptions for a married couple with $300,000 of income, 20% down and a 30-year loan at 6.5%. Your numbers will differ. Replace each line with the listing's actual maintenance, common charges and tax bill.

The co-op is $100,000 cheaper than the condo but costs about $80 more a month before tax, because its maintenance carries the building's taxes and costs. That is common in NYC, which is why boards and lenders judge co-ops by their monthly carrying cost, not just price. The house carries the biggest repair reserve; we assumed 1% of the price a year, which is a rule of thumb, not a law. Use the home maintenance budget calculator for your own figure.

How we estimated tax savings (and why yours may be $0)

You only save federal tax from homeownership if your itemized deductions exceed the standard deduction, which the IRS set at $32,200 for married couples filing jointly in 2026 ($16,100 single). Our example household:

• Deducts first-year mortgage interest (about $33,600 on the co-op loan, $38,800 condo, $46,600 house). The loans are under the $750,000 acquisition-debt limit in IRS Publication 936.
• Deducts state and local taxes up to the 2026 cap of $40,400 (26 USC 164(b)(7)). We assumed $20,000 of NY state and NYC income tax plus property tax. Co-op owners deduct their share of the building's real estate taxes and mortgage interest, which the co-op reports to them (IRS Publication 530); we assumed $8,640 and $4,320 a year.
• Saves 24% (its 2026 bracket) on the amount by which itemized deductions exceed $32,200.

Costs people forget

• Special assessments. Co-ops and condos can add a temporary monthly charge for big projects such as facade work under Local Law 11. Ask about planned work and read board minutes (see special assessments).
• Tax abatements ending. Some condos and co-ops show low taxes because of a 421-a or J-51 benefit that phases out. Check with the 421-a and J-51 expiry calculator.
• PMI. With less than 20% down on a conventional loan, add mortgage insurance (see the PMI calculator).
• Opportunity cost. Your down payment could have earned interest elsewhere. The rent vs buy calculator accounts for it.

How to get the real numbers for a listing

1. Ask the listing agent for current maintenance or common charges, and for any assessment in place or planned.
2. For a condo or house, look up the actual property tax bill on the Department of Finance site, and check any exemptions or abatements.
3. For a co-op, ask what share of maintenance is tax-deductible. Buildings usually give owners a yearly letter.
4. Ask the seller for a year of utility bills, or which utilities maintenance covers.
5. Get insurance quotes before you sign; co-op and condo policies cover different things than house policies.

Once you have the real figures, compare co-op and condo carrying costs in co-op maintenance vs condo common charges.