Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$730,949+4.9% YoY · prices are rising fast
Market right nowBalanced marketMore homes for sale than last year, 13% have cut their price
Income needed to buy, per year$158,454About 1.6× the local median income ($101,093): hard to afford
Days on market53 daysAbout the same pace as a year ago
Next 12 months+2.8%Zillow expects prices to rise slightly
The typical home in New York-Newark-Jersey City, NY-NJ is worth $730,949, up 4.9% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $685,533, so the area is 6.6% overvalued. It is a balanced market: homes take about 53 days to sell, listings are up 12% from a year ago, 13% of listings have had a price cut. Zillow expects prices to rise about 2.8% over the next year. A household needs about $158,454 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $101,093. Typical rent is $3,546 a month, or $3,464 for a house. In the latest IRS figures, 181,613 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$730,949
Change in 1 year
+4.9%
Overvalued %
+6.6%
Show 7 more
Fair home value
$685,533
Change in 5 years
+27.7%
Zillow forecast, next 12 months
+2.8%
Home value to income
7.2×
Monthly mortgage payment (20% down)
$3,961
Income needed to afford it
$158,454
Property tax rate
1.63%
Rent and investing
Typical rent
$3,546
Typical rent for houses
$3,464
Price-to-rent ratio
17.2×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$2,723
Gross rental yield
5.82%
Cap rate (estimate)
3.78%
Market activity
Listings vs a year ago
+11.5%
Days on market
53
Listings with a price cut
12.6%
Show 3 more
Homes for sale
40,320
Pending sales per 100 listings
40
Asking price per sq ft
$498
People and jobs
Median household income
$101,093
Population change (1 year)
+0.2%
Unemployment rate
6.8%
Show 4 more
Population
20,112,448
Income adjusted for cost of living
$89,781
Net moves in (IRS)
−181,613
Cost of living (US = 100)
112.6
Schools, risk and environment
School rating (1 to 10)
6.1
FEMA hazard risk score (0 to 100)
96.7
Unhealthy air days a year
4
Show 4 more
Flood risk score
97.9
Wildfire risk score
34.6
Walkability (1 to 20)
12.6
Road, rail and air noise
53 dB
Questions people ask
Is New York-Newark-Jersey City, NY-NJ overvalued?
Home prices in New York-Newark-Jersey City, NY-NJ are slightly above what local incomes have historically supported: fair value is about $685,533, so the area is 6.6% overvalued.
Is New York-Newark-Jersey City, NY-NJ a buyer's or seller's market?
New York-Newark-Jersey City, NY-NJ is a balanced market: homes take about 53 days to sell, listings are up 12% from a year ago, 13% of listings have had a price cut.
Are home prices going down in New York-Newark-Jersey City, NY-NJ?
Home values in New York-Newark-Jersey City, NY-NJ are up 4.9% over the last year. Zillow's forecast for the next 12 months is +2.8%.
How much do you need to earn to buy a home in New York-Newark-Jersey City, NY-NJ?
A household needs about $158,454 a year to afford the typical home in New York-Newark-Jersey City, NY-NJ at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $101,093.