Boston vs New York City: Mortgage Cost Comparison
Thinking about buying in Boston or New York City? Here's a side-by-side comparison of mortgage costs in both cities.
$4,632
Boston PITI
$4,744
New York City PITI
$112/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Boston vs New York City: Full Mortgage Comparison
Buying a home in Boston is $112/month cheaper based on average home prices and local costs.
| Boston, MA | New York City, NY | |
|---|---|---|
| Avg. Home Price | $750,000 | $750,000 |
| Down Payment (20%) | $150,000 | $150,000 |
| Loan Amount | $600,000 | $600,000 |
| Property Tax Rate | 1.05% | 1.23% |
| Annual Property Tax | $7,875 | $9,225 |
| Annual Insurance | $2,200 | $2,200 |
| Monthly P&I | $3,792 | $3,792 |
| Monthly PITI | $4,632 | $4,744 |
| Total Interest (30yr) | $765,267 | $765,267 |
What Drives the Difference?
Home prices are the biggest factor — New York City’s average home costs $0 more than Boston’s.
Property taxes also favor Boston — New York City’s 1.23% rate is higher than Boston’s 1.05%.
Insurance is $0/year more in New York City.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Boston | New York City | |
|---|---|---|
| Monthly PITI | $4,632 | $4,744 |
| Income needed | $198,514 | $203,335 |
Try Your Own Numbers
The calculator above is pre-filled with Boston’s averages. Adjust the values to match your situation, or try the New York City calculator for New York City-specific numbers.