Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Maryland and New York. Updated for 2026.
Metric
Maryland
New York
Median Home Price
$420K
$430K
Property Tax Rate
1.09%
1.72%
Avg Closing Costs
$11K
$12K
Closing Cost %
2.5%
2.8%
Transfer Tax
1.5%
0.8%
Homeowners Insurance
$1,700/yr
$2,100/yr
First-Time Buyer Program
MD Mortgage Program
Up to $25,000 DPA
SONYMA Achieving the Dream
Up to $15,000 DPAL
Verdict
Maryland wins 5 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $420K and lower overall costs, Maryland offers meaningful savings compared to New York. Both states offer first-time buyer programs — explore the state pages for full details.