Massachusetts vs New York: Mortgage & Housing Costs
Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Massachusetts and New York. Updated for 2026.
Metric
Massachusetts
New York
Median Home Price
$595K
$430K
Property Tax Rate
1.2%
1.72%
Avg Closing Costs
$10K
$12K
Closing Cost %
1.6%
2.8%
Transfer Tax
0.456%
0.8%
Homeowners Insurance
$2,200/yr
$2,100/yr
First-Time Buyer Program
MassHousing DPA
Up to $50,000 DPA loan
SONYMA Achieving the Dream
Up to $15,000 DPAL
Verdict
Massachusetts wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. However, New York has a lower total cost when combining home price, closing costs, and insurance. Both states offer first-time buyer programs — explore the state pages for full details.