Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New York and Washington. Updated for 2026.
Washington 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.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
Buying in New York saves you approximately $725/month ($8,700/year) compared to Washington, based on median home prices with identical loan terms.
New York offers meaningfully lower home prices than Washington, with median prices running 26% less ($150K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Washington may find New York far more accessible, particularly when combined with local down payment assistance programs.
Washington has a moderate property tax advantage at 0.98% versus New York's 1.72%. While the rate gap of 0.74% may seem small, it translates to an annual difference of approximately $1,712 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $14K in savings.
Closing costs are a one-time but significant expense. New York averages $12K in closing costs (2.8% of purchase price) while Washington averages $8K (1.4%). Much of New York's higher costs come from its 0.8% transfer tax, which adds $3K to the median home purchase. Budget for these upfront costs — they affect how much cash you need on hand at closing.
Both states offer down payment assistance for first-time buyers. New York's SONYMA Achieving the Dream provides Up to $15,000 DPAL, while Washington's WSHFC Home Advantage offers Up to $10,000 DPA. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: New York and Washington are broadly similar in housing costs, with only $725/month separating them in total PITI payments. In cases like this, your decision should be driven by lifestyle preferences — job opportunities, climate, proximity to family, and quality of life — rather than pure cost savings. Either state offers a reasonable path to homeownership.