New York-Jersey City-White Plains, NY-NJ metro: mortgages and home buyers
2025 home-purchase and refinance statistics for the 11-county New York-Jersey City-White Plains, NY-NJ area (OMB code 35614), from official HMDA records.
In 2025, lenders reported 42,138 home-purchase mortgages for owner-occupied, single-family homes in the New York-Jersey City-White Plains, NY-NJ metro area. The median buyer borrowed $585,000 on a home valued at $765,000 and reported a household income of $187,000.
Buyers financed a median 80% of the home's value (roughly 20% down), paid a median 6.50% on 30-year fixed conventional loans and faced median conventional loan costs of $7,370.
Lenders denied 12.0% of completed home-purchase applications.
Key facts
- Home buyers' median income ($187,000) is 61% higher than the U.S. median ($116,000).
- The median 30-year fixed conventional rate here was 13 basis points below the U.S. median (6.625%).
- Median conventional loan costs ($7,370) were 32% higher than the U.S. median ($5,570).
- FHA loans made up 7.3% of purchase mortgages, versus 21.1% nationally.
- 72.2% of buyers put at least 20% down (financed 80% or less), compared with 38.5% nationally.
- The most common age bracket among borrowers was 35–44 (35.1% of purchase loans).
- 50.7% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was collateral (appraisal/property) (36.3% of denials with a stated reason).
Counties in the metro area
| County | Purchase loans | Median loan | Buyer income | 30-yr rate | Loan costs | Conforming limit | FHA limit |
|---|---|---|---|---|---|---|---|
| Queens County, NY | 7,286 | $545,000 | $154,000 | 6.500% | $7,880 | $1,209,750 | $1,249,125 |
| Bergen County, NJ | 5,805 | $605,000 | $208,000 | 6.625% | $7,540 | $1,209,750 | $1,249,125 |
| Westchester County, NY | 6,179 | $605,000 | $217,000 | 6.500% | $6,910 | $1,209,750 | $1,249,125 |
| Kings County, NY | 5,630 | $725,000 | $220,000 | 6.500% | $8,370 | $1,209,750 | $1,249,125 |
| New York County, NY | 4,421 | $675,000 | $321,000 | 6.490% | $5,760 | $1,209,750 | $1,249,125 |
| Hudson County, NJ | 3,098 | $575,000 | $196,000 | 6.625% | $7,170 | $1,209,750 | $1,249,125 |
| Passaic County, NJ | 2,592 | $505,000 | $151,000 | 6.625% | $7,410 | $1,209,750 | $1,249,125 |
| Richmond County, NY | 2,691 | $515,000 | $144,000 | 6.500% | $9,280 | $1,209,750 | $1,249,125 |
| Rockland County, NY | 1,909 | $565,000 | $179,000 | 6.625% | $7,010 | $1,209,750 | $1,249,125 |
| Bronx County, NY | 1,678 | $505,000 | $142,000 | 6.500% | $6,880 | $1,209,750 | $1,249,125 |
| Putnam County, NY | 849 | $445,000 | $160,000 | 6.625% | $6,580 | $1,209,750 | $1,249,125 |
Who bought homes in New York
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in New York
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | New York | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.500% | 6.625% |
| 30-year fixed rate · FHA | 6.250% | 6.250% |
| 30-year fixed rate · VA | 6.125% | 6.125% |
| 15-year fixed rate · conventional | 5.875% | 5.875% |
| Rate spread vs. APOR · conventional | +0.00 pts | +0.13 pts |
| Total loan costs · conventional | $7,370 | $5,570 |
| Total loan costs · FHA | $24,680 | $11,310 |
| Total loan costs · VA | $10,540 | $6,490 |
| Origination charges (all loan types) | $2,140 | $1,860 |
| Borrowers paying discount points | 44.2% | 51.3% |
| Points paid, when paid (% of loan) | 0.70% | 0.87% |
| Borrowers receiving lender credits | 43.7% | 33.1% |
| Adjustable-rate mortgages | 17.8% | 7.4% |
| Jumbo loans (above conforming limit) | 8.7% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
New York: 5,919 of 49,507 completed home-purchase applications were denied (12.0%).
Denial rate
| Application | New York | U.S. |
|---|---|---|
| Home purchase | 12.0% | 8.5% |
| Conventional | 11.3% | 7.1% |
| FHA | 18.4% | 12.5% |
| VA | 15.3% | 8.0% |
| USDA | — | 12.5% |
| Refinance | 19.8% | 17.9% |
| Cash-out refinance | 33.0% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in New York
Source: FFIEC/CFPB HMDA 2025 public LAR (derived MSA/MD); OMB July 2023 delineations via the U.S. Census Bureau. Methodology