With mortgage rates nearly double what they were three years ago, the typical monthly payment for a U.S. home has jumped 59%—an increase of almost $700. The spike is even worse in some locations, where payments have soared more than 80% since 2022.
The 2025 edition of Construction Coverage’s U.S. Cities Most Impacted by High Interest Rates report explores where buyers have been hit hardest by the jump in borrowing costs. Researchers ranked locations by the percentage change in the hypothetical monthly mortgage payment for a median-priced home between February 2022 and February 2025 (the latest three-year period with available data).
How Mortgage Costs Have Changed in New York State
- Nationwide, Mortgage Rates Have Nearly Doubled: The average U.S. mortgage rate has climbed 80% since 2022—from 3.8% to 6.8%.
- Payments Are Rising in New York State: The median home price in New York State climbed from $413,792 in 2022 to $481,517 today. Taking this median home price and the average 30-year fixed mortgage interest rate together, estimated monthly mortgage payments in New York State have increased by 64.3% in just three years.
- New York State Homebuyers Pay $987 More Today: In 2022, buyers in New York State faced an estimated monthly mortgage payment of $1,535 for a median-priced home. Prospective homebuyers today, however, face payments of $2,522 per month.
- How New York State Compares Nationally: Overall, New York State has experienced the 15th largest estimated mortgage payment increase over the last three years.
The full report covers 369 U.S. metros and all 50 states, with a detailed breakdown of mortgage payment increases, current and historical home prices, and estimated monthly costs for median-priced homes between February 2022 and February 2025.