New York Housing Affordability: 2026 Update

By Vicki Schamel

Has been a dedicated Realtor for over 30 years. She first entered real estate to balance work and raising her two young daughters, but it soon grew into a lifelong passion.

Affordability has been one of the biggest questions in real estate over the past few years. If you’re thinking about buying a home in 2026 in the Southern Tier or Finger Lakes, you’re probably wondering the same thing:

Is housing finally becoming more affordable? There are two main things that make homes more affordable.

First, mortgage rates. When interest rates ease, even slightly, monthly payments become more manageable. For buyers who were right on the edge of qualifying, that small drop can make a real difference.

Second, home price growth. Over the past couple of years, prices jumped quickly. Now, we’re seeing that growth cool off. Homes are still holding value, but they are not increasing at the same rapid pace. That slower growth helps stabilize payments and gives buyers a little breathing room.

When you combine easing mortgage rates with cooling price growth, affordability begins to improve.

What the New York Affordability Index means. I recently looked at the affordability index for our area. While the local number was surprisingly high, the broader New York State index is hovering right around 100%.

In simple terms, that means the average household income is enough to qualify for the average home price in the area.

That does not mean every home fits every budget. Every town, neighborhood, and price range is different. But overall, the numbers suggest that buying conditions are more balanced than they have been in recent years.

Is it a good time to buy a home in New York? If wages continue to grow and you are shopping within your mortgage comfort zone, 2026 could present an opportunity, especially as we head into the spring market, when more homes typically come available.

Affordability is not just a headline. It is about your payment, your income, and whether the numbers make sense for your life right now.

If you have been waiting for a sign to take another look at the market, this may be it. Reach out to me at (607) 795-2904 or vickischamel@kw.com, and let’s run the numbers together and see what is possible for you in today’s conditions.