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Great Neck Real Estate Market Facts

  • $763,600Median home price
    167% higher than New York
  • $1,969Median rent asked
    70% higher than New York
  • 75.7%Home owners
    41% higher than New York
  • 3.2People per home
    23% higher than New York
The above shows an overview of the real estate market in Great Neck, NY. Note how the median home price for Great Neck, NY runs $763,600, which is 167% higher than the average property price for New York. So you’re going to get real estate in Great Neck, NY that is on-average less affordable than what you’ll find in the rest of New York. As for rent, the median for Great Neck, NY runs $1,969, which is comparatively 70% higher than the average rent for New York. For Great Neck, NY, about 75.7% of the population consist of home owners with about 3.2 people living in each property on average. Whether you’re looking for condos or townhomes that are low-maintenance and affordable or sprawling mansions, Great Neck, NY offers a wide variety of real estate. To find your perfect home in Great Neck, NY, filter your choice by price, location, and number of beds and baths using the search area above.

Great Neck Home Affordability

  • $763,600Median home price
    167% higher than New York
  • $92,367Median home income
    52% higher than New York
  • 8.3xHome price to income ratio
    75% higher than New York
When deciding where to purchase Great Neck, NY real estate, home affordability is one of the top deciding factors. One way that you can calculate the affordability of your next home is to use this formula: median home price to median household income ratio. In Great Neck, NY the median home price is $763,600 and $92,367 is the median household income. As a result, the home price to income ratio in Great Neck, NY is 8.3x, which is 75% higher than the New York average. In order to determine the home affordability ratio, you would divide the median home price by the median home income. If you find that in Great Neck, NY the home price to income ratio is lower than average, that means that in general, housing is more affordable. While there more than just one factor in deciding home affordability, you can use the home affordability calculator below as an additional tool when deciding how much you can and should pay for real estate in Great Neck, NY.

Great Neck Affordability Calculator

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When looking for real estate in Great Neck, NY, finding one that won't strain your budget is imperative. That's when the home affordability calculator comes in handy. It allows you to calculate the cost of a property in Great Neck, NY, not only by considering your income, but debts and down payment amounts as well. You can personalize the home affordability calculator even further by adding in additional factors like length of mortgage term, property taxes, home insurance costs, mortgage rate, and HOA dues. The calculator will come up with an estimated cost of home ownership and display an amount that would fit within your budget. Knowing this figure will help you find a home that you can afford in Great Neck, NY and keep you from looking at places that are out of financial reach. Therefore, you can avoid disappointment and emotional attachment to homes you would not be able to afford. Additionally, this tool allows you to balance your budget because it also calculates the amount of money left over for savings and other expenses.

Great Neck Mortgage Calculator

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If I buy a real estate in Great Neck, NY, what can I expect to pay monthly? There are a number of different factors that will go in to determining your monthly cost. While most people understand how significant the overall price of the house goes into determining the payment amount, it's also important to know that there are a variety of other variables to consider. These include things such as property taxes, private mortgage insurance (PMI), home owner's association dues, interest rate, and how much of a down payment has been made on the house. Understanding these is a great way to reduce overall payment. For example, you can reduce the private mortgage insurance by making a down payment of 20%. The mortgage calculator above will have all of these variables already filled out with default data, but you can customize it to give you a much more accurate reading. Generally speaking, you want to keep your debt to income ratio at about 36% when calculating your monthly house payment, which means paying no more than 36% of your monthly salary towards your housing and other debts.

Great Neck Demographics

  • 10,183Population
  • 7,638People / sq mile
  • 35.8Median age
  • 1.0:1Male/Female ratio

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
Greenville CDP (Greene County), NY604$164,60011%
Hartsdale, NY5,414$260,60041%
Guttenberg, NJ11,628$279,60051%
Roosevelt, NY16,675$285,60055%
Hempstead, NY55,454$306,90066%
Great Neck, NY10,183$763,600313%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Jennings, LA10,180$98,80047%
Marlton, NJ10,187$240,40030%
Columbia, IL10,193$198,1007%
Waterloo, IL10,197$177,9004%
Rockport, TX10,197$203,50010%
Great Neck, NY10,183$763,600313%
Source: The Great Neck, NY housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).