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Islip Terrace Real Estate Market Facts

  • $349,300Median home price
    22% higher than New York
  • $0Median rent asked
    100% lower than New York
  • 91.8%Home owners
    71% higher than New York
  • 2.8People per home
    7% higher than New York
Above, you will see a summary of real estate in Islip Terrace, NY. On average, homes in Islip Terrace, NY cost $349,300, a value that is 22% higher than the average in New York. In general terms, this results in Islip Terrace, NY real estate being less affordable than New York real estate. On average, people who rent houses in Islip Terrace, NY pay $0; this value is 100% lower than the average amount renters pay in New York. 91.8% of Islip Terrace, NY residents own their own homes and, on average, each of the homes has 2.8 occupants. Islip Terrace, NY real estate features a range of homes, which include everthing from large houses to small condos to stacked townhomes. Accessing real estate listings and homes that are up for sale in Islip Terrace, NY is easy because in our search area shown above, we categorize real estate and homes based on location, price, and the number of bedrooms and bathrooms.

Islip Terrace Home Affordability

  • $349,300Median home price
    22% higher than New York
  • $103,555Median home income
    70% higher than New York
  • 3.4xHome price to income ratio
    28% lower than New York
It’s advisable to look at home affordability when trying to find the ideal place to find real estate in Islip Terrace, NY. To estimate home affordability, one method is to use the ratio of home price to median household income. The Islip Terrace, NY’s median home price stands at $349,300 while $103,555 is the value of the average household income. The resulting home price to income ratio, which is 3.4x, differs from the New York average as the ratio is 28% lower than the state’s average. The average home price divided by the median home income results in the home affordability ratio. Considering the comparison between the home price and home income, homes in Islip Terrace, NY are considered less expensive if the ratio of home price to income is lower. Besides the home price to median household income ratio, other considerable factors do apply in determining home affordability. Using the home affordability calculator displayed below can help determine the exact price that suits any budget when searching for real estate in Islip Terrace, NY.

Islip Terrace Affordability Calculator

Include PMI
You can afford a home up to:
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  • Monthly income
  • Monthly payment
  • Debt payment
  • Income taxes
  • Remainder
Are you looking for real estate in Islip Terrace, NY? Be careful not to purchase a home outside of your budget. A home affordability calculator lets you input your income, down payment, and debts to figure out how much you can afford to spend on your new home. If you know further information, such as mortgage term and rate or insurance, taxes, and HOA dues, you can input that as well to get a better estimate of the total cost. The calculator will show you the maximum amount you can afford to spend on a home. With that number in mind, you can start looking for a home in Islip Terrace, NY and avoid homes that don’t fit in your budget to guard yourself from an emotional, yet costly, decision. Thanks to the home affordability calculator, you can also create a stronger budget plan. Once you know your housing costs, you can figure out how much money you should spend and how much money you can save.

Islip Terrace Mortgage Calculator

Your monthly payment will be:
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  • Monthly payment
  • Mortgage
  • PMI fees
  • Property tax
  • Home insurance
  • HOA dues
What will I pay monthly if I buy real estate in Islip Terrace, NY? Determining the monthly payment amount of a home is based on a number of different factors. Obviously, the most significant variable is the overall price of the house, but there are also other considerations to make such as homeowners insurance, the interest rate, amount of the down payment, property taxes, private mortgage insurance (PMI), and even home owner's association dues. A great way to eliminate the PMI is by paying 20% of the cost of the house as a down payment. The mortgage calculator is filled out with default values for these variables, but they can be reset to give you a more accurate payment amount. The best rule when it comes to house payments is that you want to keep your debt to income ratio at no more than 36%. This means paying no more than 36% of your monthly income on your housse and all other debt payments.

Islip Terrace Demographics

  • 5,302Population
  • 3,950People / sq mile
  • 39.1Median age
  • 0.9:1Male/Female ratio

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
Wyandanch, NY10,722$238,00029%
North Bellport, NY11,257$251,30036%
Central Islip, NY34,724$252,70037%
Gordon Heights, NY3,568$252,90037%
Middle Island, NY10,441$265,00043%
Islip Terrace, NY5,302$349,30089%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Pass Christian, MS5,302$157,40015%
Schlusser, PA5,303$163,90011%
Paxtonia, PA5,301$174,5006%
East Port Orchard, WA5,301$203,20010%
Adel, GA5,304$86,80053%
Islip Terrace, NY5,302$349,30089%
Source: The Islip Terrace, NY housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).