Buying a house on Long Island? Here are some of the costs to expect.
Newsday calculated down payments, closing costs and monthly payments based on median sale prices. Credit: Raychel Brightman
Long Island is heading into another spring buying and selling season, as residential real estate prices continue climbing.
The median sale price of a single-family home was $850,000 in Nassau County and $685,000 in Suffolk in February, according to data from OneKey MLS. At the same time, inventory was at its lowest recorded level in more than a decade, the multiple listing service reported.
Meanwhile, mortgage rates are on the rise again. At the end of March, the average 30-year mortgage rate was its highest since September, Newsday reported. Rates for 30-year mortgages were 6.46% as of April 2, according to mortgage giant Freddie Mac.
So what are homebuyers in Nassau and Suffolk up against? Newsday calculated down payments, closing costs and monthly payments based on median sale prices.
