The typical owner-occupied home in Manhattan is worth about $517,800, 38% above the Montana median of $375,800 and 56% above the national median of $332,700. Owners pay a median $3,641 a year in property taxes, about 0.70% of their home's value, close to the Montana rate of 0.72%. The median household earns $87,865 a year, so the median home costs 5.9 times the median income (5.2 times for Montana). 75% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Manhattan at a glance
| Manhattan | Montana | U.S. | |
|---|---|---|---|
| Median home value | $517,800 | $375,800 | $332,700 |
| Median property tax paid per year | $3,641 | $2,693 | $3,119 |
| Property tax as a share of value | 0.70% | 0.72% | 0.94% |
| Median household income | $87,865 | $72,509 | $80,734 |
| Homes lived in by their owners | 75% | 69% | 65% |
| Owner homes with a mortgage | 59% | 55% | 61% |
| Median monthly costs, owners with a mortgage | $2,063 | $1,798 | $1,963 |
| Those costs as a share of the owners' income | 18.6% | 21.9% | 21.0% |
| Median rent | $1,585 | $1,081 | $1,413 |
| Rent as a share of renters' income | 35.4% | 27.8% | 30.6% |
| Median year homes were built | 1984 | 1981 | 1980 |
| Vacant homes | 1.2% | 13.2% | 10.1% |
| Population | 2,288 | 1,116,875 | 334,922,499 |
What a typical home costs per month in Manhattan
At this week's average 30-year rate of 7.11%, buying the median Manhattan home of $517,800 with 20% down costs about $3,304 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,167, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $141,618 for the 20%-down payment. That payment is 45% of the median Manhattan household income of $87,865; at that income and 20% down, the 28% guideline points to a home of about $321,000.
The median rent here is $1,585 a month, so owning the median home costs about $1,719 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $103,560 |
|---|---|
| Loan amount | $414,240 |
| Principal and interest | $2,787 |
| Property taxes (0.70% a year) | $302 |
| Homeowners insurance (our estimate, 0.5% a year) | $216 |
| PMI | $0 |
| Total per month | $3,304 |
Change the numbers in the calculator
| Down payment | $18,123 |
|---|---|
| Loan amount | $508,421 |
| Principal and interest | $3,420 |
| Property taxes (0.70% a year) | $302 |
| Homeowners insurance (our estimate, 0.5% a year) | $216 |
| FHA mortgage insurance | $229 |
| Total per month | $4,167 |
Change the numbers in the calculator
Questions about home buying in Manhattan
What is the median home value in Manhattan?
About $517,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Manhattan?
Homeowners pay a median $3,641 a year, which is about 0.70% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Manhattan?
For the median home with 20% down at 7.11%, the payment is about $3,304 a month. Keeping that under 28% of gross income takes about $141,618 a year.
More about Manhattan
- Mortgage Refinance in Manhattan
- Debt Relief in Manhattan
- Home Equity Loans in Manhattan
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data