The typical owner-occupied home in Andover is worth about $72,000, 83% below the New York median of $423,800 and 78% below the national median of $332,700. Owners pay a median $2,902 a year in property taxes, about 4.03% of their home's value, higher than the New York rate of 1.55%. The median household earns $66,136 a year, so the median home costs 1.1 times the median income (4.9 times for New York). 76% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Andover at a glance
| Andover | New York | U.S. | |
|---|---|---|---|
| Median home value | $72,000 | $423,800 | $332,700 |
| Median property tax paid per year | $2,902 | $6,582 | $3,119 |
| Property tax as a share of value | 4.03% | 1.55% | 0.94% |
| Median household income | $66,136 | $85,974 | $80,734 |
| Homes lived in by their owners | 76% | 54% | 65% |
| Owner homes with a mortgage | 49% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $847 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 10.1% | 22.5% | 21.0% |
| Median rent | $689 | $1,621 | $1,413 |
| Rent as a share of renters' income | 18.8% | 31.2% | 30.6% |
| Median year homes were built | 1942 | 1959 | 1980 |
| Vacant homes | 22.0% | 10.0% | 10.1% |
| Population | 915 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Andover
At this week's average 30-year rate of 7.11%, buying the median Andover home of $72,000 with 20% down costs about $659 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $779, 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 $28,255 for the 20%-down payment. That payment is 12% of the median Andover household income of $66,136; at that income and 20% down, the 28% guideline points to a home of about $169,000.
The median rent here is $689 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $14,400 |
|---|---|
| Loan amount | $57,600 |
| Principal and interest | $387 |
| Property taxes (4.03% a year) | $242 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| PMI | $0 |
| Total per month | $659 |
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| Down payment | $2,520 |
|---|---|
| Loan amount | $70,696 |
| Principal and interest | $476 |
| Property taxes (4.03% a year) | $242 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| FHA mortgage insurance | $32 |
| Total per month | $779 |
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Questions about home buying in Andover
What is the median home value in Andover?
About $72,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Andover?
Homeowners pay a median $2,902 a year, which is about 4.03% 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 Andover?
For the median home with 20% down at 7.11%, the payment is about $659 a month. Keeping that under 28% of gross income takes about $28,255 a year.
More about Andover
- Mortgage Refinance in Andover
- Debt Relief in Andover
- Home Equity Loans in Andover
- 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