The typical owner-occupied home in Lawrence is worth about $1,623,200, 3.8 times the New York median of $423,800 and 4.9 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 0.62% of their home's value, lower than the New York rate of 1.55%. The median household earns $170,000 a year, so the median home costs 9.5 times the median income (4.9 times for New York). 81% of occupied homes here are lived in by their owners, and 50% of those owners still have a mortgage.
Lawrence at a glance
| Lawrence | New York | U.S. | |
|---|---|---|---|
| Median home value | $1,623,200 | $423,800 | $332,700 |
| Median property tax paid per year | $10,001 | $6,582 | $3,119 |
| Property tax as a share of value | 0.62% | 1.55% | 0.94% |
| Median household income | $170,000 | $85,974 | $80,734 |
| Homes lived in by their owners | 81% | 54% | 65% |
| Owner homes with a mortgage | 50% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 30.2% | 22.5% | 21.0% |
| Median rent | $1,943 | $1,621 | $1,413 |
| Rent as a share of renters' income | 26.6% | 31.2% | 30.6% |
| Median year homes were built | 1964 | 1959 | 1980 |
| Vacant homes | 8.4% | 10.0% | 10.1% |
| Population | 6,778 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Lawrence
At this week's average 30-year rate of 7.11%, buying the median Lawrence home of $1,623,200 with 20% down costs about $10,250 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $13,216, 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 $439,307 for the 20%-down payment. That payment is 72% of the median Lawrence household income of $170,000; at that income and 20% down, the 28% guideline points to a home of about $628,000.
The median rent here is $1,943 a month, so owning the median home costs about $8,307 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $324,640 |
|---|---|
| Loan amount | $1,298,560 |
| Principal and interest | $8,736 |
| Property taxes (0.62% a year) | $839 |
| Homeowners insurance (our estimate, 0.5% a year) | $676 |
| PMI | $0 |
| Total per month | $10,250 |
Change the numbers in the calculator
| Down payment | $56,812 |
|---|---|
| Loan amount | $1,593,800 |
| Principal and interest | $10,722 |
| Property taxes (0.62% a year) | $839 |
| Homeowners insurance (our estimate, 0.5% a year) | $676 |
| FHA mortgage insurance | $979 |
| Total per month | $13,216 |
Change the numbers in the calculator
Questions about home buying in Lawrence
What is the median home value in Lawrence?
About $1,623,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lawrence?
Homeowners pay a median $10,001 a year, which is about 0.62% 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 Lawrence?
For the median home with 20% down at 7.11%, the payment is about $10,250 a month. Keeping that under 28% of gross income takes about $439,307 a year.
More about Lawrence
- Mortgage Refinance in Lawrence
- Debt Relief in Lawrence
- Home Equity Loans in Lawrence
- 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