The typical owner-occupied home in Montgomery is worth about $361,300, 15% below the New York median of $423,800 and 9% above the national median of $332,700. Owners pay a median $8,397 a year in property taxes, about 2.32% of their home's value, higher than the New York rate of 1.55%. The median household earns $90,214 a year, so the median home costs 4.0 times the median income (4.9 times for New York). 77% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Montgomery at a glance
| Montgomery | New York | U.S. | |
|---|---|---|---|
| Median home value | $361,300 | $423,800 | $332,700 |
| Median property tax paid per year | $8,397 | $6,582 | $3,119 |
| Property tax as a share of value | 2.32% | 1.55% | 0.94% |
| Median household income | $90,214 | $85,974 | $80,734 |
| Homes lived in by their owners | 77% | 54% | 65% |
| Owner homes with a mortgage | 63% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $2,434 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 24.4% | 22.5% | 21.0% |
| Median rent | $1,439 | $1,621 | $1,413 |
| Rent as a share of renters' income | 44.7% | 31.2% | 30.6% |
| Median year homes were built | 1976 | 1959 | 1980 |
| Vacant homes | 3.4% | 10.0% | 10.1% |
| Population | 3,798 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Montgomery
At this week's average 30-year rate of 7.11%, buying the median Montgomery home of $361,300 with 20% down costs about $2,793 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,395, 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 $119,719 for the 20%-down payment. That payment is 37% of the median Montgomery household income of $90,214; at that income and 20% down, the 28% guideline points to a home of about $272,000.
The median rent here is $1,439 a month, so owning the median home costs about $1,354 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $72,260 |
|---|---|
| Loan amount | $289,040 |
| Principal and interest | $1,944 |
| Property taxes (2.32% a year) | $699 |
| Homeowners insurance (our estimate, 0.5% a year) | $151 |
| PMI | $0 |
| Total per month | $2,793 |
Change the numbers in the calculator
| Down payment | $12,646 |
|---|---|
| Loan amount | $354,756 |
| Principal and interest | $2,386 |
| Property taxes (2.32% a year) | $699 |
| Homeowners insurance (our estimate, 0.5% a year) | $151 |
| FHA mortgage insurance | $160 |
| Total per month | $3,395 |
Change the numbers in the calculator
Questions about home buying in Montgomery
What is the median home value in Montgomery?
About $361,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Montgomery?
Homeowners pay a median $8,397 a year, which is about 2.32% 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 Montgomery?
For the median home with 20% down at 7.11%, the payment is about $2,793 a month. Keeping that under 28% of gross income takes about $119,719 a year.
More about Montgomery
- Mortgage Refinance in Montgomery
- Debt Relief in Montgomery
- Home Equity Loans in Montgomery
- 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