The typical owner-occupied home in Norwood is worth about $100,800, 76% below the New York median of $423,800 and 70% below the national median of $332,700. Owners pay a median $3,117 a year in property taxes, about 3.09% of their home's value, higher than the New York rate of 1.55%. The median household earns $54,375 a year, so the median home costs 1.9 times the median income (4.9 times for New York). 70% of occupied homes here are lived in by their owners, and 54% of those owners still have a mortgage.
Norwood at a glance
| Norwood | New York | U.S. | |
|---|---|---|---|
| Median home value | $100,800 | $423,800 | $332,700 |
| Median property tax paid per year | $3,117 | $6,582 | $3,119 |
| Property tax as a share of value | 3.09% | 1.55% | 0.94% |
| Median household income | $54,375 | $85,974 | $80,734 |
| Homes lived in by their owners | 70% | 54% | 65% |
| Owner homes with a mortgage | 54% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,245 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 19.5% | 22.5% | 21.0% |
| Median rent | $683 | $1,621 | $1,413 |
| Rent as a share of renters' income | 31.1% | 31.2% | 30.6% |
| Median year homes were built | 1938 | 1959 | 1980 |
| Vacant homes | 10.8% | 10.0% | 10.1% |
| Population | 1,374 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Norwood
At this week's average 30-year rate of 7.11%, buying the median Norwood home of $100,800 with 20% down costs about $844 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,012, 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 $36,173 for the 20%-down payment. That payment is 19% of the median Norwood household income of $54,375; at that income and 20% down, the 28% guideline points to a home of about $152,000.
The median rent here is $683 a month, so owning the median home costs about $161 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $20,160 |
|---|---|
| Loan amount | $80,640 |
| Principal and interest | $542 |
| Property taxes (3.09% a year) | $260 |
| Homeowners insurance (our estimate, 0.5% a year) | $42 |
| PMI | $0 |
| Total per month | $844 |
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| Down payment | $3,528 |
|---|---|
| Loan amount | $98,974 |
| Principal and interest | $666 |
| Property taxes (3.09% a year) | $260 |
| Homeowners insurance (our estimate, 0.5% a year) | $42 |
| FHA mortgage insurance | $45 |
| Total per month | $1,012 |
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Questions about home buying in Norwood
What is the median home value in Norwood?
About $100,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Norwood?
Homeowners pay a median $3,117 a year, which is about 3.09% 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 Norwood?
For the median home with 20% down at 7.11%, the payment is about $844 a month. Keeping that under 28% of gross income takes about $36,173 a year.
More about Norwood
- Mortgage Refinance in Norwood
- Debt Relief in Norwood
- Home Equity Loans in Norwood
- 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