The typical owner-occupied home in Philmont is worth about $225,000, 47% below the New York median of $423,800 and 32% below the national median of $332,700. Owners pay a median $2,825 a year in property taxes, about 1.26% of their home's value, lower than the New York rate of 1.55%. The median household earns $56,563 a year, so the median home costs 4.0 times the median income (4.9 times for New York). 61% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Philmont at a glance
| Philmont | New York | U.S. | |
|---|---|---|---|
| Median home value | $225,000 | $423,800 | $332,700 |
| Median property tax paid per year | $2,825 | $6,582 | $3,119 |
| Property tax as a share of value | 1.26% | 1.55% | 0.94% |
| Median household income | $56,563 | $85,974 | $80,734 |
| Homes lived in by their owners | 61% | 54% | 65% |
| Owner homes with a mortgage | 69% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,483 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 26.0% | 22.5% | 21.0% |
| Median rent | $1,193 | $1,621 | $1,413 |
| Rent as a share of renters' income | 33.1% | 31.2% | 30.6% |
| Median year homes were built | 1938 | 1959 | 1980 |
| Vacant homes | 24.2% | 10.0% | 10.1% |
| Population | 1,439 | 19,852,366 | 334,922,499 |
How much equity Philmont owners could borrow
Home equity is what your home is worth minus what you owe. Most lenders let you borrow until your loans add up to 80% to 85% of the home's value. For the median Philmont home of $225,000, 80% is $180,000.
31% of Philmont owners have no mortgage at all, so they could borrow up to the full 80% limit.
Owners with a mortgage here already spend a median $1,483 a month on housing, so a new payment should fit next to that. At the median income of $56,563, lenders typically cap all debt payments at about 43% of gross income, or $2,027 a month.
If you instead refinance and take cash out, the whole loan moves to the new rate (this week's 30-year average is 7.11%). A home equity loan or line of credit keeps your current first mortgage, which is usually better when your existing rate is lower than today's.
| Owe nothing | $180,000 to $191,250 |
|---|---|
| Owe $56,250 | $123,750 to $135,000 |
| Owe $112,500 | $67,500 to $78,750 |
| Owe $146,250 | $33,750 to $45,000 |
Before the lender's own limits, fees and your credit and income checks.
Change the numbers in the calculator
Questions about home equity loans in Philmont
What is the median home value in Philmont?
About $225,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Philmont?
Homeowners pay a median $2,825 a year, which is about 1.26% of the median home value. Your bill depends on your home's assessed value and local rates.
How much can I borrow against my home in Philmont?
Usually up to 80% to 85% of your home's value, minus what you owe. On the median home of $225,000, an 80% limit is $180,000 before subtracting your mortgage.
More about Philmont
- Mortgage Refinance in Philmont
- Home Buying in Philmont
- Debt Relief in Philmont
- 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