It's likely to be a while before the inventory of available housing matches demand. Experts surveyed by Zillow predicted that it will be two years before the monthly inventory returns to pre-pandemic standards. It's been difficult for first-time homebuyers. Home prices could rise, but so will options, according to some economists.
Use SmartAsset's free New York home loan calculator to determine your monthly payments, including PMI, homeowners insurance, taxes, interest and more. The Federal Housing Administration's formula, used by many lenders, recommends allocating no more than 31 percent of your monthly income to your housing payment.