Staten Island's Mortgage Market at a Glance
Staten Island is unique among NYC boroughs: it's the only one where buying a house — a real, detached, single-family house — is the standard outcome at the median price. At a borough median of $550,000, buyers are typically looking at a 3–4 bedroom home, not a studio apartment.
The math at 6.875% (30-year fixed, 20% down): $440,000 financed × $6.59 per $1,000 = $2,900/month P&I. Add Staten Island's property taxes (~$700/month) and homeowners insurance (~$175/month) and you arrive at approximately $3,876/month PITI.
The trade-off in one sentence: You're getting significantly more space and a real backyard for your mortgage dollar, but you're accepting a 60–90 minute commute and real car costs in exchange.
Monthly PITI by Purchase Price
| Purchase Price | Down (20%) | Loan Amount | P&I / Month | Est. PITI / Month | Salary Needed |
|---|---|---|---|---|---|
| $350,000 | $70,000 | $280,000 | $1,845 | ~$2,500 | ~$107K |
| $400,000 | $80,000 | $320,000 | $2,109 | ~$2,900 | ~$124K |
| $450,000 | $90,000 | $360,000 | $2,364 | ~$3,250 | ~$139K |
| $550,000 (median) | $110,000 | $440,000 | $2,900 | ~$3,876 | ~$166K |
| $650,000 | $130,000 | $520,000 | $3,427 | ~$4,450 | ~$191K |
| $700,000 | $140,000 | $560,000 | $3,690 | ~$4,800 | ~$206K |
| $800,000 | $160,000 | $640,000 | $4,218 | ~$5,400 | ~$231K |
P&I at 6.875% on 30-yr fixed. PITI includes estimated Staten Island property taxes ($6,500–$10,000/yr depending on price) and homeowners insurance (~$1,800–$2,500/yr). Actual costs vary by property and neighborhood.
Neighborhood Price Ranges
| Neighborhood | Price Range | Est. PITI Range | Salary Range | Notes |
|---|---|---|---|---|
| St. George / Tompkinsville | $350K – $450K | $2,500 – $3,250 | $107K – $139K | Ferry access; most urban feel |
| Stapleton / Rosebank | $400K – $500K | $2,900 – $3,540 | $124K – $152K | Waterfront development ongoing |
| New Dorp / Midland Beach | $480K – $580K | $3,370 – $4,050 | $144K – $173K | Classic mid-island family area |
| Great Kills / Eltingville | $500K – $620K | $3,540 – $4,320 | $152K – $185K | South Shore; good schools |
| Tottenville / Annadale | $520K – $700K | $3,610 – $4,800 | $155K – $206K | Southernmost; suburban feel |
| Grymes Hill / Todt Hill | $650K – $900K+ | $4,450 – $6,000+ | $191K – $257K+ | Prestige areas; hilltop views |
Property Tax Reality on Staten Island
Staten Island's property taxes are notably higher relative to assessed values than in other NYC boroughs, particularly for single-family homes. A $550K home might carry an assessed value of $50,000–$80,000 in NYC's complex assessment system, with annual taxes of $7,000–$10,000 depending on the neighborhood and applicable exemptions.
The STAR (School Tax Relief) exemption reduces school taxes for primary residence owners by $300–$1,500/year. Enhanced STAR for seniors 65+ with income under $98,700 can save $1,500–$3,000/year. Apply through the NYC Department of Finance after purchase.
Don't forget car costs: Almost every Staten Island homeowner needs a car. Factor $8,000–$15,000/year in vehicle ownership costs into your total housing budget. On a $550K purchase, this effectively increases your all-in housing cost by $670–$1,250/month.
Single-Family vs. Condo on Staten Island
Most Staten Island buyers purchase detached or semi-detached houses, which come with no monthly maintenance fees or co-op assessments. Condos exist but are a smaller segment of the market, concentrated near ferry terminals and new waterfront development in St. George. For a detailed condo comparison, see our Staten Island Condo Affordability guide.
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Use the NYC Paycheck CalculatorFrequently Asked Questions
What's the minimum salary to buy on Staten Island?
The most affordable SI entry points are in St. George and Stapleton, where homes start around $350,000–$400,000. Those purchases require approximately $107,000–$124,000 in annual gross income with 20% down at current rates.
Can I get an FHA loan on Staten Island?
Yes. FHA loans are available throughout Staten Island with as little as 3.5% down. On a $500K home, that's $17,500 down vs. $100,000 at 20%. The trade-off is mortgage insurance premium (MIP) of 0.85%/year, adding roughly $354/month to your payment on a $500K purchase. The lower down payment can be worth it for first-time buyers with strong income but limited savings.
Is Staten Island a good investment?
Staten Island has appreciated modestly but consistently — roughly 3–5% annually over the past decade. It lacks the explosive appreciation of prime Brooklyn or Manhattan neighborhoods, but also lacks their price volatility. For buyers seeking stability and space over speculative gains, SI's track record is solid. North Shore waterfront and St. George have outperformed the borough average as ferry access improves.