Yonkers, New York, is the state's fourth-largest city and is two miles north of Manhattan. From the exhibits at the Hudson River Museum to taking in a race at the Yonkers Raceway, this city always has something going on. Yonkers has become one of the best places to purchase or rent to own your next home, partly because of how manageable it is to get to the other boroughs in the greater New York City area on public transportation. In Yonkers, residents have access to four stops on the metro line, an express bus to Manhattan, and a water taxi line that all contribute to giving this area of New York one of the highest public transportation rankings in the country.
Yonkers, NY is a great place for affordable rent-to-own homes! With a median household income of over $69,825 and a median rent of $1,461, the Yonkers, NY rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Yonkers, NY. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Yonkers, NY is seeing rapid growth and Yonkers, NY's' housing market remains not optimal with an average home price that is 90% above the 2022 national average. Yonkers, NY is part of Westchester county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2022 for county Westchester is 1.62% which is above the national average, which is 0.99%.
Yonkers, NY has a walk score of
Yonkers, NY has a bike score of
The state tax rate is 4.0 to 10.9% on top of the federal tax rate of 10 to 37%.