The state of New York is famous worldwide due to the international reputation of New York City. However, despite the metropolitan Gotham nature of Manhattan and surrounding boroughs, the state of New York is far more than its primary international city. New York has the unique ability to claim access to both the Atlantic as well as the waterways of the Great Lakes to the north. New York also shares a border with Canada to the north as well.
New York remains one of the most populous states in the country. As of 2025, roughly 20 million people call it home (U.S. Census Bureau estimate), making it the fourth-largest state by population. By area, it's 27th largest. The state's economy spans a broad mix of industries, including finance and banking, tourism, media and communications, health care, education, manufacturing, agriculture, technology, and transportation.
New York's economy is among the largest of any U.S. state. As of 2024 it produced more than $2 trillion in gross domestic product, ranking third among the states behind only California and Texas. Per capita income is among the highest in the nation. Read on for our guide to living, banking, and home buying in the Empire State.
Places to Live in NY
Housing costs in New York vary more than in almost any other state, and what you pay depends heavily on where you live. As of 2025, the typical New York home is valued around $500,000 statewide (Zillow), with values in the New York City metro, Westchester County, and communities like Scarsdale and Great Neck running far higher. Upstate and western New York are considerably more affordable; in metros such as Buffalo and Syracuse, typical home values are a fraction of those downstate. More so than most states, how much you pay in New York depends greatly on where you live.
New York City
Population: approximately 8.8 million (2020 U.S. Census)
The Big Apple is America's largest city, and its metropolitan area is home to roughly 19 to 20 million people. NYC has an enormous reputation both at home and abroad. The city itself is divided into five boroughs - Manhattan, Brooklyn, Queens, Staten Island, and the Bronx - though Manhattan is the best known and the borough most associate with the city. The NYC economy is a hub for so many different industries that we could spend this entire article talking about them - banking, advertising, media, fashion, and so on. Living in New York City can be a thrill and great for your career.
Buffalo
Population: approximately 278,000
Buffalo, located in Western New York, is the state's second largest city. Its metro area is home to well over a million people. Known in the past for manufacturing, Buffalo has since diversified its economy to incorporate health care, education, tech, and other services. M&T Bank is headquartered in the city, and national banks such as Bank of America, KeyBank, and Citizens also have a presence in the Buffalo area.
Rochester
Population: approximately 210,000
Rochester isn't quite as well known as New York City or Buffalo, but it's definitely somewhere to consider if you want to relocate to New York. Long recognized as a good place to raise a family, the city anchors an economy built around education, health care, and optics and imaging technology, with the University of Rochester and Rochester Regional Health among its largest employers. Best of all, home prices are typically well below those in the New York City metro.
Syracuse
Population: approximately 148,000
Home to Syracuse University, this city is among the largest in New York. Traditionally an industrial city, Syracuse now relies heavily on education, health care, and services for jobs. Syracuse University, area hospitals and health systems, and regional employers such as Wegmans are among the city's largest employers.
Your Banking Options
New York is the banking capital of the United States and arguably the world. As noted above, M&T Bank is headquartered in Buffalo. New York City is home to two of the nation's largest banks, Citibank and Chase, and countless other institutions maintain a major presence in the state.
All of this means New Yorkers have an enormous array of options when it comes to banking. This is especially true if you live in New York City. If you choose to work with one of the giants, you'll enjoy access to many ATMs and the latest in mobile and online banking technology. However, you should also consider community banks and credit unions, where you'll have a closer relationship with the institution and perhaps more flexibility, especially in getting a mortgage loan. Below are some of the banks and credit unions operating in New York today; it is not an exhaustive list.
- Adirondack Trust Company
- Apple Bank
- Bank of Utica
- Dime Community Bank
- Emigrant Bank
- Flushing Bank
- Glens Falls National Bank and Trust
- NBT Bank
- Saratoga National Bank and Trust
- Bethpage Federal Credit Union
- Teachers Federal Credit Union
- ESL Federal Credit Union
- United Nations Federal Credit Union
- Hudson Valley Credit Union
- Visions Federal Credit Union
- Broadview Federal Credit Union (formerly SEFCU)
- Jovia Financial Credit Union
- Municipal Credit Union
- Bank of America
- Capital One
- Chase
- Citibank
- Citizens Bank
- KeyBank
- M&T Bank
- Santander Bank
- TD Bank
- Wells Fargo
That's a lot, and we've really just scratched the surface! You may be wondering how to figure out which of these financial institutions will give you the best yield on a CD, or who has the lowest auto loan rates. RateZip.com was designed to answer these exact questions; get started by using our financial search engine!
New York Mortgage Rates
Because the state has so many different districts and possibilities, a homebuyer should always consult with RateZip.com to have on hand the most up-to-date mortgage rates for New York available from regional lenders. Mortgage rates move constantly, so rather than rely on any single quoted figure, it pays to compare current offers from multiple lenders before you commit.
First-time buyers in New York should also look into the State of New York Mortgage Agency (SONYMA), the state's housing finance agency. Through programs such as Achieving the Dream and its down payment assistance options, SONYMA offers eligible buyers competitive fixed-rate mortgages and help with down payment and closing costs.
If you're buying a home in one of New York's more expensive areas - think Manhattan or Westchester County, for example - you'll want to know about jumbo home loans. A jumbo mortgage is one where the loan amount exceeds the conforming loan limit set each year for loans backed by Fannie Mae or Freddie Mac. Though this limit is higher in high-cost areas, many buyers in New York City and other parts of the state still need a jumbo loan to finance a home. Jumbo mortgage rates can differ from those on conventional loans, so it's worth shopping around to find the most competitive rate available.