Jumping into the NYC housing market is not an easy thing to do, nor is it cheap. But knowing the market helps and the team at Investopedia watch the trends.

Caleb Silver, editor in chief at Investopedia, says the median price for a single-family home is $571,000.

"Now we know there are home prices that are much higher than that, and much lower, but these are the median prices. But supply is super tight here and we have also seen home values rise over time, especially over the last four years," Silver says.

As far as where mortgage rates stand, Silver says, "think higher for longer and that's sort of the message we have been getting from the federal reserve."

Remember the higher the rate, the more it costs you to borrow that money. Still when talking about getting into the NYC market Silver says it's, "not impossible, but you have to have great credit and be ready to put some money down."