CALCMONEY // HOME AFFORDABILITY // NY // SYRACUSE
How much house can you afford in Syracuse? Based on local median home prices, current NY mortgage rates, and Syracuse property tax data.
$165,000
$1,337/mo
$57,294/yr
$97,271
Monthly housing costs of $1,337 represent 38.2% of Syracuse's median gross monthly income ($3,500/mo). At 38.2%, median-income buyers in Syracuse are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $165,000 |
| Down Payment (20%) | $33,000 |
| Loan Amount | $132,000 |
| Monthly PI Payment | $869 |
| Monthly Property Tax | $399 |
| Monthly Insurance Est. | $69 |
| Total Monthly PITI | $1,337 |
| Housing Cost % of Income | 38.2% |
| Required Income (28% rule) | $57,294/yr |
| Max Affordable Home | $97,271 |
$5,775
$1,629/mo
Syracuse Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $165,000 | Syracuse city median |
| Down Payment (20%) | $33,000 | Conventional loan |
| Monthly PITI | $1,337 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $57,294 | Annual gross |
| Max Affordable Home | $97,271 | Based on median income |
| FHA Down (3.5%) | $5,775 | Minimum FHA |
| Housing Cost % of Income | 38.2% | Median income: $42,000/yr |
| Property Tax Rate | 2.9% | $4,785/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Syracuse is $165,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $132,000, generating a monthly P&I payment of $869. Adding property taxes ($399/mo) and homeowners insurance ($69/mo) brings total monthly PITI to $1,337.
Syracuse's property tax rate of 2.9% is notably high, meaningfully reducing how much home buyers can afford — lenders factor this directly into debt-to-income calculations. On the Syracuse median home, that is $399/month, or $4,785 per year.
New York levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Syracuse should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Syracuse's median income of $42,000/year can afford up to $980/month in total housing costs. Based on Syracuse's mortgage rate of 6.9% and property tax rate of 2.9%, that translates to a maximum affordable home price of approximately $97,271 with 20% down on a 30-year loan.
To afford the median Syracuse home priced at $165,000, you need an annual gross income of approximately $57,294. Total monthly housing costs (principal and interest of $869, property taxes of $399, and insurance of $69) come to $1,337/month, which equals 28% of the required income.
At the median home price of $165,000 and median household income of $42,000, the total monthly housing cost of $1,337 represents 38.2% of gross monthly income. This is well above the standard 28% threshold, making Syracuse a challenging market for buyers at median income.
A conventional 20% down payment on the median Syracuse home of $165,000 is $33,000. An FHA loan requires just 3.5% down — $5,775 — but adds mortgage insurance of roughly $113/month, bringing total FHA payments to $1,629/month.
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