Buy vs Rent in Syracuse, NY (2026)
Median home price $195K · 1BR rent $1,200/mo · Price-to-rent ratio 13.5x.
Median home price
$195K
1BR rent
$1,200/mo
Price-to-rent ratio
13.5x
Verdict
Buy signal
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $6,825 | $19,500 | $39,000 |
| Mortgage (P&I) | $1,252/mo | $1,168/mo | $1,038/mo |
| Property tax (est.) | $179/mo | $179/mo | $179/mo |
| Insurance (est.) | $81/mo | $81/mo | $81/mo |
| Maintenance (est.) | $163/mo | $163/mo | $163/mo |
| Total monthly cost | $1,675vs rent: +$475/mo | $1,591vs rent: +$391/mo | $1,461vs rent: +$261/mo |
| Income to qualify | $53,657/yr | $50,057/yr | $44,486/yr |
| Break-even (approx.) | ~1 yrs | ~4 yrs | ~12 yrs |
Syracuse housing context
$50K
Median HH income
per year
$44,486
Income needed (20% down)
per year
Qualified
Affordability gap
vs median income
Frequently asked questions
Is it better to buy or rent in Syracuse?
Syracuse's price-to-rent ratio of 13.5x suggests buying may be financially advantageous. When PTR is below 15, the cost of ownership often comes close to renting over a 5-7 year horizon.
How much do I need to earn to buy a home in Syracuse?
With a median home price of $195K in Syracuse, you'd need an annual income of roughly $44,486 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $50,057/year.
Syracuse full cost of living breakdownCheaper cities near SyracuseHow much to retire in SyracuseCompare mortgage rates
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only