Rent vs Buy in Syracuse, NY
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Syracuse, NY
Price-to-rent ratio is 13.8 (under 15 favors buying, over 21 favors renting). Renting costs $1,321/mo; owning runs about $1,637/mo — $316/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,162 |
| Property tax | $201 |
| Home insurance | $91 |
| Maintenance | $183 |
| Total to own | $1,637 |
| Average 2BR rent | $1,321 |
Based on a median home value of $219,372 with a $43,874 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.