Rent vs Buy in Utica, NY
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Utica, NY
Price-to-rent ratio is 15.1 (under 15 favors buying, over 21 favors renting). Renting costs $1,159/mo; owning runs about $1,568/mo — $409/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,113 |
| Property tax | $193 |
| Home insurance | $88 |
| Maintenance | $175 |
| Total to own | $1,568 |
| Average 2BR rent | $1,159 |
Based on a median home value of $210,176 with a $42,035 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.