Rent vs buy in Syracuse, NY
In Syracuse, New York, the typical rent is $1,566 /mo and the typical home is $223,201.
Over 7 years, buying comes out $14k ahead.
It uses Syracuse's typical rent, its home value, a 20% down payment and today's mortgage rate. Year 5 is where it breaks even.
Opinion, clearly labelled, math shown. Estimates, not quotes. Adjust a number, and the stamp updates.
- Owning leads by
- $14k after 7 years
- Break-even point
- Year 5 when owning catches up
- What owning really costs
- $2,217 each month year 1, against $1,566 rent
Change my numbers
Syracuse's typical rent and home value drive the stamp. Your rent, your price or your years can flip it.
Do your numbers differ from the city's?
Enter a rent, price and down payment of your own. Those figures move the stamp.
Is it cheaper to rent or buy in Syracuse?
Include what you get back from selling, and buying comes out $14,339 cheaper over 7 years. Owning's net cost falls under renting's in year 5 and stays lower from then on.
Rent. Own. Running net cost, year by year.
Syracuse: average rent compared with mortgage payment
Rent and the mortgage payment don't tell you the whole story. Here are all the monthly costs in year 1, using Syracuse's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,566 | All of it, every month |
| Mortgage payment | $1,217 | $1,073 of it is interest in year 1 |
| Property tax | $432 | 2.32% of the value a year |
| Insurance | $71 | Census median for the city |
| Upkeep | $186 | 1% of the value a year |
| Owning, cash out | $1,905 | $144 of it builds equity |
| Lost return on the down payment | $363 | What the cash would earn yearly at 8.3% |
| Buying costs, spread out | $93 | 3.5% of the price over 7 years |
| True cost of owning | $2,217 | Cash out, minus the equity piece, plus both lines above |
The data behind Syracuse's verdict
- Typical home value: Zillow ZHVI, September 2026
- $223,201
- Typical rent: Zillow ZORI, September 2026
- $1,566 each month
- Down payment: 20% avoids private mortgage insurance, and the engine doesn't model it
- 20%
- Rate used for the mortgageFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home pricesFHFA house price index, New York, 1995 through 2025
- 4.8% each year
- Rent growthCPI rent of primary residence, growth per year 2006 to 2026
- 3.5% each year
- Return on savings60% of the S&P 500, including dividends, plus 40% of 10-year Treasuries, rebalanced each year, 1928 to 2025
- 8.3% each year
- Property tax figure from Census ACS 2020-2024, Syracuse
- 2.32% of the value
- Home insurance figure from Census ACS 2020-2024, Syracuse
- $71 per month
- Maintenance costs, Fannie Mae, low end of the 1% to 4% range
- 1% of the value each year
- Buying costs, Freddie Mac, middle of the 2% to 5% range
- 3.5% of the price
- Costs of selling, agent commission and closing costs
- 6% of the price
What would flip the result in Syracuse?
Each line marks the point where the 7-year verdict for Syracuse turns, holding everything else as it is.
Renting comes out ahead when
- Home prices grow at under 4.0% a year, and we use 4.8%, New York's rate over the long run.
- The mortgage rate remains higher than 8.37%.
- A home like this one rents for less than $1,410 monthly (typical here: $1,566).
- Your move comes before year 5.
Buying comes out ahead when
- Home prices rise more than 4.0% a year.
- You lock in a mortgage rate below 8.37%, and today's rate is 7.24%.
- If you rented that same home, it would cost more than $1,410 a month.
- You remain 5 years or longer.
How Syracuse compares with the other 812 cities
| Measure | Syracuse | Median city |
|---|---|---|
| Typical home value | $223,201 | $422,451 |
| Typical rent | $1,566 /mo | $1,837 /mo |
| Price-to-rent ratio | 11.9 (#763 of 813) | 18.5 |
| Home prices, last 10 years | 8.7% a year | 6.2% a year |
| Rents, last 5 years | 6.2% a year | 4% a year |
| Property tax | 2.32% | 0.87% |
| Households that rent | 58% | 42% |
Data from: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other New York cities
- Toss-up. New York City, NY: too close to call, buying ahead by $5k.
- Buy. Buying wins by $15k in Buffalo, NY.
- Rent. Renting wins by $125k in Yonkers, NY.
- Rent. In Rochester, NY, renting wins by $4k.
- Rent. Renting wins by $34k in Albany, NY.
- Rent. Renting wins by $197k in New Rochelle, NY.
- Rent. Renting wins by $87k in Mount Vernon, NY.
- Rent. Renting wins by $67k in Schenectady, NY.
- Buy. Buying wins by $8k in Utica, NY.
- Rent. Renting wins by $106k in White Plains, NY.
- Rent. In Hempstead, NY, renting wins by $78k.
- Rent. In Troy, NY renting comes out ahead by $38k.