Rent vs buy in Utica, NY
For Utica, New York, the typical rent is $1,392 a month and the typical home value is $210,433.
Buying comes out ahead by $8k over 7 years
Based on Utica's typical rent and home value, the calculation applies 20% down and today's mortgage rate. The break-even point falls in year 6.
An opinion, clearly labeled, with the math shown. These are estimates, not quotes. If you change a number, the stamp will change too.
- Owning comes out ahead by
- $8k after 7 years
- Break-even point
- year 6 when owning catches up
- Actual cost of owning
- $2,063 /mo year 1, against $1,392 rent
Change my numbers
For the stamp, we use Utica's typical rent and home value. Different rent, price and time periods can change the result.
Do your numbers differ from the city's?
Add the rent, purchase price and down payment you want to use. Those numbers change the stamp.
Is renting or buying cheaper in Utica?
When you include the money you get back from selling, buying costs $8,276 less than renting over 7 years. In year 6, owning's net cost falls below renting's and remains lower.
Renting. Owning. Cumulative net cost, by year.
Average rent compared with mortgage payment in Utica
Rent and mortgage don't cover the full cost, so here are all monthly expenses for year 1 at Utica's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,392 | All of it, every month |
| Mortgage payment | $1,147 | $1,011 of it is interest in year 1 |
| Property tax | $377 | 2.15% of the value a year |
| Insurance | $70 | Census median for the city |
| Upkeep | $175 | 1% of the value a year |
| Owning, cash out | $1,770 | $136 of it builds equity |
| Lost return on the down payment | $342 | Annual earnings the cash would receive at 8.3% |
| Buying costs, spread out | $88 | 3.5% of the price over 7 years |
| True cost of owning | $2,063 | Cash paid out, minus the equity portion, plus the two amounts above |
Numbers behind Utica's verdict
- Typical home valueZillow ZHVI, September 2026
- $210,433
- Typical rentZillow ZORI, September 2026
- $1,392 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, New York, 1995 to 2025
- 4.8% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Utica
- 2.15% of value
- Home insuranceCensus ACS 2020-2024, Utica
- $70 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would flip the result in Utica?
Each line marks where the 7-year result for Utica changes, while all other factors stay the same.
Renting comes out ahead when
- Home prices increase by less than 4.3% yearly; we use 4.8%, New York's rate over the long run.
- The mortgage rate remains higher than 7.93%.
- Monthly rent for a similar home comes in below $1,300 (the local typical rent is $1,392).
- Your move happens before year 6.
When buying comes out ahead
- Home prices increase by more than 4.3% a year.
- You secure a mortgage rate under 7.93% (today's is 7.24%).
- The same home would cost over $1,300 a month to rent.
- You remain in the home for 6 years or more.
How Utica compares with 812 other cities
| Measure | Utica | Median city |
|---|---|---|
| Typical home value | $210,433 | $422,451 |
| Typical rent | $1,392 /mo | $1,837 /mo |
| Price-to-rent ratio | 12.6 (#739 of 813) | 18.5 |
| Home prices, last 10 years | 8.9% a year | 6.2% a year |
| Property tax | 2.15% | 0.87% |
| Households that rent | 50% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More New York cities
- Toss-up. New York City, NY. Buying is ahead by $5k, making it a toss-up.
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- Renting comes out ahead by $38k in Troy, NY.