Syracuse and Central New York offer some of the most affordable housing in the Northeast, with median home prices between $175K-$200K in the city and strong school districts in surrounding suburbs. We ran scenarios for $75K, $100K, and $150K household incomes so you can plug similar assumptions into the Home Affordability Calculator.
Why Syracuse? The Affordability Advantage
While coastal cities like NYC, Boston, and even Buffalo have seen home prices surge past median income growth, Syracuse remains one of the most accessible housing markets in New York State. The trade-off? Higher property taxes (averaging 2.6% in Onondaga County) and cold, snowy winters that require budget planning for utilities and maintenance.
Here's what makes Syracuse attractive for homebuyers in 2025:
- Median home price: $175K-$196K in Syracuse proper (up 7.7% YoY)
- Price per square foot: $127 (up 25.6% since last year)
- Days on market: 11 days average (fast-moving market)
- Migration trend: NYC buyers searching Syracuse more than any other metro
- University anchor: Syracuse University provides economic stability and rental demand
The key challenge? Property taxes in Onondaga County rank among the highest in the nation. School district choice significantly impacts your total monthly payment.
Syracuse 2025 Cost Assumptions
Before running affordability scenarios, let's establish the baseline costs for Central New York:
- Mortgage rates: 6.75% for conventional (20% down, 740+ credit), 7.0% for FHA
- Property tax: 2.6% average (varies dramatically by school district: 1.14% to 4.29%)
- Homeowners insurance: $1,200-$1,800/year (snow load and ice dam coverage recommended)
- HOA fees: $50-$150/month for condos/townhomes (many single-family homes have none)
- Utilities: $200-$350/month (higher heating costs November-March)
- Snow removal: $50-$100/month average or $400-$800 seasonal contract
- Maintenance reserve: 1.5% of home value annually (salt damage, roof snow concerns)
CNY-specific note: Budget an extra $100-$150/month for winter costs compared to temperate climates. This includes higher natural gas bills, snow removal, and salt-related maintenance.
Income Scenarios Using the 28/36 Rule
The 28/36 rule limits housing costs to 28% of gross income (front-end) and total debt to 36% (back-end). Here's how Syracuse-area incomes translate to buying power:
Scenario A: $75,000 Household Income
Monthly breakdown ($210K home): P&I $1,093 + Tax $455 + Insurance $125 + Maint. $79 = $1,752/mo
Best neighborhoods: Syracuse city proper, Mattydale, North Syracuse, East Syracuse
Scenario B: $100,000 Household Income
Monthly breakdown ($285K home): P&I $1,484 + Tax $617 + Insurance $150 + Maint. $107 = $2,358/mo
Best neighborhoods: Liverpool, Baldwinsville, Camillus, Clay
Scenario C: $150,000 Household Income
Monthly breakdown ($450K home): P&I $2,343 + Tax $975 + Insurance $175 + Maint. $169 = $3,662/mo
Best neighborhoods: Fayetteville-Manlius, DeWitt, Skaneateles (entry-level), Pompey
Important: These calculations use 2.6% property tax. Lower-tax districts (1.5-2%) increase buying power by $25K-$50K. Higher-tax areas (3.5%+) reduce it accordingly.
Central New York Neighborhood Breakdown
School district choice is the single biggest factor affecting both property taxes and home values in CNY. Here's how the key areas compare:
| Area | Median Price | Tax Rate | School Quality | Best For |
|---|---|---|---|---|
| Syracuse City | $175K-$196K | 2.8-3.2% | Mixed | First-time buyers, investors |
| Fayetteville-Manlius | $415K-$485K | 2.4% | Top-rated | Families, top schools |
| Liverpool | $261K-$273K | 2.7% | Good | Balanced value |
| Baldwinsville | $225K-$292K | 2.5% | Good | Suburban families |
| Skaneateles | $900K-$1M+ | 2.2% | Excellent | Luxury, lakefront |
| Camillus | $219K-$250K | 2.6% | Good | Value-seekers |
Fayetteville-Manlius Deep Dive
F-M is consistently ranked among New York's best school districts. In September 2025, home sales ranged from $280K (starter homes) to $900K (premium properties). The median sale of $465K reflects strong demand from families relocating from higher-cost metros. Despite premium prices, the lower tax rate partially offsets monthly costs.
Skaneateles: The Premium Option
Lakefront living comes at a price. January 2025 median of $974K (up 11.3% YoY) makes this CNY's most expensive market. However, lower property taxes (2.2%) and excellent schools attract high-income buyers. At $292/sq ft, expect to pay significantly more per square foot than anywhere else in the region.
Sample Monthly Payment Breakdown: $250K Liverpool Home
Here's a detailed look at what a typical Syracuse-area purchase looks like:
$250,000 Purchase - Liverpool School District
With 20% Down Payment ($50,000)
Same Home - 10% Down Payment ($25,000)
The 10% down option requires $25K less upfront but costs ~$3,084 more annually until PMI drops off (typically at 20% equity).
To keep back-end DTI at 36% with this $2,079/month payment (including maintenance), you'd need approximately $69,300 gross annual income with no other debts, or $80,000+ with typical car payment and student loans.
Ways to Expand Syracuse Buying Power
- FHA 3.5% down payment: First-time buyers can access homes with just $7,000-$10,000 down on a $200K-$285K home. Higher PMI but lower barrier to entry.
- NYS First-Time Homebuyer Programs: SONYMA offers below-market rates and down payment assistance. Income limits apply ($105,600 for 1-2 person households in Onondaga County).
- Target lower-tax districts: A 1% difference in property tax rate on a $250K home saves $208/month, equivalent to $40K more buying power.
- Pay off high-interest debt first: Eliminating a $400/month car payment can increase your max purchase price by $60K-$80K.
- Consider Syracuse city emerging neighborhoods: Areas like Eastwood, Westcott, and Strathmore are seeing revitalization with prices still 20-30% below suburban equivalents.
- Multi-family house hack: Syracuse has strong rental demand from SU students. A duplex with rental income can offset $800-$1,200/month of your mortgage.
Local Real Estate Resources
For Syracuse-area home searches, CNY Niche Team is one local brokerage covering Fayetteville-Manlius, Skaneateles, Liverpool, Baldwinsville, and Camillus.
FAQ
How does Syracuse compare to NYC, Buffalo, and Rochester?
Syracuse offers the most affordable housing among major Upstate metros. Buffalo's median is ~$230K, Rochester ~$215K, and NYC metro starts at $650K+. Syracuse's $175K-$196K median with strong schools in suburbs makes it attractive for remote workers and relocators. The trade-off is higher property taxes than Buffalo (2.1%) and fewer job opportunities than Rochester's corporate base.
What's the property tax cap in NY?
New York's property tax cap limits annual increases to 2% or inflation (whichever is lower) for local governments and school districts. However, this doesn't cap the rate itself, Onondaga County's 2.6% average remains one of the highest nationally. The cap prevents dramatic year-over-year increases but won't reduce existing high rates.
Are Syracuse home prices rising or falling in 2025?
Rising. Syracuse home values are up 7.7% year-over-year with a projected 4.5% increase through 2026. The median sale price per square foot jumped 25.6% to $127. Low inventory (homes sell in 11 days average) continues to drive prices upward, though the pace is moderating from 2023-2024's faster growth.
What's the best time to buy in Syracuse?
Late fall and winter (October-February) typically offer less competition and more negotiating power as seasonal buyers pause. However, inventory is also lower. Spring listings (March-May) offer more selection but faster-moving markets. For the best balance, target September-October before winter sets in but after summer competition peaks.
Do I need a car in Syracuse?
Yes, practically speaking. While Syracuse has Centro bus service, suburban commutes and winter weather make car ownership nearly essential. Budget $400-$600/month for car payment, insurance, and gas. This impacts your 36% DTI calculation significantly, reducing max home price by $75K-$100K compared to car-free buyers.
How much should I budget for CNY winters?
Syracuse averages 127 inches of snow annually, among the snowiest US cities. Budget an extra $150-$200/month from November-March for: natural gas heating ($200-$350/mo vs $100 summer), snow removal ($50-$100/mo), and salt damage maintenance. Annual winter premium: approximately $900-$1,200.