Total monthly cost of ownership
Cost to Own a Home in Allegany, New York
A $152,000 home here costs
$1,587per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $781. The real number is $805 higher every month — 103% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Allegany against Cattaraugus County and New York
| Measure | Allegany | Cattaraugus County |
|---|---|---|
| Median home value | $152,000 | $109,400 |
| Median property tax | $3,697 | $2,946 |
| Effective tax rate | 2.432% | 2.693% |
| Median gross rent | $767 | $759 |
| Population | 1,773 | 76,479 |
The weather behind that power bill
Allegany sits in Cattaraugus County, which averages a high of 81.8°F in its hottest month and a low of 12.2°F in its coldest, with 47.16" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 338 cooling and 7,308 heating degree days, which is what sets the $269 electricity line above.
See the full climate breakdown for Cattaraugus County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cattaraugus County
Full Cattaraugus County cost breakdown · Every county in New York
Common questions
How much does it cost to own a home in Allegany?
A $152,000 home in Allegany, New York costs approximately $1,587 per month with 20% down at 6.66%. That is $781 principal and interest, $308 property tax, $33 homeowners insurance, $337 utilities and $127 set aside for maintenance.
What is the property tax rate in Allegany?
Allegany has an effective property tax rate of 2.432%, based on a median home value of $152,000 and median real estate taxes of $3,697. That is lower than the Cattaraugus County average of 2.693%.
What is the average home price in Allegany?
The median owner-occupied home value in Allegany, New York is $152,000, against $109,400 across Cattaraugus County.
Is it cheaper to rent or buy in Allegany?
Median gross rent in Allegany is $767 a month, against $1,587 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Allegany — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for New York.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.