Total monthly cost of ownership
Cost to Own a Home in Cortland, New York
A $144,000 home here costs
$1,517per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $65,000 a year.
A standard mortgage calculator would have told you $785. The real number is $732 higher every month, 93% more than the payment most buyers budget for.
Compare Cortland County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Cortland against Cortland County and New York
| Measure | Cortland | Cortland County |
|---|---|---|
| Median home value | $143,800 | $158,100 |
| Median property tax | $4,179 | $4,184 |
| Effective tax rate | 2.906% | 2.646% |
| Median gross rent | $893 | $911 |
| Population | 17,465 | 46,401 |
The weather behind that power bill
Cortland sits in Cortland County, which averages a high of 78.7°F in its hottest month and a low of 13.1°F in its coldest, with 41.66" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 287 cooling and 7,459 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Cortland County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cortland County
Full Cortland County cost breakdown · Every county in New York
Talk to someone who works this market
These are Cortland averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Cortland every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cortland I already own here and may sell
Common questions
How much does it cost to own a home in Cortland?
A $144,000 home in Cortland, New York costs approximately $1,517 per month with 20% down at 7.24%. That is $785 principal and interest, $349 property tax, $32 homeowners insurance, $232 utilities and $120 set aside for maintenance.
What is the property tax rate in Cortland?
Cortland has an effective property tax rate of 2.906%, based on a median home value of $143,800 and median real estate taxes of $4,179. That is higher than the Cortland County average of 2.646%.
What is the average home price in Cortland?
The median owner-occupied home value in Cortland, New York is $143,800, against $158,100 across Cortland County.
Is it cheaper to rent or buy in Cortland?
Median gross rent in Cortland is $893 a month, against $1,517 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Cortland?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cortland, New York at today's rate takes a household income of roughly $65,000 a year. That covers the full $1,517 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cortland, 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.