Total monthly cost of ownership
Cost to Own a Home in Elmira, New York
A $88,000 home here costs
$1,038per 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 $44,500 a year.
A standard mortgage calculator would have told you $480. The real number is $558 higher every month, 116% more than the payment most buyers budget for.
Compare Chemung 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.
Elmira against Chemung County and New York
| Measure | Elmira | Chemung County |
|---|---|---|
| Median home value | $88,200 | $132,100 |
| Median property tax | $2,808 | $3,332 |
| Effective tax rate | 3.184% | 2.522% |
| Median gross rent | $871 | $1,020 |
| Population | 26,349 | 82,805 |
The weather behind that power bill
Elmira sits in Chemung County, which averages a high of 82.4°F in its hottest month and a low of 16.4°F in its coldest, with 32.36" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 490 cooling and 6,648 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Chemung County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chemung County
Full Chemung County cost breakdown · Every county in New York
Talk to someone who works this market
These are Elmira 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 Elmira every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Elmira I already own here and may sell
Common questions
How much does it cost to own a home in Elmira?
A $88,000 home in Elmira, New York costs approximately $1,038 per month with 20% down at 7.24%. That is $480 principal and interest, $233 property tax, $19 homeowners insurance, $232 utilities and $73 set aside for maintenance.
What is the property tax rate in Elmira?
Elmira has an effective property tax rate of 3.184%, based on a median home value of $88,200 and median real estate taxes of $2,808. That is higher than the Chemung County average of 2.522%.
What is the average home price in Elmira?
The median owner-occupied home value in Elmira, New York is $88,200, against $132,100 across Chemung County.
Is it cheaper to rent or buy in Elmira?
Median gross rent in Elmira is $871 a month, against $1,038 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 Elmira?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elmira, New York at today's rate takes a household income of roughly $44,500 a year. That covers the full $1,038 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elmira, 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.