Total monthly cost of ownership
Cost to Own a Home in Groton, New York
A $153,000 home here costs
$1,549per 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 $66,500 a year.
A standard mortgage calculator would have told you $834. The real number is $714 higher every month, 86% more than the payment most buyers budget for.
Compare Tompkins County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Groton from a five-year rolling sample, and with about 1,974 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Tompkins County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Groton against Tompkins County and New York
| Measure | Groton | Tompkins County |
|---|---|---|
| Median home value | $153,000 | $271,500 |
| Median property tax | $3,860 | $6,374 |
| Effective tax rate | 2.523% | 2.348% |
| Median gross rent | $831 | $1,374 |
| Population | 1,974 | 102,879 |
The weather behind that power bill
Groton sits in Tompkins County, which averages a high of 79.9°F in its hottest month and a low of 14.6°F in its coldest, with 38.29" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 416 cooling and 7,207 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Tompkins County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Tompkins County
Full Tompkins County cost breakdown · Every county in New York
Talk to someone who works this market
These are Groton 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 Groton every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Groton I already own here and may sell
Common questions
How much does it cost to own a home in Groton?
A $153,000 home in Groton, New York costs approximately $1,549 per month with 20% down at 7.24%. That is $834 principal and interest, $322 property tax, $34 homeowners insurance, $232 utilities and $128 set aside for maintenance.
What is the property tax rate in Groton?
Groton has an effective property tax rate of 2.523%, based on a median home value of $153,000 and median real estate taxes of $3,860. That is higher than the Tompkins County average of 2.348%.
What is the average home price in Groton?
The median owner-occupied home value in Groton, New York is $153,000, against $271,500 across Tompkins County.
Is it cheaper to rent or buy in Groton?
Median gross rent in Groton is $831 a month, against $1,549 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 Groton?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Groton, New York at today's rate takes a household income of roughly $66,500 a year. That covers the full $1,549 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Groton, 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.