Total monthly cost of ownership
Cost to Own a Home in Lakewood, New York
A $146,000 home here costs
$1,532per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $751. The real number is $781 higher every month — 104% 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.
Lakewood against Chautauqua County and New York
| Measure | Lakewood | Chautauqua County |
|---|---|---|
| Median home value | $146,300 | $119,300 |
| Median property tax | $3,491 | $2,846 |
| Effective tax rate | 2.386% | 2.386% |
| Median gross rent | $1,132 | $797 |
| Population | 2,975 | 126,329 |
The weather behind that power bill
Lakewood sits in Chautauqua County, which averages a high of 80.3°F in its hottest month and a low of 19.4°F in its coldest, with 45.66" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 667 cooling and 6,030 heating degree days, which is what sets the $269 electricity line above.
See the full climate breakdown for Chautauqua County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chautauqua County
Full Chautauqua County cost breakdown · Every county in New York
Common questions
How much does it cost to own a home in Lakewood?
A $146,000 home in Lakewood, New York costs approximately $1,532 per month with 20% down at 6.66%. That is $751 principal and interest, $290 property tax, $32 homeowners insurance, $337 utilities and $122 set aside for maintenance.
What is the property tax rate in Lakewood?
Lakewood has an effective property tax rate of 2.386%, based on a median home value of $146,300 and median real estate taxes of $3,491. That is in line with the Chautauqua County average of 2.386%.
What is the average home price in Lakewood?
The median owner-occupied home value in Lakewood, New York is $146,300, against $119,300 across Chautauqua County.
Is it cheaper to rent or buy in Lakewood?
Median gross rent in Lakewood is $1,132 a month, against $1,532 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 Lakewood — 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.