Total monthly cost of ownership
Cost to Own a Home in Lancaster, New York
A $186,000 home here costs
$1,892per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $956. The real number is $936 higher every month — 98% 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.
Lancaster against Erie County and New York
| Measure | Lancaster | Erie County |
|---|---|---|
| Median home value | $186,300 | $217,400 |
| Median property tax | $4,838 | $4,525 |
| Effective tax rate | 2.597% | 2.081% |
| Median gross rent | $839 | $1,037 |
| Population | 10,127 | 950,044 |
The weather behind that power bill
Lancaster sits in Erie County, which averages a high of 80.2°F in its hottest month and a low of 19.0°F in its coldest, with 40.68" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 608 cooling and 6,466 heating degree days, which is what sets the $269 electricity line above.
See the full climate breakdown for Erie County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Erie County
Common questions
How much does it cost to own a home in Lancaster?
A $186,000 home in Lancaster, New York costs approximately $1,892 per month with 20% down at 6.66%. That is $956 principal and interest, $403 property tax, $41 homeowners insurance, $337 utilities and $155 set aside for maintenance.
What is the property tax rate in Lancaster?
Lancaster has an effective property tax rate of 2.597%, based on a median home value of $186,300 and median real estate taxes of $4,838. That is higher than the Erie County average of 2.081%.
What is the average home price in Lancaster?
The median owner-occupied home value in Lancaster, New York is $186,300, against $217,400 across Erie County.
Is it cheaper to rent or buy in Lancaster?
Median gross rent in Lancaster is $839 a month, against $1,892 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 Lancaster — 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.