Total monthly cost of ownership
Cost to Own a Home in Lansing, New York
A $404,000 home here costs
$3,546per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,077. The real number is $1,469 higher every month — 71% 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.
Lansing against Tompkins County and New York
| Measure | Lansing | Tompkins County |
|---|---|---|
| Median home value | $403,900 | $271,500 |
| Median property tax | $8,477 | $6,374 |
| Effective tax rate | 2.099% | 2.348% |
| Median gross rent | $1,729 | $1,374 |
| Population | 3,837 | 102,879 |
The weather behind that power bill
Lansing 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 $269 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
Common questions
How much does it cost to own a home in Lansing?
A $404,000 home in Lansing, New York costs approximately $3,546 per month with 20% down at 6.66%. That is $2,077 principal and interest, $707 property tax, $89 homeowners insurance, $337 utilities and $337 set aside for maintenance.
What is the property tax rate in Lansing?
Lansing has an effective property tax rate of 2.099%, based on a median home value of $403,900 and median real estate taxes of $8,477. That is lower than the Tompkins County average of 2.348%.
What is the average home price in Lansing?
The median owner-occupied home value in Lansing, New York is $403,900, against $271,500 across Tompkins County.
Is it cheaper to rent or buy in Lansing?
Median gross rent in Lansing is $1,729 a month, against $3,546 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 Lansing — 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.