Total monthly cost of ownership
Cost to Own a Home in Montgomery, New York
A $346,000 home here costs
$3,317per 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 $142,000 a year.
A standard mortgage calculator would have told you $1,886. The real number is $1,430 higher every month, 76% more than the payment most buyers budget for.
Compare Orange County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Montgomery from a five-year rolling sample, and with about 3,800 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 Orange 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.
Montgomery against Orange County and New York
| Measure | Montgomery | Orange County |
|---|---|---|
| Median home value | $345,700 | $361,100 |
| Median property tax | $10,001 | $8,463 |
| Effective tax rate | 2.893% | 2.344% |
| Median gross rent | $1,473 | $1,602 |
| Population | 3,800 | 403,840 |
The weather behind that power bill
Montgomery sits in Orange County, which averages a high of 83.6°F in its hottest month and a low of 17.3°F in its coldest, with 40.99" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 617 cooling and 6,266 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Orange County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Orange County
Full Orange County cost breakdown · Every county in New York
Talk to someone who works this market
These are Montgomery 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 Montgomery every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Montgomery I already own here and may sell
Common questions
How much does it cost to own a home in Montgomery?
A $346,000 home in Montgomery, New York costs approximately $3,317 per month with 20% down at 7.24%. That is $1,886 principal and interest, $834 property tax, $76 homeowners insurance, $232 utilities and $288 set aside for maintenance.
What is the property tax rate in Montgomery?
Montgomery has an effective property tax rate of 2.893%, based on a median home value of $345,700 and median real estate taxes of $10,001. That is higher than the Orange County average of 2.344%.
What is the average home price in Montgomery?
The median owner-occupied home value in Montgomery, New York is $345,700, against $361,100 across Orange County.
Is it cheaper to rent or buy in Montgomery?
Median gross rent in Montgomery is $1,473 a month, against $3,317 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 Montgomery?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Montgomery, New York at today's rate takes a household income of roughly $142,000 a year. That covers the full $3,317 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Montgomery, 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.