Total monthly cost of ownership
Cost to Own a Home in Newark Valley, New York
A $119,000 home here costs
$1,324per 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 $56,500 a year.
A standard mortgage calculator would have told you $649. The real number is $675 higher every month, 104% more than the payment most buyers budget for.
Compare Tioga County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Newark Valley from a five-year rolling sample, and with about 1,149 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 Tioga 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.
Newark Valley against Tioga County and New York
| Measure | Newark Valley | Tioga County |
|---|---|---|
| Median home value | $118,600 | $153,200 |
| Median property tax | $3,801 | $3,750 |
| Effective tax rate | 3.205% | 2.448% |
| Median gross rent | $895 | $914 |
| Population | 1,149 | 48,106 |
The weather behind that power bill
Newark Valley sits in Tioga County, which averages a high of 78.4°F in its hottest month and a low of 15.5°F in its coldest, with 42.04" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 383 cooling and 7,162 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Tioga County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Tioga County
Talk to someone who works this market
These are Newark Valley 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 Newark Valley every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Newark Valley I already own here and may sell
Common questions
How much does it cost to own a home in Newark Valley?
A $119,000 home in Newark Valley, New York costs approximately $1,324 per month with 20% down at 7.24%. That is $649 principal and interest, $318 property tax, $26 homeowners insurance, $232 utilities and $99 set aside for maintenance.
What is the property tax rate in Newark Valley?
Newark Valley has an effective property tax rate of 3.205%, based on a median home value of $118,600 and median real estate taxes of $3,801. That is higher than the Tioga County average of 2.448%.
What is the average home price in Newark Valley?
The median owner-occupied home value in Newark Valley, New York is $118,600, against $153,200 across Tioga County.
Is it cheaper to rent or buy in Newark Valley?
Median gross rent in Newark Valley is $895 a month, against $1,324 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 Newark Valley?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Newark Valley, New York at today's rate takes a household income of roughly $56,500 a year. That covers the full $1,324 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Newark Valley, 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.