Total monthly cost of ownership
Cost to Own a Home in Niagara Falls, New York
A $104,000 home here costs
$1,202per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $535. The real number is $668 higher every month — 125% 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.
Niagara Falls against Niagara County and New York
| Measure | Niagara Falls | Niagara County |
|---|---|---|
| Median home value | $104,400 | $177,400 |
| Median property tax | $2,661 | $4,052 |
| Effective tax rate | 2.549% | 2.284% |
| Median gross rent | $784 | $870 |
| Population | 48,198 | 211,341 |
The weather behind that power bill
Niagara Falls sits in Niagara County, which averages a high of 80.7°F in its hottest month and a low of 16.8°F in its coldest, with 32.97" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 529 cooling and 6,792 heating degree days, which is what sets the $269 electricity line above.
See the full climate breakdown for Niagara County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Niagara County
Full Niagara County cost breakdown · Every county in New York
Common questions
How much does it cost to own a home in Niagara Falls?
A $104,000 home in Niagara Falls, New York costs approximately $1,202 per month with 20% down at 6.66%. That is $535 principal and interest, $221 property tax, $23 homeowners insurance, $337 utilities and $87 set aside for maintenance.
What is the property tax rate in Niagara Falls?
Niagara Falls has an effective property tax rate of 2.549%, based on a median home value of $104,400 and median real estate taxes of $2,661. That is higher than the Niagara County average of 2.284%.
What is the average home price in Niagara Falls?
The median owner-occupied home value in Niagara Falls, New York is $104,400, against $177,400 across Niagara County.
Is it cheaper to rent or buy in Niagara Falls?
Median gross rent in Niagara Falls is $784 a month, against $1,202 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 Niagara Falls — 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.