Total monthly cost of ownership
Cost to Own a Home in Northwest Ithaca, New York
A $310,000 home here costs
$2,623per 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 $112,500 a year.
A standard mortgage calculator would have told you $1,690. The real number is $932 higher every month, 55% more than the payment most buyers budget for.
Compare Tompkins County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Northwest Ithaca from a five-year rolling sample, and with about 1,813 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 Tompkins 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.
Northwest Ithaca against Tompkins County and New York
| Measure | Northwest Ithaca | Tompkins County |
|---|---|---|
| Median home value | $309,800 | $271,500 |
| Median property tax | $4,489 | $6,374 |
| Effective tax rate | 1.449% | 2.348% |
| Median gross rent | $1,126 | $1,374 |
| Population | 1,813 | 102,879 |
The weather behind that power bill
Northwest Ithaca 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 $164 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
Talk to someone who works this market
These are Northwest Ithaca 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 Northwest Ithaca every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Northwest Ithaca I already own here and may sell
Common questions
How much does it cost to own a home in Northwest Ithaca?
A $310,000 home in Northwest Ithaca, New York costs approximately $2,623 per month with 20% down at 7.24%. That is $1,690 principal and interest, $374 property tax, $68 homeowners insurance, $232 utilities and $258 set aside for maintenance.
What is the property tax rate in Northwest Ithaca?
Northwest Ithaca has an effective property tax rate of 1.449%, based on a median home value of $309,800 and median real estate taxes of $4,489. That is lower than the Tompkins County average of 2.348%.
What is the average home price in Northwest Ithaca?
The median owner-occupied home value in Northwest Ithaca, New York is $309,800, against $271,500 across Tompkins County.
Is it cheaper to rent or buy in Northwest Ithaca?
Median gross rent in Northwest Ithaca is $1,126 a month, against $2,623 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 Northwest Ithaca?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Northwest Ithaca, New York at today's rate takes a household income of roughly $112,500 a year. That covers the full $2,623 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Northwest Ithaca, 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.