Total monthly cost of ownership
Cost to Own a Home in Palmyra, New York
A $125,000 home here costs
$1,470per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $643. The real number is $827 higher every month — 129% 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.
Palmyra against Wayne County and New York
| Measure | Palmyra | Wayne County |
|---|---|---|
| Median home value | $125,200 | $163,400 |
| Median property tax | $4,307 | $4,168 |
| Effective tax rate | 3.440% | 2.551% |
| Median gross rent | $936 | $929 |
| Population | 3,306 | 91,128 |
The weather behind that power bill
Palmyra sits in Wayne County, which averages a high of 79.2°F in its hottest month and a low of 15.9°F in its coldest, with 39.88" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 415 cooling and 7,026 heating degree days, which is what sets the $269 electricity line above.
See the full climate breakdown for Wayne County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wayne County
Common questions
How much does it cost to own a home in Palmyra?
A $125,000 home in Palmyra, New York costs approximately $1,470 per month with 20% down at 6.66%. That is $643 principal and interest, $358 property tax, $28 homeowners insurance, $337 utilities and $104 set aside for maintenance.
What is the property tax rate in Palmyra?
Palmyra has an effective property tax rate of 3.440%, based on a median home value of $125,200 and median real estate taxes of $4,307. That is higher than the Wayne County average of 2.551%.
What is the average home price in Palmyra?
The median owner-occupied home value in Palmyra, New York is $125,200, against $163,400 across Wayne County.
Is it cheaper to rent or buy in Palmyra?
Median gross rent in Palmyra is $936 a month, against $1,470 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 Palmyra — 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.