Total monthly cost of ownership
Cost to Own a Home in Saranac Lake, New York
A $189,000 home here costs
$1,833per 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 $78,500 a year.
A standard mortgage calculator would have told you $1,030. The real number is $802 higher every month, 78% more than the payment most buyers budget for.
Compare Franklin County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Saranac Lake against Franklin County and New York
| Measure | Saranac Lake | Franklin County |
|---|---|---|
| Median home value | $188,900 | $128,600 |
| Median property tax | $4,458 | $2,418 |
| Effective tax rate | 2.360% | 1.880% |
| Median gross rent | $826 | $819 |
| Population | 5,099 | 47,066 |
Saranac Lake extends across 2 counties. Figures here use Franklin County, where most of its housing sits.
The weather behind that power bill
Saranac Lake sits in Franklin County, which averages a high of 76.6°F in its hottest month and a low of 2.3°F in its coldest, with 36.61" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 120 cooling and 9,302 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Franklin County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Franklin County
Full Franklin County cost breakdown · Every county in New York
Talk to someone who works this market
These are Saranac Lake 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 Saranac Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Saranac Lake I already own here and may sell
Common questions
How much does it cost to own a home in Saranac Lake?
A $189,000 home in Saranac Lake, New York costs approximately $1,833 per month with 20% down at 7.24%. That is $1,030 principal and interest, $372 property tax, $42 homeowners insurance, $232 utilities and $158 set aside for maintenance.
What is the property tax rate in Saranac Lake?
Saranac Lake has an effective property tax rate of 2.360%, based on a median home value of $188,900 and median real estate taxes of $4,458. That is higher than the Franklin County average of 1.880%.
What is the average home price in Saranac Lake?
The median owner-occupied home value in Saranac Lake, New York is $188,900, against $128,600 across Franklin County.
Is it cheaper to rent or buy in Saranac Lake?
Median gross rent in Saranac Lake is $826 a month, against $1,833 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 Saranac Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Saranac Lake, New York at today's rate takes a household income of roughly $78,500 a year. That covers the full $1,833 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Saranac Lake, 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.