Total monthly cost of ownership
Cost to Own a Home in Scotia, New York
A $183,000 home here costs
$1,840per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $79,000 a year.
A standard mortgage calculator would have told you $1,014. The real number is $826 higher every month, 82% more than the payment most buyers budget for.
Compare Schenectady 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.
Scotia against Schenectady County and New York
| Measure | Scotia | Schenectady County |
|---|---|---|
| Median home value | $182,800 | $223,100 |
| Median property tax | $4,734 | $5,486 |
| Effective tax rate | 2.590% | 2.459% |
| Median gross rent | $1,064 | $1,159 |
| Population | 7,260 | 159,603 |
The weather behind that power bill
Scotia sits in Schenectady County, which averages a high of 83.9°F in its hottest month and a low of 15.9°F in its coldest, with 40.68" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 721 cooling and 6,357 heating degree days, which is what sets the $171 electricity line above.
See the full climate breakdown for Schenectady County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Schenectady County
Full Schenectady County cost breakdown · Every county in New York
Talk to someone who works this market
These are Scotia 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 Scotia every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Scotia I already own here and may sell
Common questions
How much does it cost to own a home in Scotia?
A $183,000 home in Scotia, New York costs approximately $1,840 per month with 20% down at 7.4%. That is $1,014 principal and interest, $395 property tax, $40 homeowners insurance, $239 utilities and $153 set aside for maintenance.
What is the property tax rate in Scotia?
Scotia has an effective property tax rate of 2.590%, based on a median home value of $182,800 and median real estate taxes of $4,734. That is higher than the Schenectady County average of 2.459%.
What is the average home price in Scotia?
The median owner-occupied home value in Scotia, New York is $182,800, against $223,100 across Schenectady County.
Is it cheaper to rent or buy in Scotia?
Median gross rent in Scotia is $1,064 a month, against $1,840 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 Scotia?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Scotia, New York at today's rate takes a household income of roughly $79,000 a year. That covers the full $1,840 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Scotia, 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.