Total monthly cost of ownership
Cost to Own a Home in Sloan, New York
A $120,000 home here costs
$1,340per 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 $57,500 a year.
A standard mortgage calculator would have told you $654. The real number is $686 higher every month, 105% more than the payment most buyers budget for.
Compare Erie County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Sloan from a five-year rolling sample, and with about 3,757 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 Erie 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.
Sloan against Erie County and New York
| Measure | Sloan | Erie County |
|---|---|---|
| Median home value | $120,000 | $217,400 |
| Median property tax | $3,938 | $4,525 |
| Effective tax rate | 3.282% | 2.081% |
| Median gross rent | $1,081 | $1,037 |
| Population | 3,757 | 950,044 |
The weather behind that power bill
Sloan sits in Erie County, which averages a high of 80.2°F in its hottest month and a low of 19.0°F in its coldest, with 40.68" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 608 cooling and 6,466 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Erie County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Erie County
Talk to someone who works this market
These are Sloan 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 Sloan every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Sloan?
A $120,000 home in Sloan, New York costs approximately $1,340 per month with 20% down at 7.24%. That is $654 principal and interest, $328 property tax, $26 homeowners insurance, $232 utilities and $100 set aside for maintenance.
What is the property tax rate in Sloan?
Sloan has an effective property tax rate of 3.282%, based on a median home value of $120,000 and median real estate taxes of $3,938. That is higher than the Erie County average of 2.081%.
What is the average home price in Sloan?
The median owner-occupied home value in Sloan, New York is $120,000, against $217,400 across Erie County.
Is it cheaper to rent or buy in Sloan?
Median gross rent in Sloan is $1,081 a month, against $1,340 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 Sloan?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Sloan, New York at today's rate takes a household income of roughly $57,500 a year. That covers the full $1,340 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Sloan, 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.