What Is The Cost Of Living In Syracuse, NY? (Taxes, Housing & More)

Syracuse, New York, is located near the Finger Lakes and Adirondack regions. It’s a city that loves NCAA basketball, and New York City and Toronto are within driving distance. So how much does it cost to live in Syracuse?

In Syracuse, New York, the median listing home price is around $119,900. The median sold home price is $135,000, so you might expect to pay around $78 a square foot to buy a house here. The average rent in Syracuse for an apartment is $1,218. The overall cost of living index for Syracuse is 79, which is well below the national average index of 100. Overall, with all major factors included, the cost of living in Syracuse is estimated to be 12% lower than the national average and 25% lower than the New York state average.

So, what does all of this mean?

Syracuse is a very affordable place to call home, and below we will dive into some other factors that make the city a good option if you’re looking for a low cost of living.

As was touched on, if you were going to buy a home in Syracuse, right now, the median listing price is just slightly under $120,000. You could anticipate paying somewhere around $78 a square foot. The sale-to-list price ratio in Syracuse right now is just slightly above 100%, meaning that homes in the city do sell for around their asking price.

There are 25 different neighborhoods or main areas to buy a home in the city, with Westcott being the most expensive. Westcott has a median listing price of $240,000. Near West Side is currently the least expensive neighborhood to buy a home in Syracuse, with a median listing price of $35,200.

Popular neighborhoods include Eastwood, with a median listing price of $135,900, and Northside, with a median listing price of less than $100,000. In Onondaga County, where Syracuse is located, the homeownership rate is around 68.29%. For New York State, it’s 52%. For the United States, it’s 65.1%.

The statewide sales tax rate in New York is 4%. However, local counties and governments can impose additional taxes upon this. This means that, depending on where you are in New York, you may have end up paying as much as 8.875% in sales tax.

The minimum combined sales tax rate for Syracuse is 8%. This represents a 4% county sales tax rate added to the New York sales tax rate. The rate is double the state minimum and quite a bit higher than the national average, which sits at 7.12% for sales tax.

The cost of utilities is slightly above the national average in Syracuse. For example, the index for utilities is 107.7, while the national average is 100. For basic utilities for a small apartment, including electricity, heating, cooling, garbage, and water, the average price is estimated at $106. The range is anywhere from $78 to $125 a month.

The rate for residential natural gas in Syracuse averaged $12.17 per thousand cubic feet in December 2020. This was 25% more than the U.S. average rate. The rate of residential natural gas went up more than 13% year-over-year in Syracuse.

The average price of electricity is around 18.23 cents per kWh. The average household in Syracuse in December 2020 used 608 kWh, so their average electric bill was $111.

The average annual cost of car insurance in Syracuse is $1,735, which is slightly more expensive than the statewide average of $1,704. It is also less expensive than the national average, which is $1,548.

Though, your rate can vary based on your age, driving record, the insurance company that you choose, and whether you opt for full or minimum coverage. To help illustrate how car insurance premiums vary based on where you live in New York, the following table outlines average car insurance rates in five places in New York:

The city is home to Syracuse University, as well as Onondaga Community College. Syracuse University has tuition and fees of $52,255 a year. The cost to attend Onondaga Community College, including tuition and fees, is $10,654 a year.

The cost of full-day preschool or kindergarten for one child is on average $833. The cost for private elementary school is on average $15,000 a year in Syracuse, per child.

As far as preparing students for college, Syracuse seems to do better than the national average. Twenty-nine high schools in Syracuse are recognized by U.S. News & World Report’s Best High School Rankings.

There are plenty of things to do in and around Syracuse, some of which you can do for free. For example, you can visit the Central New York Regional Market. The market has hundreds of vendors that sell fresh eggs, honey, fruits and vegetables, baked goods, and more.

You can visit the Landmark Theater for a show or concert. Niagara Falls is also less than three hours away by car.

The cost to go to a movie in Syracuse is on average $11.78, compared to the national average, which is $10.72. To go bowling you could pay $14.88 a person, compared to the national average of $13.86. A gym membership for one adult could be around $31 in Syracuse per month.

Syracuse has an average annual salary of $51,400, which compares closely to the United States average of $51,960. Some of the major employers in the area include St. Joseph’s Hospital Health Center and Upstate University Health System.

Homeowners in Syracuse have a median income of around $60,559 a year. The average mortgage payment is around $919, well below the national average of $1273 a month.

For the most part, Syracuse is less expensive than the national average in many areas, especially in housing. It’s possible to find an inexpensive house in the city, particularly compared to some other parts of New York. If you’re a renter, it’s also relatively affordable in Syracuse.

With that being said, New York does have relatively high taxes, including income and property taxes, as well as sales tax, so that’s something to consider when you’re deciding whether or not to settle in Syracuse.