Home Affordability in Rochester, NY
The median home price in Rochester is $155,000 with a median household income of $38,005. Housing is moderately affordable relative to local incomes.
Median Home Price
$155,000
Median Income
$38,005
Price-to-Income Ratio
4.1x
Est. Affordable Home
$148,000
Property Tax Rate
2.70%
Annual Property Tax
$4,185
Sales Tax Rate
8.00%
Cost of Living Index
89
Buying a Home in Rochester
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $38,005 in Rochester can afford a monthly housing payment of approximately $887. This translates to a home price of roughly $148,000, which is below the median home price of $155,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Rochester would be approximately $4,185 per year ($349/month) at the effective rate of 2.70%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $4,650 | $150,350 | Yes |
| 5% | $7,750 | $147,250 | Yes |
| 10% | $15,500 | $139,500 | Yes |
| 20% | $31,000 | $124,000 | No |
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