The typical owner-occupied home in Schenectady is worth about $168,800, 60% below the New York median of $423,800 and 49% below the national median of $332,700. Owners pay a median $4,874 a year in property taxes, about 2.89% of their home's value, higher than the New York rate of 1.55%. The median household earns $58,399 a year, so the median home costs 2.9 times the median income (4.9 times for New York). 46% of occupied homes here are lived in by their owners, and 61% of those owners still have a mortgage.
Schenectady at a glance
| Schenectady | New York | U.S. | |
|---|---|---|---|
| Median home value | $168,800 | $423,800 | $332,700 |
| Median property tax paid per year | $4,874 | $6,582 | $3,119 |
| Property tax as a share of value | 2.89% | 1.55% | 0.94% |
| Median household income | $58,399 | $85,974 | $80,734 |
| Homes lived in by their owners | 46% | 54% | 65% |
| Owner homes with a mortgage | 61% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,596 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 21.1% | 22.5% | 21.0% |
| Median rent | $1,145 | $1,621 | $1,413 |
| Rent as a share of renters' income | 35.8% | 31.2% | 30.6% |
| Median year homes were built | 1941 | 1959 | 1980 |
| Vacant homes | 7.1% | 10.0% | 10.1% |
| Population | 68,847 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Schenectady
At this week's average 30-year rate of 7.11%, buying the median Schenectady home of $168,800 with 20% down costs about $1,385 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,666, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $59,369 for the 20%-down payment. That payment is 28% of the median Schenectady household income of $58,399; at that income and 20% down, the 28% guideline points to a home of about $166,000.
The median rent here is $1,145 a month, so owning the median home costs about $240 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $33,760 |
|---|---|
| Loan amount | $135,040 |
| Principal and interest | $908 |
| Property taxes (2.89% a year) | $407 |
| Homeowners insurance (our estimate, 0.5% a year) | $70 |
| PMI | $0 |
| Total per month | $1,385 |
Change the numbers in the calculator
| Down payment | $5,908 |
|---|---|
| Loan amount | $165,743 |
| Principal and interest | $1,115 |
| Property taxes (2.89% a year) | $407 |
| Homeowners insurance (our estimate, 0.5% a year) | $70 |
| FHA mortgage insurance | $75 |
| Total per month | $1,666 |
Change the numbers in the calculator
Questions about home buying in Schenectady
What is the median home value in Schenectady?
About $168,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Schenectady?
Homeowners pay a median $4,874 a year, which is about 2.89% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Schenectady?
For the median home with 20% down at 7.11%, the payment is about $1,385 a month. Keeping that under 28% of gross income takes about $59,369 a year.
More about Schenectady
- Mortgage Refinance in Schenectady
- Debt Relief in Schenectady
- Home Equity Loans in Schenectady
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data