The typical owner-occupied home in Ellicottville is worth about $377,300, 11% below the New York median of $423,800 and 13% above the national median of $332,700. Owners pay a median $5,417 a year in property taxes, about 1.44% of their home's value, lower than the New York rate of 1.55%. The median household earns $86,042 a year, so the median home costs 4.4 times the median income (4.9 times for New York). 86% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Ellicottville at a glance
| Ellicottville | New York | U.S. | |
|---|---|---|---|
| Median home value | $377,300 | $423,800 | $332,700 |
| Median property tax paid per year | $5,417 | $6,582 | $3,119 |
| Property tax as a share of value | 1.44% | 1.55% | 0.94% |
| Median household income | $86,042 | $85,974 | $80,734 |
| Homes lived in by their owners | 86% | 54% | 65% |
| Owner homes with a mortgage | 49% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,923 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 18.2% | 22.5% | 21.0% |
| Median rent | $1,160 | $1,621 | $1,413 |
| Rent as a share of renters' income | 51.0% | 31.2% | 30.6% |
| Median year homes were built | 1940 | 1959 | 1980 |
| Vacant homes | 69.4% | 10.0% | 10.1% |
| Population | 348 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Ellicottville
At this week's average 30-year rate of 7.11%, buying the median Ellicottville home of $377,300 with 20% down costs about $2,640 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,269, 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 $113,163 for the 20%-down payment. That payment is 37% of the median Ellicottville household income of $86,042; at that income and 20% down, the 28% guideline points to a home of about $287,000.
The median rent here is $1,160 a month, so owning the median home costs about $1,480 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $75,460 |
|---|---|
| Loan amount | $301,840 |
| Principal and interest | $2,030 |
| Property taxes (1.44% a year) | $453 |
| Homeowners insurance (our estimate, 0.5% a year) | $157 |
| PMI | $0 |
| Total per month | $2,640 |
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| Down payment | $13,206 |
|---|---|
| Loan amount | $370,466 |
| Principal and interest | $2,492 |
| Property taxes (1.44% a year) | $453 |
| Homeowners insurance (our estimate, 0.5% a year) | $157 |
| FHA mortgage insurance | $167 |
| Total per month | $3,269 |
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Questions about home buying in Ellicottville
What is the median home value in Ellicottville?
About $377,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Ellicottville?
Homeowners pay a median $5,417 a year, which is about 1.44% 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 Ellicottville?
For the median home with 20% down at 7.11%, the payment is about $2,640 a month. Keeping that under 28% of gross income takes about $113,163 a year.
More about Ellicottville
- Mortgage Refinance in Ellicottville
- Debt Relief in Ellicottville
- Home Equity Loans in Ellicottville
- 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