The typical owner-occupied home in Saranac Lake is worth about $199,900, 53% below the New York median of $423,800 and 40% below the national median of $332,700. Owners pay a median $4,285 a year in property taxes, about 2.14% of their home's value, higher than the New York rate of 1.55%. The median household earns $61,967 a year, so the median home costs 3.2 times the median income (4.9 times for New York). 47% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Saranac Lake at a glance
| Saranac Lake | New York | U.S. | |
|---|---|---|---|
| Median home value | $199,900 | $423,800 | $332,700 |
| Median property tax paid per year | $4,285 | $6,582 | $3,119 |
| Property tax as a share of value | 2.14% | 1.55% | 0.94% |
| Median household income | $61,967 | $85,974 | $80,734 |
| Homes lived in by their owners | 47% | 54% | 65% |
| Owner homes with a mortgage | 59% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,644 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 21.4% | 22.5% | 21.0% |
| Median rent | $853 | $1,621 | $1,413 |
| Rent as a share of renters' income | 24.5% | 31.2% | 30.6% |
| Median year homes were built | 1938 | 1959 | 1980 |
| Vacant homes | 9.8% | 10.0% | 10.1% |
| Population | 4,965 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Saranac Lake
At this week's average 30-year rate of 7.11%, buying the median Saranac Lake home of $199,900 with 20% down costs about $1,516 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,849, 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 $64,953 for the 20%-down payment. That payment is 29% of the median Saranac Lake household income of $61,967; at that income and 20% down, the 28% guideline points to a home of about $191,000.
The median rent here is $853 a month, so owning the median home costs about $663 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $39,980 |
|---|---|
| Loan amount | $159,920 |
| Principal and interest | $1,076 |
| Property taxes (2.14% a year) | $356 |
| Homeowners insurance (our estimate, 0.5% a year) | $83 |
| PMI | $0 |
| Total per month | $1,516 |
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| Down payment | $6,996 |
|---|---|
| Loan amount | $196,279 |
| Principal and interest | $1,320 |
| Property taxes (2.14% a year) | $356 |
| Homeowners insurance (our estimate, 0.5% a year) | $83 |
| FHA mortgage insurance | $88 |
| Total per month | $1,849 |
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Questions about home buying in Saranac Lake
What is the median home value in Saranac Lake?
About $199,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Saranac Lake?
Homeowners pay a median $4,285 a year, which is about 2.14% 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 Saranac Lake?
For the median home with 20% down at 7.11%, the payment is about $1,516 a month. Keeping that under 28% of gross income takes about $64,953 a year.
More about Saranac Lake
- Mortgage Refinance in Saranac Lake
- Debt Relief in Saranac Lake
- Home Equity Loans in Saranac Lake
- 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