Syracuse, NY Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Why are homes in Syracuse, NY so cheap? ›

One is that much of the housing in Syracuse has been neglected for decades. Consequently, property values have stagnated (even accounting for recent price escalations) and the cost of catching up on deferred maintenance and improvements generally exceeds what properties are worth.

Syracuse, NY housing market

In June 2024, the median listing home price in Syracuse, NY was $195K, trending up 40.8% year-over-year. The median listing home price per square foot was $135. The median home sold price was $91K.

Syracuse is one of the best places to live in America, according to a new report. U.S. News & World Report has released its 2022-2023 rankings for the best places to live in the United States. Four cities in Upstate New York made the top 50 thanks to high scores in value, desirability, jobs and quality of life.

— The housing crisis in Syracuse is summed up like this: even rental units that are classified as “affordable” are out of reach for most families in extreme poverty. Even if one unit does become available, which isn't often, 72% of those families are unable to afford it.

"The Most Affordable Cities to Buy a House" report rankings are based on annual mortgage, property tax, home insurance and transportation costs. Syracuse ranked number six, with an affordability score of 99.51 percent. The total cost of homeownership a month in the CNY metro is $2,065.

The closing cost in New York for buyers are approximately 2%–5% of the home's agreement value. While the sellers are expected to pay around 6–10% of the home's purchase price. For sellers, that includes the agency commission too.

Syracuse, NY housing is 3% more expensive than the U.S average, while utilities are about 4% pricier. When it comes to basic necessities such as food and clothing, groceries are around 1% more in Syracuse, NY than in the rest of the country, while clothing costs around 1% more .

Con: Snowy Winter Weather

Syracuse, New York is known for being the snowiest city in the U.S. with an average of 114 inches a year—so it's important to be cautious and follow the proper precautions during snowy weather. With that being said, there are plenty of fun things to do in Syracuse in winter!

What to know before moving to Syracuse? ›

Comfortable and Affordable Lifestyle

The cost of living in Syracuse is low compared to most other U.S. cities. Syracusans spend 12 percent less than the average American on food, child care, transportation, health care, taxes, and other necessities, and 28 percent less than the average New Yorker.

Many of the state's other urban areas, including Albany, Ithaca, Buffalo, Rochester, and Syracuse are also Democratic.

Among 13202 residents, there is a homeowner vacancy rate of 11.7% and a rental vacancy rate of 3.9% from a total of 2,760 units.

In order to be eligible, you must be 18 years old, and your household income needs to be in a specific range for each affordable housing opportunity. Applicants will be required to meet additional guidelines, including asset limits, and tenant selection criteria to qualify.

The cost of living in Syracuse is 103% of the national average.

Upstate New York is considered cheap because of lower housing costs compared to places like NYC. Upstate New York does, however, have some very high property taxes.

Syracuse is ranked 74 out of 273 cities across the US in terms of cost of living. The cost of living in Syracuse is 103% of the national average.

1 in 10 Syracuse students are homeless; more will join them without affordable housing. In 2023, The Housing and Homelessness Coalition reported that homelessness had increased by 30% across Cayuga, Onondaga and Oswego Counties. Family homelessness went up 41%, and of those people, 75% have never been homeless before.

Comfortable and Affordable Lifestyle

The cost of living in Syracuse is low compared to most other U.S. cities. Syracusans spend 12 percent less than the average American on food, child care, transportation, health care, taxes, and other necessities, and 28 percent less than the average New Yorker.