Mortgage payment estimates, closing cost breakdowns, and homebuying data for Cortland, New York.
Median Home Price
$175K
Population
19K
Avg Monthly Rent
$920
Property Tax Rate
1.72% *
* Property tax shown is the New York state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Cortland.
Cortland vs New York Median
The median home price in Cortland is $175,000, which is 59% below the New York state median of $430,000.
Mortgage Calculator — Cortland, NY
Pre-filled with Cortland median home price and New York tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $175K home using New York's 1.72% tax rate and $2,100/yr insurance.
5% Down
$1,574/mo
Down: $8,750
Loan: $166K
P&I: $1,051
Tax: $251
Insurance: $175
PMI: $97
10% Down
$1,513/mo
Down: $17,500
Loan: $158K
P&I: $996
Tax: $251
Insurance: $175
PMI: $92
20% Down (No PMI)
$1,311/mo
Down: $35,000
Loan: $140K
P&I: $885
Tax: $251
Insurance: $175
Income needed (28% rule): $56K/year with 20% down, $65K/year with 10% down.
Rent vs Buy in Cortland
Rent
$920/mo
vs
Buy (10% down)
$1,513/mo
Price-to-rent ratio: 15.9 — A ratio between 15-20 means the rent vs buy decision in Cortland depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Cortland is $175,000, 59% below the New York state median of $430,000. With a population of 18,710, Cortland is a smaller market where home prices tend to be more accessible than in many parts of New York.
Property taxes in New York average 1.72% annually. This higher-than-average tax rate means a $175,000 home in Cortland would carry roughly $251/month in property taxes alone — plan accordingly. Homeowners insurance in New York runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Cortland is $920/month. The price-to-rent ratio in Cortland is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Cortland offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with New York's SONYMA Achieving the Dream program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Cortland.