Side-by-side comparison of home prices, mortgage payments, and housing costs between Albany and Syracuse, New York. Using New York's 1.72% property tax rate and $2,100/year insurance. Updated for 2026.
Syracuse edges out Albany in affordability, saving you roughly $450/month on total housing costs. Both cities are in New York, so property tax rates and insurance costs are the same — the difference comes down to home prices and what you get for your money in each market.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses New York's 1.72% property tax rate.
Buying in Syracuse saves you approximately $450/month ($5,400/year) compared to Albany, based on median home prices with identical loan terms.
Syracuse is the better choice for first-time buyers, with a median price of $175K versus $235K in Albany. That's $60K less to save for a down payment. You'd need roughly $6K for an FHA 3.5% down payment in Syracuse, compared to $8K in Albany. New York offers the SONYMA Achieving the Dream program (Up to $15,000 DPAL) which applies in both cities.
Syracuse has the better price-to-rent ratio at 13.5x versus 14.5x in Albany. A lower ratio generally signals better rental income relative to purchase price. Average rent in Syracuse is $1,080/month on a $175K median home, making it a stronger candidate for buy-and-rent investors.
Syracuse (pop. 148,620) offers more amenities, schools, and services typical of a larger city, while Albany (pop. 99,224) may offer a quieter, more community-oriented lifestyle. Syracuse offers both more options and lower housing costs, making it attractive for families who want urban amenities without a premium price.