The 14701 zip code in Jamestown tops our ranking of the most affordable places to live in New York.
We looked at 497 zip codes in the state, evaluating home values, rental costs, energy rates, property taxes, and five other affordability indicators. We used the data we gathered to calculate our proprietary Affordability Score for each zip code.
Top 10 most affordable places to live in New York
| Rank | City | Affordability Score | Median home value | Rental costs |
|---|---|---|---|---|
| 1 | Jamestown 🥇 | 100.0 | $117,867 | $920 |
| 2 | Niagara Falls 🥈 | 98.2 | $201,733 | $1,117 |
| 3 | Cortland 🥉 | 96.2 | $197,158 | $1,196 |
| 4 | Buffalo | 96.1 | $225,220 | $1,284 |
| 5 | Binghamton | 96.1 | $180,574 | $1,075 |
| 6 | Elmira | 93.5 | $105,446 | $1,148 |
| 7 | Johnson City | 91.9 | $156,628 | $1,082 |
| 8 | Watertown | 90.4 | $194,452 | $1,261 |
| 9 | Rome | 90.0 | $201,238 | $1,245 |
| 10 | Hornell | 89.9 | $114,110 | $2,899 |
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1. Jamestown
Here's why the 14701 zip code in Jamestown is New York's most affordable place to live.
🔎 Key data about Jamestown
| Data point | Value | Rank (out of 497 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100.0 | No. 1 | N/A |
| Median home value | $117,867[1] | No. 11 | -$569,413.69 |
| Home affordability ratio | 2.4 | No. 9 | -4.9 |
| Home value five-year change | 43.7%[2] | No. 392 | 28.6% |
| Home value one-year forecast | 2.1%[3] | No. 389 | 1.3% |
| Rental costs | $920[4] | No. 1 | -$1,979 |
| Rent affordability ratio | 1.85% | No. 40 | -1.2% |
| Median household income | $49,685[5] | No. 456 | -$44,739 |
| Property taxes | $2,716[6] | No. 25 | -$4,084 |
| Energy costs | $0.12 kWh[7] | No. 5 | -$0.12 |
Jamestown's 14701 zip code is the cheapest place to live in New York, leading the 497 markets we evaluated.
The median home value is $117,867, making it the 11th-cheapest housing market in the state. Forecasts project a 2.1% change in home values in the next year. Rent in the zip code averages $920 per month, which is the 40th cheapest amount in New York.
The median property tax for homeowners in Jamestown is $2,716 per household, the No. 25 ranked market in New York.
Residents pay $0.12 per kWh of electricity, which ranks No. 5 among New York markets.
2. Niagara Falls
The 14304 zip code is the 2nd-cheapest place to live in New York.
🔎 Key data about Niagara Falls
| Data point | Value | Rank (out of 497 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 98.2 | No. 2 | N/A |
| Median home value | $201,733[8] | No. 57 | -$485,547.03 |
| Home affordability ratio | 3.0 | No. 42 | -4.3 |
| Home value five-year change | 35.4%[9] | No. 264 | 20.3% |
| Home value one-year forecast | 2.0%[10] | No. 377 | 1.2% |
| Rental costs | $1,117[11] | No. 7 | -$1,782 |
| Rent affordability ratio | 1.68% | No. 26 | -1.4% |
| Median household income | $66,660[12] | No. 382 | -$27,764 |
| Property taxes | $3,528[13] | No. 52 | -$3,272 |
| Energy costs | $0.14 kWh[14] | No. 8 | -$0.11 |
Niagara Falls's 14304 zip code has a median home value of $201,733, which is the 377th-cheapest housing market in New York. You can rent for an average of $1,117 per month. That's the 7th-cheapest price in the state.
The average household income in the zip code is $66,660, which ranks 382nd-highest in the state.
Homeowners in Niagara Falls pay a median property tax of $3,528 per year, making it the 52nd-most affordable market in New York.
Niagara Falls ranks No. 8 among New York energy markets. You'll pay $0.14 per kWh of electricity.
3. Cortland
The 3rd-cheapest place to live in New York is Cortland's 13045 zip code.
🔎 Key data about Cortland
| Data point | Value | Rank (out of 497 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 96.2 | No. 3 | N/A |
| Median home value | $197,158[15] | No. 50 | -$490,122.43 |
| Home affordability ratio | 2.8 | No. 26 | -4.5 |
| Home value five-year change | 38.6%[16] | No. 313 | 23.5% |
| Home value one-year forecast | 1.7%[17] | No. 362 | 0.9% |
| Rental costs | $1,196[18] | No. 17 | -$1,703 |
| Rent affordability ratio | 1.71% | No. 27 | -1.4% |
| Median household income | $69,961[19] | No. 363 | -$24,463 |
| Property taxes | $4,425[20] | No. 101 | -$2,375 |
| Energy costs | $0.14 kWh[21] | No. 84 | -$0.10 |
The No. 50 cheapest housing market in New York is Cortland's 13045 zip code, with a median home value of $197,158. Rents in the market average $1,196 per month, making it the 17th-most affordable rental market in the state.
The median property tax for households in Cortland is $4,425, which makes it the 101st-cheapest place in New York. Cortland ranks No. 84 among New York markets by energy costs. Residents pay $0.14 per kWh of electricity.
4. Buffalo
The 14220 zip code in Buffalo comes in at No. 4 on our list of the cheapest places to live in New York.
🔎 Key data about Buffalo
| Data point | Value | Rank (out of 497 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 96.1 | No. 4 | N/A |
| Median home value | $225,220[22] | No. 70 | -$462,059.98 |
| Home affordability ratio | 3.2 | No. 60 | -4.1 |
| Home value five-year change | 37.8%[23] | No. 303 | 22.7% |
| Home value one-year forecast | 2.1%[24] | No. 389 | 1.3% |
| Rental costs | $1,284[25] | No. 27 | -$1,614 |
| Rent affordability ratio | 1.81% | No. 36 | -1.3% |
| Median household income | $70,963[26] | No. 357 | -$23,461 |
| Property taxes | $1,867[27] | No. 8 | -$4,933 |
| Energy costs | $0.14 kWh[28] | No. 8 | -$0.11 |
The No. 70 cheapest housing market in New York is Buffalo's 14220 zip code, where the median home value is $225,220. Renters here pay an average of $1,284 per month.
When it comes to energy costs, Buffalo ranks 8th among New York markets. Residents pay $0.14 per kWh of electricity.
The median property tax for households in the zip code is $1,867, which makes it the 8th-cheapest market in New York.
5. Binghamton
The 13903 zip code in Binghamton ranks No. 5 among New York's most affordable places to live.
🔎 Key data about Binghamton
| Data point | Value | Rank (out of 497 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 96.1 | No. 5 | N/A |
| Median home value | $180,574[29] | No. 38 | -$506,706.45 |
| Home affordability ratio | 2.7 | No. 19 | -4.6 |
| Home value five-year change | 47.0%[30] | No. 422 | 31.9% |
| Home value one-year forecast | 2.4%[31] | No. 414 | 1.6% |
| Rental costs | $1,075[32] | No. 3 | -$1,824 |
| Rent affordability ratio | 1.62% | No. 21 | -1.4% |
| Median household income | $66,278[33] | No. 384 | -$28,146 |
| Property taxes | $3,931[34] | No. 66 | -$2,869 |
| Energy costs | $0.15 kWh[35] | No. 123 | -$0.10 |
Binghamton's 13903 zip code has a median home value of $180,574, the 38th-cheapest market in the state. Forecasts project a 2.4% change in home values in the next year.
The median property tax per household in Binghamton is $3,931. It's the 66th-cheapest market by tax rate in New York.
6. Elmira
The No. 6 most affordable place to live in New York is the 14901 zip code.
🔎 Key data about Elmira
| Data point | Value | Rank (out of 497 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 93.5 | No. 6 | N/A |
| Median home value | $105,446[36] | No. 3 | -$581,834.09 |
| Home affordability ratio | 2.6 | No. 13 | -4.7 |
| Home value five-year change | 25.1%[37] | No. 168 | 10.0% |
| Home value one-year forecast | 0.6%[38] | No. 312 | -0.2% |
| Rental costs | $1,148[39] | No. 9 | -$1,751 |
| Rent affordability ratio | 2.80% | No. 158 | -0.3% |
| Median household income | $40,989[40] | No. 476 | -$53,435 |
| Property taxes | $2,548[41] | No. 20 | -$4,252 |
| Energy costs | $0.15 kWh[42] | No. 123 | -$0.10 |
The back half of our top 10 kicks off with Elmira's 14901 zip code, which has the 3rd-cheapest home values in New York. The median home value is $105,446. Rents average $1,148 per month, making it the 9th-most affordable rental market in the state.
Residents pay $0.15 per kWh of electricity. It's the 123rd-cheapest energy market.
7. Johnson City
Johnson City's 13790 zip code is the 7th-cheapest place to live in New York.
🔎 Key data about Johnson City
| Data point | Value | Rank (out of 497 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 91.9 | No. 7 | N/A |
| Median home value | $156,628[43] | No. 25 | -$530,651.95 |
| Home affordability ratio | 2.7 | No. 15 | -4.6 |
| Home value five-year change | 55.4%[44] | No. 485 | 40.3% |
| Home value one-year forecast | 2.5%[45] | No. 421 | 1.7% |
| Rental costs | $1,082[46] | No. 4 | -$1,817 |
| Rent affordability ratio | 1.83% | No. 39 | -1.2% |
| Median household income | $59,045[47] | No. 424 | -$35,379 |
| Property taxes | $4,121[48] | No. 78 | -$2,679 |
| Energy costs | $0.15 kWh[49] | No. 123 | -$0.10 |
You'll find the 25th-cheapest home values in New York in Johnson City's 13790 zip code. The median value: $156,628. Renters in Johnson City pay an average of $1,082 per month.
Homeowners in Johnson City pay a median property tax of $4,121 per year, which is New York's 78th-most affordable market.
The average household income is $59,045, which ranks 424th-highest in the state.
8. Watertown
The 8th-cheapest place to live in New York is Watertown's 13601 zip code.
🔎 Key data about Watertown
| Data point | Value | Rank (out of 497 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 90.4 | No. 8 | N/A |
| Median home value | $194,452[50] | No. 47 | -$492,828.30 |
| Home affordability ratio | 3.3 | No. 75 | -4.0 |
| Home value five-year change | 27.9%[51] | No. 186 | 12.8% |
| Home value one-year forecast | 1.0%[52] | No. 334 | 0.2% |
| Rental costs | $1,261[53] | No. 24 | -$1,638 |
| Rent affordability ratio | 2.14% | No. 83 | -0.9% |
| Median household income | $58,791[54] | No. 425 | -$35,633 |
| Property taxes | $2,816[55] | No. 30 | -$3,984 |
| Energy costs | $0.14 kWh[56] | No. 8 | -$0.11 |
The 47th-cheapest housing market in New York is Watertown's 13601 zip code, with a median home value of $194,452. Renters pay an average of $1,261 per month, the No. 24 rental market in the state.
The median property tax for households in Watertown is $2,816, which makes it the 30th-cheapest place in New York. The average household income of $58,791 ranks 425th.
9. Rome
Rome's 13440 zip code sneaks into the top ten of New York's most affordable places to live.
🔎 Key data about Rome
| Data point | Value | Rank (out of 497 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 90.0 | No. 9 | N/A |
| Median home value | $201,238[57] | No. 55 | -$486,042.17 |
| Home affordability ratio | 3.0 | No. 33 | -4.3 |
| Home value five-year change | 49.6%[58] | No. 448 | 34.5% |
| Home value one-year forecast | 2.5%[59] | No. 421 | 1.7% |
| Rental costs | $1,245[60] | No. 22 | -$1,654 |
| Rent affordability ratio | 1.83% | No. 38 | -1.2% |
| Median household income | $68,207[61] | No. 373 | -$26,217 |
| Property taxes | $4,180[62] | No. 84 | -$2,620 |
| Energy costs | $0.14 kWh[63] | No. 8 | -$0.11 |
The 55th-cheapest housing market in New York is Rome's 13440 zip code, where the median home value is $201,238. Renters pay an average of $1,245 per month. It's the state's 22nd-cheapest rental market.
The median property tax for households within the zip code is $4,180, which makes it the 84th-cheapest property tax rate in New York.
10. Hornell
The final spot on our list of the most affordable places to live in New York goes to the 14843 zip code in Hornell.
🔎 Key data about Hornell
| Data point | Value | Rank (out of 497 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 89.9 | No. 10 | N/A |
| Median home value | $114,110[64] | No. 8 | -$573,170.43 |
| Home affordability ratio | 2.0 | No. 4 | -5.3 |
| Home value five-year change | 14.9%[65] | No. 38 | -0.2% |
| Home value one-year forecast | 0.3%[66] | No. 27 | -0.5% |
| Rental costs | $2,899[67] | No. 198 | $0 |
| Rent affordability ratio | 3.07% | No. 184 | 0.0% |
| Median household income | $57,874[68] | No. 430 | -$36,550 |
| Property taxes | $2,757[69] | No. 26 | -$4,043 |
| Energy costs | $0.15 kWh[70] | No. 123 | -$0.10 |
The 8th-most affordable market in New York is Hornell's 14843 zip code. The median home value is $114,110. Rent in the market costs $2,899 per month on average, making it the 198th-most affordable rental market in New York.
The median property tax for households in Hornell is $2,757, which is the 26th-cheapest property tax rate in the state.
Hornell ranks No. 123 among New York markets by energy costs, with households paying $0.15 per kWh of electricity.
How we ranked the most affordable places in New York
We evaluated 497 zip codes in New York with a population over 10,000 on nine metrics. We then assigned each market an Affordability Score based on its weighted and combined rankings.
Our proprietary Affordability Score is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the affordability of a particular zip code. It takes into account these key data points for each zip code.
- Median home value: The median home value for each zip code comes from the Zillow Home Value Index. The lower the median home value relative to the median value in New York, the higher our score on this component. We assign a weight of 13.0% to median home value.
- Home affordability ratio. The home affordability ratio is the typical median home value divided by the median household income in the zip code, which reveals the number of years of household income needed to afford a home in that zip code. A lower ratio is better because it means more households can afford a home. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 28.0% to the home affordability ratio.
- Home value five-year change: The home value five-year change is the amount that the median home value in the zip code has risen or fallen during the last five years. Our data comes from the Zillow Home Value Index. We assign a weight of 10.0% to the home value five-year change.
- Home value one-year forecast: The home value one-year forecast comes from Zillow Forecast data. It projects how much home values in the zip code are forecasted to change in the next year. We assign a weight of 8.0% to the home value one-year forecast.
- Rental costs. The rental costs are the observed rents in the zip code, sourced from the Zillow Observed Rent Index. The index includes "listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region." We assign a weight of 7.0% to rental costs.
- Median household income: The inflation-adjusted median household income figures for the zip code comes from the U.S. Census American Community Survey. We assign a weight of 5.0% to median household income.
- Rent affordability ratio. The rent affordability ratio is the ratio of rental costs divided by median household income, which provides the percentage of household income needed to pay a typical month’s rent in the zip code. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 17.0% to the rent affordability ratio.
- Property taxes: The property tax figures are the median real estate taxes paid in the zip code, sourced from the U.S. Census American Community Survey. The lower the property tax rate relative to the New York average, the higher our score on this component. We assign a weight of 8.0% to property taxes.
- Energy costs: The energy costs are the costs of a kilowatt hour (kWh) of residential electricity in the zip code, sourced from the U.S. Department of Energy. The lower the cost of electricity relative to the New York average, the higher our score on this component. We assign a weight of 4.0% to energy costs.
✍️ Editor’s note: Our Affordability Score identifies the most affordable places in a state by zip code. Often the zip code we identify will represent an entire city or portion of a city.
Occasionally the zip code we identify will encompass an area that includes one or more small towns. In these cases, the data we’ve gathered applies to the entire zip code, not just the single town we’re using to help identify the zip code's location.
If you’re looking to move to one of these affordable places, we recommend doing additional research to make sure the costs in the area — and the quality of life it offers — meet your specific needs.
