The 14843 zip code in Hornell tops our ranking of the most affordable places to live in New York.
We looked at 517 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 | Hornell 🥇 | 100 | $107,901 | $800 |
| 2 | Johnson City🥈 | 92.1 | $134,047 | $900 |
| 3 | Binghamton 🥉 | 91.5 | $162,331 | $825 |
| 4 | Cortland | 90.1 | $183,883 | $1,127 |
| 5 | Niagara Falls | 87.2 | $185,856 | $948 |
| 6 | Albany | 83.9 | $238,847 | $1,323 |
| 7 | Buffalo | 83.7 | $215,453 | $1,203 |
| 8 | Lockport | 81.5 | $232,907 | $898 |
| 9 | Oswego | 81.1 | $160,675 | $1,338 |
| 10 | Rochester | 80.8 | $150,735 | $1,450 |
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1. Hornell
Here's why the 14843 zip code in Hornell is New York's most affordable place to live.
🔎 Key data about Hornell
| Data point | Value | Rank (out of 517 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100 | No. 1 | N/A |
| Median home value | $107,901[1] | No. 12 | -$509,331.52 |
| Home affordability ratio | 2.0 | No. 5 | -4.9 |
| Home value five-year change | 39.8%[2] | No. 273 | 29.3% |
| Home value one-year forecast | -1.3%[3] | No. 321 | 0.3% |
| Rental costs | $800[4] | No. 1 | -$1,973 |
| Rent affordability ratio | 1.49% | No. 13 | -1.6% |
| Median household income | $53,542[5] | No. 453 | -$36,228 |
| Property taxes | $2,523[6] | No. 22 | -$3,972 |
| Energy costs | $0.11 kWh[7] | No. 5 | -$0.09 |
Hornell's 14843 zip code is the cheapest place to live in New York, leading the 517 markets we evaluated.
The median home value is $107,901, making it the 12th-cheapest housing market in the state. Forecasts project a -1.3% change in home values in the next year. Rent in the zip code averages $800 per month, which is the 13th cheapest amount in New York.
The median property tax for homeowners in Hornell is $2,523 per household, the No. 22 ranked market in New York.
Residents pay $0.11 per kWh of electricity, which ranks No. 5 among New York markets.
2. Johnson City
The 13790 zip code is the 2nd-cheapest place to live in New York.
🔎 Key data about Johnson City
| Data point | Value | Rank (out of 517 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 92.1 | No. 2 | N/A |
| Median home value | $134,047[8] | No. 20 | -$483,185.15 |
| Home affordability ratio | 2.5 | No. 15 | -4.4 |
| Home value five-year change | 55.5%[9] | No. 397 | 45.0% |
| Home value one-year forecast | -0.3%[10] | No. 382 | 1.3% |
| Rental costs | $900[11] | No. 4 | -$1,873 |
| Rent affordability ratio | 1.67% | No. 18 | -1.4% |
| Median household income | $54,014[12] | No. 451 | -$35,756 |
| Property taxes | $3,801[13] | No. 81 | -$2,694 |
| Energy costs | $0.11 kWh[14] | No. 5 | -$0.09 |
Johnson City's 13790 zip code has a median home value of $134,047, which is the 382nd-cheapest housing market in New York. You can rent for an average of $900 per month. That's the 4th-cheapest price in the state.
The average household income in the zip code is $54,014, which ranks 451st-highest in the state.
Homeowners in Johnson City pay a median property tax of $3,801 per year, making it the 81st-most affordable market in New York.
Johnson City ranks No. 5 among New York energy markets. You'll pay $0.11 per kWh of electricity.
3. Binghamton
The 3rd-cheapest place to live in New York is Binghamton's 13903 zip code.
🔎 Key data about Binghamton
| Data point | Value | Rank (out of 517 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 91.5 | No. 3 | N/A |
| Median home value | $162,331[15] | No. 39 | -$454,901.48 |
| Home affordability ratio | 2.8 | No. 30 | -4.1 |
| Home value five-year change | 60.6%[16] | No. 444 | 50.1% |
| Home value one-year forecast | -0.3%[17] | No. 382 | 1.3% |
| Rental costs | $825[18] | No. 2 | -$1,948 |
| Rent affordability ratio | 1.42% | No. 9 | -1.7% |
| Median household income | $58,100[19] | No. 428 | -$31,670 |
| Property taxes | $3,922[20] | No. 89 | -$2,573 |
| Energy costs | $0.10 kWh[21] | No. 1 | -$0.10 |
The No. 39 cheapest housing in New York is Binghamton's 13903 zip code, with a median home value of $162,331. Rents in the market average $825 per month, making it the 2nd-most affordable rental market in the state.
The median property tax for households in Binghamton is $3,922, which makes it the 89th-cheapest place in New York. Binghamton ranks No. 1 among New York markets by energy costs. Residents pay $0.10 per kWh of electricity.
4. Cortland
The 13045 zip code in Cortland comes in at No. 4 on our list of the cheapest places to live in New York.
🔎 Key data about Cortland
| Data point | Value | Rank (out of 517 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 90.1 | No. 4 | N/A |
| Median home value | $183,883[22] | No. 59 | -$433,349.48 |
| Home affordability ratio | 2.9 | No. 35 | -4.0 |
| Home value five-year change | 42.7%[23] | No. 298 | 32.2% |
| Home value one-year forecast | -1.7%[24] | No. 274 | -0.1% |
| Rental costs | $1,127[25] | No. 13 | -$1,646 |
| Rent affordability ratio | 1.77% | No. 27 | -1.3% |
| Median household income | $63,762[26] | No. 393 | -$26,008 |
| Property taxes | $4,308[27] | No. 118 | -$2,187 |
| Energy costs | $0.12 kWh[28] | No. 57 | -$0.07 |
The No. 59 cheapest housing market in New York is Cortland's 13045 zip code, where the median home value is $183,883. Renters here pay an average of $1,127 per month.
When it comes to energy costs, Cortland ranks 57th among New York markets. Residents pay $0.12 per kWh of electricity.
The median property tax for households in the zip code is $4,308, which makes it the 118th-cheapest market in New York.
5. Niagara Falls
The 14304 zip code in Niagara Falls ranks No. 5 among New York's most affordable places to live.
🔎 Key data about Niagara Falls
| Data point | Value | Rank (out of 517 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 87.2 | No. 5 | N/A |
| Median home value | $185,856[29] | No. 61 | -$431,376.36 |
| Home affordability ratio | 2.9 | No. 38 | -4.0 |
| Home value five-year change | 51.1%[30] | No. 369 | 40.6% |
| Home value one-year forecast | 0.5%[31] | No. 404 | 2.1% |
| Rental costs | $948[32] | No. 5 | -$1,825 |
| Rent affordability ratio | 1.48% | No. 12 | -1.6% |
| Median household income | $64,161[33] | No. 390 | -$25,609 |
| Property taxes | $3,566[34] | No. 66 | -$2,929 |
| Energy costs | $0.13 kWh[35] | No. 98 | -$0.06 |
Niagara Falls's 14304 zip code has a median home value of $185,856, the 61st-cheapest market in the state. Forecasts project a 0.5% change in home values in the next year.
The median property tax per household in Niagara Falls is $3,566. It's the 66th-cheapest market by tax rate in New York.
6. Albany
The No. 6 most affordable place to live in New York is the 12209 zip code.
🔎 Key data about Albany
| Data point | Value | Rank (out of 517 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 83.9 | No. 6 | N/A |
| Median home value | $238,847[36] | No. 97 | -$378,385.57 |
| Home affordability ratio | 3.0 | No. 60 | -3.8 |
| Home value five-year change | 45.4%[37] | No. 324 | 34.8% |
| Home value one-year forecast | -1.3%[38] | No. 321 | 0.3% |
| Rental costs | $1,323[39] | No. 30 | -$1,450 |
| Rent affordability ratio | 1.68% | No. 19 | -1.4% |
| Median household income | $78,858[40] | No. 311 | -$10,912 |
| Property taxes | $4,780[41] | No. 159 | -$1,715 |
| Energy costs | $0.13 kWh[42] | No. 98 | -$0.06 |
The back half of our top 10 kicks off with Albany's 12209 zip code, which has the 97th-cheapest home values in New York. The median home value is $238,847. Rents average $1,323 per month, making it the 30th-most affordable rental market in the state.
Residents pay $0.13 per kWh of electricity. It's the 98th-cheapest energy market.
7. Buffalo
Buffalo's 14220 zip code is the 7th-cheapest place to live in New York.
🔎 Key data about Buffalo
| Data point | Value | Rank (out of 517 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 83.7 | No. 7 | N/A |
| Median home value | $215,453[43] | No. 78 | -$401,779.90 |
| Home affordability ratio | 3.1 | No. 70 | -3.7 |
| Home value five-year change | 61.6%[44] | No. 456 | 51.1% |
| Home value one-year forecast | 0.5%[45] | No. 404 | 2.1% |
| Rental costs | $1,203[46] | No. 20 | -$1,570 |
| Rent affordability ratio | 1.75% | No. 24 | -1.3% |
| Median household income | $68,813[47] | No. 364 | -$20,957 |
| Property taxes | $1,905[48] | No. 10 | -$4,590 |
| Energy costs | $0.13 kWh[49] | No. 98 | -$0.06 |
You'll find the 78th-cheapest home values in New York in Buffalo's 14220 zip code. The median value: $215,453. Renters in Buffalo pay an average of $1,203 per month.
Homeowners in Buffalo pay a median property tax of $1,905 per year, which is New York's 10th-most affordable market.
The average household income is $68,813, which ranks 364th-highest in the state.
8. Lockport
The 8th-cheapest place to live in New York is Lockport's 14094 zip code.
🔎 Key data about Lockport
| Data point | Value | Rank (out of 517 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 81.5 | No. 8 | N/A |
| Median home value | $232,907[50] | No. 93 | -$384,325.65 |
| Home affordability ratio | 3.4 | No. 104 | -3.5 |
| Home value five-year change | 55.7%[51] | No. 398 | 45.2% |
| Home value one-year forecast | 0.5%[52] | No. 404 | 2.1% |
| Rental costs | $898[53] | No. 3 | -$1,875 |
| Rent affordability ratio | 1.29% | No. 2 | -1.8% |
| Median household income | $69,489[54] | No. 359 | -$20,281 |
| Property taxes | $4,457[55] | No. 136 | -$2,038 |
| Energy costs | $0.12 kWh[56] | No. 57 | -$0.07 |
The 93rd-cheapest housing market in New York is Lockport's 14094 zip code, with a median home value of $232,907. Renters pay an average of $898 per month, the No. 3 rental market in the state.
The median property tax for households in Lockport is $4,457, which makes it the 136th-cheapest place in New York. The average household income of $69,489 ranks 359th.
9. Oswego
Oswego's 13126 zip code sneaks into the top ten of New York's most affordable places to live.
🔎 Key data about Oswego
| Data point | Value | Rank (out of 517 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 81.1 | No. 9 | N/A |
| Median home value | $160,675[57] | No. 35 | -$456,557.53 |
| Home affordability ratio | 2.7 | No. 22 | -4.2 |
| Home value five-year change | 51.5%[58] | No. 371 | 41.0% |
| Home value one-year forecast | 1.3%[59] | No. 460 | 2.9% |
| Rental costs | $1,338[60] | No. 32 | -$1,435 |
| Rent affordability ratio | 2.21% | No. 65 | -0.9% |
| Median household income | $60,475[61] | No. 414 | -$29,295 |
| Property taxes | $3,567[62] | No. 67 | -$2,928 |
| Energy costs | $0.13 kWh[63] | No. 89 | -$0.07 |
The 35th-cheapest housing market in New York is Oswego's 13126 zip code, where the median home value is $160,675. Renters pay an average of $1,338 per month. It's the state's 32nd-cheapest rental market.
The median property tax for households within the zip code is $3,567, which makes it the 67th-cheapest property tax rate in New York.
10. Rochester
The final spot on our list of the most affordable places to live in New York goes to the 14619 zip code in Rochester.
🔎 Key data about Rochester
| Data point | Value | Rank (out of 517 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 80.8 | No. 10 | N/A |
| Median home value | $150,735[64] | No. 29 | -$466,497.29 |
| Home affordability ratio | 2.4 | No. 10 | -4.5 |
| Home value five-year change | 64.8%[65] | No. 485 | 54.2% |
| Home value one-year forecast | 1.4%[66] | No. 484 | 3.0% |
| Rental costs | $1,450[67] | No. 52 | -$1,323 |
| Rent affordability ratio | 2.27% | No. 73 | -0.8% |
| Median household income | $63,993[68] | No. 392 | -$25,777 |
| Property taxes | $2,745[69] | No. 30 | -$3,750 |
| Energy costs | $0.12 kWh[70] | No. 30 | -$0.08 |
The 29th-most affordable market in New York is Rochester's 14619 zip code. The median home value is $150,735. Rent in the market costs $1,450 per month on average, making it the 52nd-most affordable rental market in New York.
The median property tax for households in Rochester is $2,745, which is the 30th-cheapest property tax rate in the state.
Rochester ranks No. 30 among New York markets by energy costs, with households paying $0.12 per kWh of electricity.
How we ranked the most affordable places in New York
We evaluated 517 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.
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.
Methodology: What is an Affordability Score?
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 23.8% 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 23.8% 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 4.8% 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 4.8% 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 11.9% 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 4.8% 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 11.9% 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 7.1% 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 7.1% to energy costs.
