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Monroe County, NY

Rent vs Own in Monroe County, New York

In Monroe County the ownership stack ($1,611/mo) sits only modestly above HUD's $1,573/mo 2-bedroom rent, a thin premium, not a blowout. Small assumption changes in the calculator can flip the verdict. Owner-occupied homes: 202,708.

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Renting is cheaper in Monroe County

HUD's 2-bedroom rent is $1,573/mo - only a thin step below the $1,611/mo ownership stack. That is a $38/mo difference.

Based on 20% down, 6.5% rate, 30-year mortgage. Adjust below.

What This Data Tells Us About Renting vs Owning in Monroe County

Primary driver

Income supports the median purchase price

Median household income is $76,382, and the 2.8x home-price-to-income ratio leaves room for the ownership stack (property tax alone is 7.4% of median income). The monthly gap above is more about mortgage rate and insurance assumptions than about the purchase price being out of reach.

Decision signal 2

The tax rate is a national headwind

Monroe County's 2.63% effective rate is among the highest of 3,135 tracked counties: only about 100% pay more. Treat that recurring tax line separately from principal and interest.

Decision signal 3

HUD moved the rent benchmark up

HUD raised its 2-bedroom Fair Market Rent for Monroe County from $1,427/mo in FY2025 to $1,573/mo in FY2026: it increased by $146/mo (+10.2%). A rising rent benchmark widens the gap in favour of owning over time, because the mortgage share of the ownership cost below is fixed at origination while the rent it is compared against reprices every year.

Decision signal 4

The county sits near the state middle

Using the assumptions above, Monroe County ranks 24 of 62 New York counties for buy-vs-rent value (rank 1 = the best relative deal for buying). It sits ahead of 38 other New York counties on this measure.

Decision signal 5

Renting wins, but only by a thin premium

At $213,700 for the median home and $5,616/yr in tax (2.63%), Monroe County's ownership stack (~$1,611/mo) only narrowly exceeds the $1,573/mo HUD 2-bedroom rent - a $38/mo premium. That is the band where a rate drop or a larger down payment most often flips the cash-flow verdict.

Methodology & disclaimer

This calculator is for informational purposes only and is not tax, legal, or financial advice. Property tax figures come from the U.S. Census Bureau ACS 5-Year Estimates and rent figures come from HUD Fair Market Rents; both describe area medians, not individual transactions. Insurance is estimated at 0.35% of home value annually and closing costs, maintenance, HOA, and PMI are not included. Consult a licensed mortgage, tax, or real-estate professional before making a buy-or-rent decision based on these numbers.

Monthly Cost Breakdown

Estimated Monthly Ownership
$1,611
Mortgage (P&I) $1,081
Property Tax $468
Insurance (est.) $62
Monthly Rent (2-BR FMR)
$1,573
Studio$1,116
1-Bedroom$1,256
2-Bedroom$1,573
3-Bedroom$1,895
4-Bedroom$2,083

Adjust Your Scenario

Affordability Context

Median Household Income
$76,382
$6,365/mo
Home Price / Income
2.8x
Affordable (≤3x)
Tax-to-Income Ratio
7.4%
National benchmark: 2-4%

Who actually pays it here

Even with the loan gone, the largest group of Monroe County owners still owes $3,000 or more every year - a recurring holding cost of a few hundred dollars a month, which is why "paid off" understates the real cost of keeping property here.

Monroe County matches the national pattern: six-figure earners between $100,000 and $200,000 account for more of these write-offs than any other local group.

Layered on a thin rent-vs-own premium, that annual bill is often the swing factor: a paid-off owner still faces a real yearly charge even when the mortgage payment itself would have looked competitive.

Bill bands are Census ACS counts of owner-occupied homes without a mortgage. Income brackets are IRS Statistics of Income county data for tax year 2022, counted over FILERS reporting real-estate taxes on Schedule A, which is a smaller group than homeowners: most filers take the standard deduction.

Nearby Counties

Suffolk County
Home: $578,400 Tax: $10,001/yr
Queens County
Home: $723,800 Tax: $6,297/yr
Nassau County
Home: $684,700 Tax: $10,001/yr
Kings County
Home: $905,000 Tax: $6,382/yr
Erie County
Home: $233,800 Tax: $4,622/yr
Westchester County
Home: $663,200 Tax: $10,001/yr

Frequently Asked Questions

How much house can you afford in Monroe County? ▼
On the common 3x-income guideline, a $76,382 household here can afford up to $229,146, which comfortably covers this county's $213,700 median home price -- a healthier affordability picture than many of the counties tracked on this site.
What is the median home price in Monroe County? ▼
$213,700, per the Census Bureau's ACS 5-Year Estimates. What stands out more than the price itself is the tax load on it: this county's 2.63% effective rate sits near the high end of the 3,135 counties tracked here.
Is it cheaper to rent or buy in Monroe County, New York? ▼
HUD's 2-bedroom rent is only a thin step cheaper than owning in Monroe County (about $38/mo) on the standard 20%-down / 6.5% assumptions. A larger down payment or a rate drop often closes it; equity is still the ownership-only bonus.
What is the average rent in Monroe County? ▼
HUD prices a 2-bedroom unit at $1,573/mo here. Sizing up matters: going from a studio to a 4-bedroom adds about $967/mo, so the per-bedroom jump is worth checking against your actual space needs before assuming the 2-BR figure applies to your situation.
Is rent going up or down in Monroe County? ▼
HUD's 2-bedroom Fair Market Rent figure has risen 10.2% between the FY2025 and FY2026 publications, the two most recent years tracked here.
How does Monroe County compare to other New York counties for renting vs buying? ▼
Out of 62 New York counties ranked here on buy-vs-rent value, Monroe County lands at spot 24, roughly in the middle of the pack statewide. The <a href="/states/new-york">New York state page</a> lists every peer county's tax bill beside this one.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from the U.S. Census Bureau (American Community Survey). See our methodology for details. Retrieved and formatted by PlainPropertyTax

Source: U.S. Census Bureau, Government Finances State and local property tax revenue by jurisdiction · 2025

Verify with HUD →