Niagara Falls, NY

Very Low · 47

New York · Population 48,198 · Updated March 2026

$784
Median Rent / Month
$48,535
Median Income
$104,400
Median Home Value
$779
Owner Costs / Month

Affordability

How far your income goes in Niagara Falls

19.4%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New York

State-level tax rates that affect your costs

10.9%
Income Tax (Top Rate)
4.0%
Sales Tax
1.62%
Property Tax Rate

Estimated Annual Costs

$9,408
Annual Rent
$5,290
State Income Tax
$1,691
Property Tax (est.)

Cost of Living Overview

Niagara Falls is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 47 (where 100 equals the national median), Niagara Falls residents can expect to pay median rent of $784/month while earning a median household income of $48,535/year.

The median home value in Niagara Falls, NY is $104,400, with typical monthly owner costs around $779 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New York's top income tax rate of 10.9% is among the highest in the nation, adding to the overall cost burden. Combined with a 4.0% sales tax rate and 1.62% effective property tax rate, the overall tax environment is a factor in the total cost of living in Niagara Falls.

Frequently Asked Questions

Common questions about living costs in Niagara Falls

What is the cost of living in Niagara Falls, NY?
The cost of living index in Niagara Falls, NY is 47 (US average = 100). Median monthly rent is $784, median household income is $48,535/year, and the median home value is $104,400.
Is Niagara Falls, NY affordable?
Yes, Niagara Falls is more affordable than the national average with a cost index of 47. The rent-to-income ratio is 19.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Niagara Falls, NY?
The median gross rent in Niagara Falls, NY is $784 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $9,408.
What is the median household income in Niagara Falls?
The median household income in Niagara Falls, NY is $48,535 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New York?
New York has a top income tax rate of 10.9%, a sales tax of 4.0%, and an effective property tax rate of 1.62%.