Utica, NY — Rental Investment Analysis
🟡MODERATE— average returnsData: HUD FMR FY2024 + Zillow ZHVI April 2026 + Freddie Mac rates. Last updated June 2026.
Investment Summary
As of 2026, rental properties in Utica, NY yield a 4.0% cap rate. Median home price is $205,350 with 3-bedroom rents at $1,200/month.
Utica is a moderate market — workable but not exceptional for cash flow. At $205,350 median home price, Utica is affordable by national standards and within reach for most conventional loans. With 3-bedroom rents around $1,200/month, the 4.0% cap rate tells the story. Cash flow is deeply negative at -$400/month with standard assumptions. This market requires appreciation to justify the investment.
At 0.58% on the 1% rule, rents are low relative to purchase prices. You'd need a significant discount from asking price to make the numbers work. DSCR of 0.63 is below 1.0, meaning rental income doesn't cover the mortgage. DSCR lenders will likely decline this market at current prices.
Bottom line: Consider Utica only if you believe in long-term appreciation. The numbers don't support cash flow at today's prices and rates.
Data sources: HUD Fair Market Rents (FY2024), Zillow Home Value Index (April 2026), Freddie Mac Primary Mortgage Market Survey.
Cap Rate
4.0%
Below average
Monthly Cash Flow
-$400
After all expenses
Price-to-Rent
14.3
Investor-friendly
DSCR
0.63
Fails
Key Metrics
- Median Home Price
- $205,350
- Average Rent (3BR)
- $1,200/mo
- Price-to-Rent Ratio
- 14.3(good)
- 1% Rule
- 0.58%(fails — need 1%+)
- Cash-on-Cash Return
- -10.2%
- Vacancy Rate
- 8.0%
Market Strength
- Unemployment Rate
- 4.6%(+0.3% vs national)
- Rent Growth (YoY)
- +2.9%(national avg)
- Population Growth
- -1.15% YoY
Property Tax Rate
1.62%
of assessed value (NY avg)
Median Income
$74,314
household (NY avg)
Rent-to-Income
19.4%
Affordable
Section 8 Max Rent
$1,200/mo
3BR voucher payment
NY Investor Climate
Landlord Friendly
3/10
State Income Tax
Has state tax
Property Tax
1.62% effective
Population Trend
-1.15% (3yr)