Utica is a budget-friendly market in the Northeast with a smaller market with 62,000 residents. At a 4.42% estimated cap rate, this is a moderate market where rents of $1,340/mo lag behind home prices. With a median home price of $215,000 and the population has been declining, which investors should factor into long-term projections, Utica offers opportunities for investors who source deals carefully.
Market data powered by Zillow Home Value Index (ZHVI) and Zillow Observed Rent Index (ZORI) · Updated Feb 2026
Utica's 0.6% rent-to-price ratio is well below the 1% rule. At median prices of $215,000, the $1,340/mo rent produces only $791/mo in NOI. Investors here need to target below-median properties or pursue value-add strategies to make the numbers work.
At current rates, a 20% down conventional loan ($43K at 7%) would result in approximately $-353/mo cash flow — negative at median prices. Larger down payments, seller financing, or buying 15–25% below median are strategies to turn the numbers positive.
Property taxes consume 23% of gross rent here — one of the highest ratios in our dataset. This significantly compresses margins and makes Utica a market where tax-conscious underwriting is essential. Every deal should be stress-tested with potential assessment increases.
Pre-filled with Utica medians. Adjust to match a specific property.
Factor in financing to see your actual return on invested capital in Utica.
Utica, NY has a population of 62,000 and has been growing at -0.2% annually — roughly in line with national trends, meaning demand is stable but not exceptional. The median home price of $215,000 paired with median rents of $1,340/mo produces an estimated cap rate of 4.42%.
Property taxes at 1.74% are notably high and represent a significant drag on cash flow — model this expense carefully, as it can make or break a deal. The vacancy rate of 7% runs above average, which increases cash flow volatility and warrants conservative underwriting.
At a price-to-income ratio of 5.9x, homes cost about 5.9 times the local median income of $36,200. This moderate ratio indicates a balanced rent-vs-buy market. Home values have appreciated at roughly 1.8% annually. Steady appreciation means total returns will be primarily cash flow-driven — the more sustainable model for long-term wealth building.
Bottom line: Utica presents moderate opportunities. Cap rates near 4.42% mean deals need careful sourcing — look for value-add rehabs or emerging neighborhoods where rents are climbing.