Quick facts: Saratoga springs, NY

Quick Facts

115.3
Cost of Living
above US average
28,593
Population
21.47
Crime Rate per 1000
below US average
$97,241
Median Income
above US average
$746,500
Median House Price
above US average
$5260.4
Average Rent
above US average
6%
Poverty Rate
below US average
3.3%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $97,241.

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Income Needed to Buy

βœ— Stretch
$234k/year
Based on $746,500 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $234k vs median $97,241
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Income Needed to Rent

⚠ Stretch
$225k/year
Based on $5260.4/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $225k vs median $97,241
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Saratoga springs, NY

Saratoga Springs, located in upstate New York, is renowned for its vibrant culture, historical significance, and natural beauty. Famous for its mineral springs, the city has long been a popular resort destination, attracting visitors seeking relaxation and healing. Saratoga Springs is also home to the prestigious Saratoga Race Course, one of the oldest horse racing tracks in the United States, hosting the annual Saratoga race meet during the summer months. The city's downtown area features a charming blend of shops, restaurants, and art galleries, making it a bustling hub for both tourists and locals. The Saratoga Performing Arts Center (SPAC) hosts a variety of concerts and performances, adding to the cultural richness of the area. Outdoor enthusiasts can explore the nearby Saratoga Spa State Park, which offers hiking trails, picnic areas, and golf courses. Saratoga Springs boasts a rich history, evident in its historic architecture and landmarks, including the Saratoga Battlefield and the Canfield Casino. With its unique blend of history, culture, and natural beauty, Saratoga Springs is a captivating destination year-round.

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