Updated 2026 · Based on median market data for Utica, NY
Utica sits in the Northeast with a population of 62,000 declining at -0.2% annually. The median home costs $135,000 while rents average $920/mo, producing an estimated cap rate of 5.07%. This is a moderate market that rewards careful deal sourcing.
Utica works best for experienced investors with a clear strategy — Section 8, student housing, or deep value-add rehabs. The 5.07% cap rate at median prices is tight, so success depends on buying below market, forcing appreciation through renovation, or accessing above-market rent streams through niche tenant bases.
Target properties priced 15-25% below the $135,000 median — around $108,000 or less. At this price point with $920/mo rents, your cap rate improves to roughly 7.0%. Factor in 1.74% property taxes ($2,349/yr), budget 5% of gross rent for maintenance, and underwrite to a 7% vacancy rate. On a 20% down conventional loan at 7%, monthly PITI will run approximately $1,014.
Population decline (-0.2%) is the primary risk — shrinking markets can see rising vacancy and downward pressure on rents and values. Property taxes at 1.74% are notably high — this is a significant drag on NOI that some investors underestimate. Every deal should be evaluated individually using our calculator tools. Median data provides a starting point; actual returns depend on the specific property, financing, and your management approach.
Run the numbers on a specific Utica property using our cap rate calculator (pre-filled with Utica data). Compare Utica against similar markets in the Northeast region. If you're considering a value-add approach, try our BRRRR calculator to model a rehab scenario.