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City Report · NY

Palmyra

Pop. 3,287·123rd most expensive in New York·One of the most affordable rental markets in the US
Median rent (all units)
$1,055/mo
Year-over-Year
Stable
Month-over-Month
-9.7%
vs US Median
-$907
Falling (Monthly)
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Most AffordableMost Expensive
Palmyra · $1,055
More affordable than 96% of US cities · National median $1,962/mo
Affordability
19% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,055/mo, rent takes about 19% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$42,000/yr
Local median income
$64,983/yr
Based on the 30%-of-income rule using Palmyra's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$850
1 BR
$950
2 BR
$1,180
3 BR
$1,430
4 BR+
$1,570
Fair Market Rent (HUD)
$1,180/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,055 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$12,660/yr
At $1,055/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 0.0% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (+0.0% YoY, -9.7% MoM), not inventory.
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Demographics

Who lives here

Palmyra, NY is roughly split between renters and owners, has a median income below the national average, 25.5% of residents hold a bachelor's degree or higher.

Population
3,287
Median income
$64,983
Median age
35.3
Renters
50%
Age distribution
20.7%
28.7%
22.4%
12.2%
15.9%
Under 1820.7%
18–3428.7%
35–5422.4%
55–6412.2%
65+15.9%
Gender
47.9%
52.1%
Male47.9%
Female52.1%
Race & ethnicity
92.8%
White92.8%
Black1.6%
Hispanic1.2%
Other4.4%
Education (25+)
33.7%
33.1%
25.5%
No HS diploma7.7%
HS diploma33.7%
Some college33.1%
Bachelor's+25.5%
Housing tenure
50%
50%
Owner50%
Renter50%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Palmyra, NY has changed in 5 years

Income
$65,521 → $64,983
down 0.8%
Population
3,326 → 3,287
down 1.2%
Renter share
45.2% → 50%
+4.8 pts
Bachelor's+
27.4% → 25.5%
-1.9 pts
Median age
40 → 35.3
-4.7 yrs

Median household income slipped from $65,521 to $64,983 between 2021 and 2024, a 0.8% shift. The population has contracted by 1.2% since 2021, moving from about 3,326 residents to roughly 3,287. Renters now make up 50% of households, compared with 45.2% five years ago.

Community

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View Palmyra rent history (2015–2026) →
Salary vs rent

Can you afford rent in Palmyra on your salary?

At $1,055/mo, how Palmyra rent compares to typical pay (30% rule).

By apartment size

Palmyra rent by bedroom count

Median rent for each apartment size in Palmyra. Click any size for full breakdown.

Local insights

Tips for renters in Palmyra

About renting in Palmyra, NY

Last updated: August 17, 2026

The median rent in Palmyra is $1,055/mo as of August 2026. A studio apartment averages $850/mo while a 2-bedroom runs $1,180/mo. One-bedroom apartments average $950/mo and 3-bedroom units go for $1,430/mo.

At 19% of local median household income ($64,983/yr), Palmyra ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Palmyra an affordable city for renters?

Palmyra is considered very affordable for renters. At $1,055/mo, rent takes approximately 19% of the local median household income ($64,983/yr). The standard benchmark is 30%. Palmyra falls comfortably within that range.

How much income do you need to rent in Palmyra?

To keep rent at or below 30% of gross income, you would need to earn at least $42,000/year (~$20/hour full-time) to afford the median rent of $1,055/mo in Palmyra. The local median household income is $64,983/yr, meaning the typical Palmyra household meets that threshold.

Is rent going up or down in Palmyra?

Rent in Palmyra has been relatively stable over the past year, with a 0.0% change year over year as of August 2026.

How does Palmyra rent compare to other cities in New York?

Palmyra is one of the more affordable cities in New York for rent, ranking #123 out of 125 tracked cities at $1,055/mo.

What percentage of Palmyra residents rent vs. own?

According to Census data, approximately 50% of Palmyra households are renters, while 50% are owner-occupied. Palmyra leans toward homeownership, which can mean a smaller rental inventory.

How does Palmyra rent compare to the national average?

Palmyra's median rent of $1,055/mo is $907 (46%) below the US national median of $1,962/mo. Within New York, it ranks #123 out of 125 tracked cities.
Income Affordability
19%
VERY AFFORDABLE

At $1,055/mo, rent takes ~19% of Palmyra's median household income ($64,983/yr). The standard benchmark is 30%.

Palmyra 19%Benchmark 30%
State income tax4–10.9%
Run the Palmyra affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Palmyra, NY

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