Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Bronx County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $508,836 | $436,407 | $242,182 |
| Price Trend (Annual %) | 11.8% | 6.9% | 8.2% |
| Median Gross Rent | $1,435 | $1,576 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bronx County is about 17% higher than in New York. Rent is about 9% lower than the New York average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bronx County, up about 11.8% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Bronx County rose about 33.7% between 2015 and 2023, from $1,074 to $1,435. Over the same span, rent in New York rose about 39.2%.
Affordability
On average, housing unit costs 10.4 yearly household incomes in Bronx County.
Buying the median-priced home in Bronx County costs roughly 29.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bronx County. The price-to-rent ratio in New York is about 23.1.
| Metric | Bronx County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $508,836 | $436,407 | $242,182 |
| Median Household Income | $49,041 | $85,191 | $78,145 |
| Price-to-Income Ratio | 10.4 | 5.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bronx County rose about 109.5%, while median household income rose about 44.6% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bronx County | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 19.4% | 48.7% | 58.2% |
| Rental Rate | 76.4% | 41.1% | 31.3% |
| Vacancy Rate | 4.2% | 10.2% | 10.6% |
| Median Tenure (years) | 16.0 | 17.0 | 15.0 |
| Median Year Moved In | 2010 | 2009 | 2011 |
Bronx County has a homeownership rate of 19.4%, lower than the New York average of 48.7%. Its housing vacancy rate is 4.2%, compared with 10.2% in New York.
Housing Stock
| Metric | Bronx County | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.57 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1956 | 1960 | 1978 |
| Median Number of Rooms | 3.9 | 5.0 | 5.5 |
The typical housing unit in Bronx County was built around 1956. On average, 2.6 people live in a home with about 3.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bronx County, New York.
What is the median home price in Bronx County, New York?
The median home price in Bronx County, New York is $508,836, higher than the New York average of $436,407.
What is the average home price in Bronx County, New York?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bronx County, New York?
The median gross rent in Bronx County, New York is $1,435 per month, lower than the New York average of $1,576.
What was the median gross rent in Bronx County in 2020?
In 2020, the median gross rent in Bronx County, New York was $1,246 per month.
What is the price-to-rent ratio in Bronx County, New York?
The price-to-rent ratio in Bronx County, New York is about 29.5, meaning it would take roughly 29.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bronx County.
Are home prices or rent rising faster in Bronx County, New York?
Both home prices and rent are rising in Bronx County, up about 11.8% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bronx County, New York?
19.4% of households in Bronx County, New York own their home, lower than the New York average of 48.7%.
What is the vacancy rate in Bronx County, New York?
The housing vacancy rate in Bronx County, New York is 4.2%, lower than the New York average of 10.2%.