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 | Chenango County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $80,833 | $436,407 | $242,182 |
| Price Trend (Annual %) | -4.9% | 6.9% | 8.2% |
| Median Gross Rent | $819 | $1,576 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chenango County is about 81% lower than in New York. Rent is about 48% lower than the New York average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Chenango County: home prices fell about 4.9% a year while rent rose about 3.8% a year. That is an unusual pattern worth watching.
Median rent in Chenango County rose about 28.8% between 2015 and 2023, from $636 to $819. Over the same span, rent in New York rose about 39.2%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Chenango County.
Buying the median-priced home in Chenango County costs roughly 8.2 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Chenango County. The price-to-rent ratio in New York is about 23.1.
| Metric | Chenango County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $80,833 | $436,407 | $242,182 |
| Median Household Income | $62,636 | $85,191 | $78,145 |
| Price-to-Income Ratio | 1.3 | 5.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Chenango County fell about 17.8%, while median household income rose about 41.9% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Chenango County | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.8% | 48.7% | 58.2% |
| Rental Rate | 19.2% | 41.1% | 31.3% |
| Vacancy Rate | 19.1% | 10.2% | 10.6% |
| Median Tenure (years) | 19.0 | 17.0 | 15.0 |
| Median Year Moved In | 2007 | 2009 | 2011 |
Chenango County has a homeownership rate of 61.8%, higher than the New York average of 48.7%. Its housing vacancy rate is 19.1%, compared with 10.2% in New York.
Housing Stock
| Metric | Chenango County | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1966 | 1960 | 1978 |
| Median Number of Rooms | 6.0 | 5.0 | 5.5 |
The typical housing unit in Chenango County was built around 1966. On average, 2.3 people live in a home with about 6.0 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Chenango County, New York.
What is the median home price in Chenango County, New York?
The median home price in Chenango County, New York is $80,833, lower than the New York average of $436,407.
What is the average home price in Chenango 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 Chenango County, New York?
The median gross rent in Chenango County, New York is $819 per month, lower than the New York average of $1,576.
What was the median gross rent in Chenango County in 2020?
In 2020, the median gross rent in Chenango County, New York was $691 per month.
What is the price-to-rent ratio in Chenango County, New York?
The price-to-rent ratio in Chenango County, New York is about 8.2, meaning it would take roughly 8.2 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Chenango County.
Are home prices or rent rising faster in Chenango County, New York?
Home prices and rent are moving in opposite directions in Chenango County: home prices fell about 4.9% a year while rent rose about 3.8% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Chenango County, New York?
61.8% of households in Chenango County, New York own their home, higher than the New York average of 48.7%.
What is the vacancy rate in Chenango County, New York?
The housing vacancy rate in Chenango County, New York is 19.1%, higher than the New York average of 10.2%.