Elmira, New York Housing Market Prices
Elmira Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 85% below the New York median$71,724
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Median rent 44% below the New York median$909
Housing Market Overview
| Metric | Elmira | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $71,724 | $471,885 | $248,835 |
| Price Trend (Annual %) | 4.2% | 7.1% | 7.5% |
| Median Gross Rent | $909 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 3.9% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elmira is about 85% lower than in New York. Rent is about 44% lower than the New York average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Elmira, up about 4.2% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Elmira rose about 35.8% between 2015 and 2024, from $669 to $909. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Elmira.
Buying the median-priced home in Elmira costs roughly 6.6 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 Elmira. The price-to-rent ratio in New York is about 24.3.
| Metric | Elmira | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $71,724 | $471,885 | $248,835 |
| Median Household Income | $43,684 | $86,556 | $80,455 |
| Price-to-Income Ratio | 1.6 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Elmira rose about 83.9%, while median household income rose about 36.1% between 2009 and 2025 — 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 | Elmira | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.7% | 48.8% | 58.5% |
| Rental Rate | 41.4% | 41.1% | 31.2% |
| Vacancy Rate | 16.9% | 10.1% | 10.2% |
| Median Tenure (years) | 13.0 | 17.0 | 15.0 |
| Median Year Moved In | 2013 | 2009 | 2011 |
Elmira has a homeownership rate of 41.7%, lower than the New York average of 48.8%. Its housing vacancy rate is 16.9%, compared with 10.1% in New York.
Housing Stock
| Metric | Elmira | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1943 | 1960 | 1978 |
| Median Number of Rooms | 5.7 | 5.0 | 5.5 |
The typical housing unit in Elmira was built around 1943. On average, 2.2 people live in a home with about 5.7 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elmira, New York.
What is the median home price in Elmira, New York?
The median home price in Elmira, New York is $71,724, lower than the New York average of $471,885.
What is the average home price in Elmira, New York?
The typical home price in Elmira, New York, reported as the median sale price, is $71,724. 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 Elmira, New York?
The median gross rent in Elmira, New York is $909 per month, lower than the New York average of $1,621.
What was the median gross rent in Elmira in 2020?
In 2020, the median gross rent in Elmira, New York was $726 per month.
What is the price-to-rent ratio in Elmira, New York?
The price-to-rent ratio in Elmira, New York is about 6.6, meaning it would take roughly 6.6 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 Elmira.
Are home prices or rent rising faster in Elmira, New York?
Both home prices and rent are rising in Elmira, up about 4.2% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Elmira, New York?
41.7% of households in Elmira, New York own their home, lower than the New York average of 48.8%.
What is the vacancy rate in Elmira, New York?
The housing vacancy rate in Elmira, New York is 16.9%, higher than the New York average of 10.1%.
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