Garden City, New York Housing Market Prices
Garden City 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 20% above the New York median$566,404
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Median rent 101% above the New York median$3,256
Housing Market Overview
| Metric | Garden City | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $566,404 | $471,885 | $248,835 |
| Price Trend (Annual %) | -1.9% | 7.1% | 7.5% |
| Median Gross Rent | $3,256 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 7.6% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Garden City is about 20% higher than in New York. Rent is about 101% higher than the New York average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Garden City: home prices fell about 1.9% a year while rent rose about 7.6% a year. That is an unusual pattern worth watching.
Median rent in Garden City rose about 67.4% between 2015 and 2024, from $1,945 to $3,256. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Garden City.
Buying the median-priced home in Garden City costs roughly 14.5 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 Garden City. The price-to-rent ratio in New York is about 24.3.
| Metric | Garden City | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $566,404 | $471,885 | $248,835 |
| Median Household Income | $206,430 | $86,556 | $80,455 |
| Price-to-Income Ratio | 2.7 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Garden City fell about 23.3%, while median household income rose about 111.9% between 2009 and 2025 — 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 | Garden City | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 88.9% | 48.8% | 58.5% |
| Rental Rate | 6.2% | 41.1% | 31.2% |
| Vacancy Rate | 4.9% | 10.1% | 10.2% |
| Median Tenure (years) | 18.0 | 17.0 | 15.0 |
| Median Year Moved In | 2008 | 2009 | 2011 |
Garden City has a homeownership rate of 88.9%, higher than the New York average of 48.8%. Its housing vacancy rate is 4.9%, compared with 10.1% in New York.
Housing Stock
| Metric | Garden City | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.86 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1949 | 1960 | 1978 |
| Median Number of Rooms | 7.9 | 5.0 | 5.5 |
The typical housing unit in Garden City was built around 1949. On average, 2.9 people live in a home with about 7.9 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Garden City, New York.
What is the median home price in Garden City, New York?
The median home price in Garden City, New York is $566,404, higher than the New York average of $471,885.
What is the average home price in Garden City, New York?
The typical home price in Garden City, New York, reported as the median sale price, is $566,404. 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 Garden City, New York?
The median gross rent in Garden City, New York is $3,256 per month, higher than the New York average of $1,621.
What was the median gross rent in Garden City in 2020?
In 2020, the median gross rent in Garden City, New York was $3,253 per month.
What is the price-to-rent ratio in Garden City, New York?
The price-to-rent ratio in Garden City, New York is about 14.5, meaning it would take roughly 14.5 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 Garden City.
Are home prices or rent rising faster in Garden City, New York?
Home prices and rent are moving in opposite directions in Garden City: home prices fell about 1.9% a year while rent rose about 7.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Garden City, New York?
88.9% of households in Garden City, New York own their home, higher than the New York average of 48.8%.
What is the vacancy rate in Garden City, New York?
The housing vacancy rate in Garden City, New York is 4.9%, lower than the New York average of 10.1%.
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