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 | Genesee County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $175,772 | $436,407 | $242,182 |
| Price Trend (Annual %) | 11.5% | 6.9% | 8.2% |
| Median Gross Rent | $909 | $1,576 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Genesee County is about 60% lower than in New York. Rent is about 42% 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 Genesee County, up about 11.5% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Genesee County rose about 25.6% between 2015 and 2023, from $724 to $909. Over the same span, rent in New York rose about 39.2%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Genesee County.
Buying the median-priced home in Genesee County costs roughly 16.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Genesee County. The price-to-rent ratio in New York is about 23.1.
| Metric | Genesee County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $175,772 | $436,407 | $242,182 |
| Median Household Income | $72,443 | $85,191 | $78,145 |
| Price-to-Income Ratio | 2.4 | 5.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Genesee County rose about 77.0%, while median household income rose about 49.9% 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 | Genesee County | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.5% | 48.7% | 58.2% |
| Rental Rate | 24.5% | 41.1% | 31.3% |
| Vacancy Rate | 5.1% | 10.2% | 10.6% |
| Median Tenure (years) | 19.0 | 17.0 | 15.0 |
| Median Year Moved In | 2007 | 2009 | 2011 |
Genesee County has a homeownership rate of 70.5%, higher than the New York average of 48.7%. Its housing vacancy rate is 5.1%, compared with 10.2% in New York.
Housing Stock
| Metric | Genesee County | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.29 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1956 | 1960 | 1978 |
| Median Number of Rooms | 6.1 | 5.0 | 5.5 |
The typical housing unit in Genesee County was built around 1956. On average, 2.3 people live in a home with about 6.1 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Genesee County, New York.
What is the median home price in Genesee County, New York?
The median home price in Genesee County, New York is $175,772, lower than the New York average of $436,407.
What is the average home price in Genesee 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 Genesee County, New York?
The median gross rent in Genesee County, New York is $909 per month, lower than the New York average of $1,576.
What was the median gross rent in Genesee County in 2020?
In 2020, the median gross rent in Genesee County, New York was $785 per month.
What is the price-to-rent ratio in Genesee County, New York?
The price-to-rent ratio in Genesee County, New York is about 16.1, meaning it would take roughly 16.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Genesee County.
Are home prices or rent rising faster in Genesee County, New York?
Both home prices and rent are rising in Genesee County, up about 11.5% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Genesee County, New York?
70.5% of households in Genesee County, New York own their home, higher than the New York average of 48.7%.
What is the vacancy rate in Genesee County, New York?
The housing vacancy rate in Genesee County, New York is 5.1%, lower than the New York average of 10.2%.