Hempstead, New York Housing Market Prices
Hempstead 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 1% above the New York median$477,630
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Median rent About the same as the New York median$1,622
Housing Market Overview
| Metric | Hempstead | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $477,630 | $471,885 | $248,835 |
| Price Trend (Annual %) | 8.6% | 7.1% | 7.5% |
| Median Gross Rent | $1,622 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 2.7% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hempstead is about 1% higher than in New York. Rent follows a similar pattern, running close to 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 Hempstead, up about 8.6% and 2.7% a year respectively. Home prices are changing faster.
Median rent in Hempstead rose about 26.0% between 2015 and 2024, from $1,287 to $1,622. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 5.4 yearly household incomes in Hempstead.
Buying the median-priced home in Hempstead costs roughly 24.5 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 Hempstead. The price-to-rent ratio in New York is about 24.3.
| Metric | Hempstead | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $477,630 | $471,885 | $248,835 |
| Median Household Income | $89,135 | $86,556 | $80,455 |
| Price-to-Income Ratio | 5.4 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Hempstead rose about 63.3%, while median household income rose about 47.9% 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 | Hempstead | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.3% | 48.8% | 58.5% |
| Rental Rate | 47.9% | 41.1% | 31.2% |
| Vacancy Rate | 8.7% | 10.1% | 10.2% |
| Median Tenure (years) | 15.0 | 17.0 | 15.0 |
| Median Year Moved In | 2011 | 2009 | 2011 |
Hempstead has a homeownership rate of 43.3%, lower than the New York average of 48.8%. Its housing vacancy rate is 8.7%, compared with 10.1% in New York.
Housing Stock
| Metric | Hempstead | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.37 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1960 | 1960 | 1978 |
| Median Number of Rooms | 4.9 | 5.0 | 5.5 |
The typical housing unit in Hempstead was built around 1960. On average, 3.4 people live in a home with about 4.9 rooms, staying for about 15.0 years on average.
Hempstead, NY Housing Compared With Nearby Cities
How Hempstead, NY compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Hempstead, NY | 58,804 | $477,630 #2/2 | $1,622 #2/2 | 47.5% #2/2 |
| Garden City, NY | 23,057 | $566,404 | $3,256 | 93.5% |
Frequently Asked Questions
Common questions about the housing market in Hempstead, New York.
What is the median home price in Hempstead, New York?
The median home price in Hempstead, New York is $477,630, higher than the New York average of $471,885.
What is the average home price in Hempstead, New York?
The typical home price in Hempstead, New York, reported as the median sale price, is $477,630. 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 Hempstead, New York?
The median gross rent in Hempstead, New York is $1,622 per month, about the same as the New York average.
What was the median gross rent in Hempstead in 2020?
In 2020, the median gross rent in Hempstead, New York was $1,482 per month.
What is the price-to-rent ratio in Hempstead, New York?
The price-to-rent ratio in Hempstead, New York is about 24.5, meaning it would take roughly 24.5 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 Hempstead.
Are home prices or rent rising faster in Hempstead, New York?
Both home prices and rent are rising in Hempstead, up about 8.6% and 2.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hempstead, New York?
43.3% of households in Hempstead, New York own their home, lower than the New York average of 48.8%.
What is the vacancy rate in Hempstead, New York?
The housing vacancy rate in Hempstead, New York is 8.7%, lower than the New York average of 10.1%.
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