New York Housing Market Prices
New York 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 90% above the US median More expensive than 86% of states in US$471,885
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Median rent 15% above the US median More expensive than 82% of states in US$1,621
Median Home Price Map: Counties in New York
Housing Market Overview
| Metric | New York | US Average |
|---|---|---|
| Median Home Price | $471,885 | $248,835 |
| Price Trend (Annual %) | 7.1% | 7.5% |
| Median Gross Rent | $1,621 | $1,407 |
| Rent Trend (Annual %) | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in New York is about 90% higher than in US. Rent is about 15% higher than the US 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 New York, up about 7.1% and 4.3% a year respectively. Home prices are changing faster.
Median rent in New York rose about 43.2% between 2015 and 2024, from $1,132 to $1,621. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in New York.
Buying the median-priced home in New York costs roughly 24.3 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 New York. The price-to-rent ratio in US is about 14.7.
| Metric | New York | US Average |
|---|---|---|
| Median Home Price | $471,885 | $248,835 |
| Median Household Income | $86,556 | $80,455 |
| Price-to-Income Ratio | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in New York rose about 75.5%, while median household income rose about 52.6% 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 | New York | US Average |
|---|---|---|
| Homeownership Rate | 48.8% | 58.5% |
| Rental Rate | 41.1% | 31.2% |
| Vacancy Rate | 10.1% | 10.2% |
| Median Tenure (years) | 17.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 |
New York has a homeownership rate of 48.8%, lower than the US average of 58.5%. Its housing vacancy rate is 10.1%, compared with 10.2% in US.
Housing Stock
| Metric | New York | US Average |
|---|---|---|
| Average Household Size | 2.49 people | 2.53 people |
| Median Structure Built Year | 1960 | 1978 |
| Median Number of Rooms | 5.0 | 5.5 |
The typical housing unit in New York was built around 1960. On average, 2.5 people live in a home with about 5.0 rooms, staying for about 17.0 years on average.
New York Housing Compared With Nearby States
New York is the largest of the 6 states compared here, 19,748,855 residents against a local median of 3,347,044. The measure that sets New York apart most is median home price: $471,885, 94% above the local median of $243,076.
Homeownership tells the same story from another angle: 54.3% against a local median of 69.3%, 22% below it. The one measure here that carries a verdict is homeownership, and at 22% below the local median it puts New York at the weaker end of the local range. The states themselves spread $200,323 on median home price, so New York sits at one end of an already wide local range rather than apart from it. New York has the highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| New York | 19,748,855 | $471,885 #1/6 | $1,621 #2/6 | 54.3% #6/6 |
| New Jersey | 9,334,304 | $352,792 | $1,719 | 63.8% |
| Pennsylvania | 13,004,688 | $152,469 | $1,208 | 69.3% |
| Vermont | 646,793 | $207,791 | $1,234 | 73.2% |
| Connecticut | 3,347,044 | $281,244 | $1,481 | 67.4% |
| Delaware | 1,017,061 | $243,076 | $1,401 | 72.9% |
Frequently Asked Questions
Common questions about the housing market in New York.
What is the median home price in New York?
The median home price in New York is $471,885, higher than the US average of $248,835.
What is the average home price in New York?
The typical home price in New York, reported as the median sale price, is $471,885. 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 New York?
The median gross rent in New York is $1,621 per month, higher than the US average of $1,407.
What was the median gross rent in New York in 2020?
In 2020, the median gross rent in New York was $1,315 per month.
What is the price-to-rent ratio in New York?
The price-to-rent ratio in New York is about 24.3, meaning it would take roughly 24.3 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 New York.
Are home prices or rent rising faster in New York?
Both home prices and rent are rising in New York, up about 7.1% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in New York?
48.8% of households in New York own their home, lower than the US average of 58.5%.
What is the vacancy rate in New York?
The housing vacancy rate in New York is 10.1%, lower than the US average of 10.2%.
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