Ithaca, New York Housing Market Prices
Ithaca 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 93% below the New York median$34,335
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Median rent 11% below the New York median$1,440
Housing Market Overview
| Metric | Ithaca | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $34,335 | $471,885 | $248,835 |
| Price Trend (Annual %) | -5.1% | 7.1% | 7.5% |
| Median Gross Rent | $1,440 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Ithaca is about 93% lower than in New York. Rent is about 11% lower 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 Ithaca: home prices fell about 5.1% a year while rent rose about 4.2% a year. That is an unusual pattern worth watching.
Median rent in Ithaca rose about 38.4% between 2015 and 2024, from $1,040 to $1,440. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 0.7 yearly household incomes in Ithaca.
Buying the median-priced home in Ithaca costs roughly 2.0 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 Ithaca. The price-to-rent ratio in New York is about 24.3.
| Metric | Ithaca | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $34,335 | $471,885 | $248,835 |
| Median Household Income | $48,300 | $86,556 | $80,455 |
| Price-to-Income Ratio | 0.7 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Ithaca fell about 90.0%, while median household income rose about 66.1% 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 | Ithaca | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 24.6% | 48.8% | 58.5% |
| Rental Rate | 62.5% | 41.1% | 31.2% |
| Vacancy Rate | 12.9% | 10.1% | 10.2% |
| Median Tenure (years) | 9.0 | 17.0 | 15.0 |
| Median Year Moved In | 2017 | 2009 | 2011 |
Ithaca has a homeownership rate of 24.6%, lower than the New York average of 48.8%. Its housing vacancy rate is 12.9%, compared with 10.1% in New York.
Housing Stock
| Metric | Ithaca | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.67 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1960 | 1960 | 1978 |
| Median Number of Rooms | 4.3 | 5.0 | 5.5 |
The typical housing unit in Ithaca was built around 1960. On average, 1.7 people live in a home with about 4.3 rooms, staying for about 9.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ithaca, New York.
What is the median home price in Ithaca, New York?
The median home price in Ithaca, New York is $34,335, lower than the New York average of $471,885.
What is the average home price in Ithaca, New York?
The typical home price in Ithaca, New York, reported as the median sale price, is $34,335. 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 Ithaca, New York?
The median gross rent in Ithaca, New York is $1,440 per month, lower than the New York average of $1,621.
What was the median gross rent in Ithaca in 2020?
In 2020, the median gross rent in Ithaca, New York was $1,182 per month.
What is the price-to-rent ratio in Ithaca, New York?
The price-to-rent ratio in Ithaca, New York is about 2.0, meaning it would take roughly 2.0 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 Ithaca.
Are home prices or rent rising faster in Ithaca, New York?
Home prices and rent are moving in opposite directions in Ithaca: home prices fell about 5.1% a year while rent rose about 4.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Ithaca, New York?
24.6% of households in Ithaca, New York own their home, lower than the New York average of 48.8%.
What is the vacancy rate in Ithaca, New York?
The housing vacancy rate in Ithaca, New York is 12.9%, higher than the New York average of 10.1%.
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