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 | Monroe County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $144,660 | $436,407 | $242,182 |
| Price Trend (Annual %) | 4.4% | 6.9% | 8.2% |
| Median Gross Rent | $1,126 | $1,576 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe County is about 67% lower than in New York. Rent is about 29% 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 Monroe County, up about 4.4% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Monroe County rose about 36.3% between 2015 and 2023, from $826 to $1,126. Over the same span, rent in New York rose about 39.2%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Monroe County.
Buying the median-priced home in Monroe County costs roughly 10.7 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 Monroe County. The price-to-rent ratio in New York is about 23.1.
| Metric | Monroe County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $144,660 | $436,407 | $242,182 |
| Median Household Income | $74,441 | $85,191 | $78,145 |
| Price-to-Income Ratio | 1.9 | 5.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monroe County rose about 24.1%, while median household income rose about 45.4% between 2009 and 2023 — 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 | Monroe County | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.5% | 48.7% | 58.2% |
| Rental Rate | 34.2% | 41.1% | 31.3% |
| Vacancy Rate | 6.3% | 10.2% | 10.6% |
| Median Tenure (years) | 16.0 | 17.0 | 15.0 |
| Median Year Moved In | 2010 | 2009 | 2011 |
Monroe County has a homeownership rate of 59.5%, higher than the New York average of 48.7%. Its housing vacancy rate is 6.3%, compared with 10.2% in New York.
Housing Stock
| Metric | Monroe County | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1965 | 1960 | 1978 |
| Median Number of Rooms | 5.9 | 5.0 | 5.5 |
The typical housing unit in Monroe County was built around 1965. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monroe County, New York.
What is the median home price in Monroe County, New York?
The median home price in Monroe County, New York is $144,660, lower than the New York average of $436,407.
What is the average home price in Monroe 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 Monroe County, New York?
The median gross rent in Monroe County, New York is $1,126 per month, lower than the New York average of $1,576.
What was the median gross rent in Monroe County in 2020?
In 2020, the median gross rent in Monroe County, New York was $947 per month.
What is the price-to-rent ratio in Monroe County, New York?
The price-to-rent ratio in Monroe County, New York is about 10.7, meaning it would take roughly 10.7 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 Monroe County.
Are home prices or rent rising faster in Monroe County, New York?
Both home prices and rent are rising in Monroe County, up about 4.4% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monroe County, New York?
59.5% of households in Monroe County, New York own their home, higher than the New York average of 48.7%.
What is the vacancy rate in Monroe County, New York?
The housing vacancy rate in Monroe County, New York is 6.3%, lower than the New York average of 10.2%.