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 | Montgomery County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $128,693 | $436,407 | $242,182 |
| Price Trend (Annual %) | 7.5% | 6.9% | 8.2% |
| Median Gross Rent | $920 | $1,576 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Montgomery County is about 71% 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 Montgomery County, up about 7.5% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Montgomery County rose about 31.1% between 2015 and 2023, from $702 to $920. Over the same span, rent in New York rose about 39.2%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Montgomery County.
Buying the median-priced home in Montgomery County costs roughly 11.7 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 Montgomery County. The price-to-rent ratio in New York is about 23.1.
| Metric | Montgomery County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $128,693 | $436,407 | $242,182 |
| Median Household Income | $63,913 | $85,191 | $78,145 |
| Price-to-Income Ratio | 2.0 | 5.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Montgomery County rose about 58.6%, while median household income rose about 48.8% 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 | Montgomery County | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.1% | 48.7% | 58.2% |
| Rental Rate | 25.7% | 41.1% | 31.3% |
| Vacancy Rate | 16.2% | 10.2% | 10.6% |
| Median Tenure (years) | 19.0 | 17.0 | 15.0 |
| Median Year Moved In | 2007 | 2009 | 2011 |
Montgomery County has a homeownership rate of 58.1%, higher than the New York average of 48.7%. Its housing vacancy rate is 16.2%, compared with 10.2% in New York.
Housing Stock
| Metric | Montgomery County | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1956 | 1960 | 1978 |
| Median Number of Rooms | 6.0 | 5.0 | 5.5 |
The typical housing unit in Montgomery County was built around 1956. On average, 2.5 people live in a home with about 6.0 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Montgomery County, New York.
What is the median home price in Montgomery County, New York?
The median home price in Montgomery County, New York is $128,693, lower than the New York average of $436,407.
What is the average home price in Montgomery 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 Montgomery County, New York?
The median gross rent in Montgomery County, New York is $920 per month, lower than the New York average of $1,576.
What was the median gross rent in Montgomery County in 2020?
In 2020, the median gross rent in Montgomery County, New York was $758 per month.
What is the price-to-rent ratio in Montgomery County, New York?
The price-to-rent ratio in Montgomery County, New York is about 11.7, meaning it would take roughly 11.7 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 Montgomery County.
Are home prices or rent rising faster in Montgomery County, New York?
Both home prices and rent are rising in Montgomery County, up about 7.5% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Montgomery County, New York?
58.1% of households in Montgomery County, New York own their home, higher than the New York average of 48.7%.
What is the vacancy rate in Montgomery County, New York?
The housing vacancy rate in Montgomery County, New York is 16.2%, higher than the New York average of 10.2%.