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.
Housing Market Overview
| Metric | New York | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $892,873 | $436,407 | $242,182 |
| Price Trend (Annual %) | 7.8% | 6.9% | 8.2% |
| Median Gross Rent | $1,779 | $1,576 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New York is about 105% higher than in New York. Rent is about 13% higher 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 New York, up about 7.8% and 4.7% a year respectively. Home prices are changing faster.
Median rent in New York rose about 41.7% between 2015 and 2023, from $1,255 to $1,779. Over the same span, rent in New York rose about 39.2%.
Affordability
On average, housing unit costs 11.2 yearly household incomes in New York.
Buying the median-priced home in New York costs roughly 41.8 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 New York is about 23.1.
| Metric | New York | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $892,873 | $436,407 | $242,182 |
| Median Household Income | $79,999 | $85,191 | $78,145 |
| Price-to-Income Ratio | 11.2 | 5.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in New York rose about 80.6%, while median household income rose about 59.3% 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 | New York | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 29.8% | 48.7% | 58.2% |
| Rental Rate | 61.0% | 41.1% | 31.3% |
| Vacancy Rate | 9.2% | 10.2% | 10.6% |
| Median Tenure (years) | 15.0 | 17.0 | 15.0 |
| Median Year Moved In | 2011 | 2009 | 2011 |
New York has a homeownership rate of 29.8%, lower than the New York average of 48.7%. Its housing vacancy rate is 9.2%, compared with 10.2% in New York.
Housing Stock
| Metric | New York | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1955 | 1960 | 1978 |
| Median Number of Rooms | 3.9 | 5.0 | 5.5 |
The typical housing unit in New York was built around 1955. On average, 2.5 people live in a home with about 3.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in New York, New York.
What is the median home price in New York, New York?
The median home price in New York, New York is $892,873, higher than the New York average of $436,407.
What is the average home price in New York, 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 New York, New York?
The median gross rent in New York, New York is $1,779 per month, higher than the New York average of $1,576.
What was the median gross rent in New York in 2020?
In 2020, the median gross rent in New York, New York was $1,488 per month.
What is the price-to-rent ratio in New York, New York?
The price-to-rent ratio in New York, New York is about 41.8, meaning it would take roughly 41.8 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, New York?
Both home prices and rent are rising in New York, up about 7.8% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in New York, New York?
29.8% of households in New York, New York own their home, lower than the New York average of 48.7%.
What is the vacancy rate in New York, New York?
The housing vacancy rate in New York, New York is 9.2%, lower than the New York average of 10.2%.