New York, 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 New York median$894,284
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Median rent 12% above the New York median$1,820
Housing Market Overview
| Metric | New York | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $894,284 | $471,885 | $248,835 |
| Price Trend (Annual %) | 6.9% | 7.1% | 7.5% |
| Median Gross Rent | $1,820 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New York is about 90% higher than in New York. Rent is about 12% higher than the New York 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 6.9% and 4.4% a year respectively. Home prices are changing faster.
Median rent in New York rose about 45.0% between 2015 and 2024, from $1,255 to $1,820. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 11.1 yearly household incomes in New York.
Buying the median-priced home in New York costs roughly 40.9 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 24.3.
| Metric | New York | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $894,284 | $471,885 | $248,835 |
| Median Household Income | $80,895 | $86,556 | $80,455 |
| Price-to-Income Ratio | 11.1 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in New York rose about 80.9%, while median household income rose about 57.9% 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 | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 29.7% | 48.8% | 58.5% |
| Rental Rate | 60.9% | 41.1% | 31.2% |
| Vacancy Rate | 9.4% | 10.1% | 10.2% |
| Median Tenure (years) | 15.0 | 17.0 | 15.0 |
| Median Year Moved In | 2011 | 2009 | 2011 |
New York has a homeownership rate of 29.7%, lower than the New York average of 48.8%. Its housing vacancy rate is 9.4%, compared with 10.1% in New York.
Housing Stock
| Metric | New York | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.49 people | 2.53 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.
New York, NY Housing Compared With Nearby Cities
New York, NY is the largest of the 4 cities compared here, 8,476,512 residents against a local median of 66,416. New York, NY's median home price, at $894,284, runs 94% above the $461,532 typical of the cities around it.
Homeownership tells the same story from another angle: 32.8% against a local median of 27.9%, 17% above it. The one measure here that carries a verdict is homeownership, and at 17% above the local median it puts New York, NY at the better end of the local range. The cities themselves spread $1,078,160 on median home price, so New York, NY sits at one end of an already wide local range rather than apart from it. New York, NY has the 2nd highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| New York, NY | 8,476,512 | $894,284 #2/4 | $1,820 #3/4 | 32.8% #2/4 |
| Hoboken, NJ | 58,199 | $1,288,134 | $2,929 | 33.7% |
| Jersey City, NJ | 293,788 | $461,532 | $2,005 | 27.9% |
| Union City, NJ | 66,416 | $209,974 | $1,537 | 19.1% |
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 $894,284, higher than the New York average of $471,885.
What is the average home price in New York, New York?
The typical home price in New York, New York, reported as the median sale price, is $894,284. 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 $1,820 per month, higher than the New York average of $1,621.
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 40.9, meaning it would take roughly 40.9 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 6.9% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in New York, New York?
29.7% of households in New York, New York own their home, lower than the New York average of 48.8%.
What is the vacancy rate in New York, New York?
The housing vacancy rate in New York, New York is 9.4%, lower than the New York average of 10.1%.
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