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 | New York County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,310,519 | $436,407 | $242,182 |
| Price Trend (Annual %) | 3.1% | 6.9% | 8.2% |
| Median Gross Rent | $2,131 | $1,576 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New York County is about 200% higher than in New York. Rent is about 35% 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 County, up about 3.1% and 4.4% a year respectively. Rent is changing faster.
Median rent in New York County rose about 40.3% between 2015 and 2023, from $1,520 to $2,131. Over the same span, rent in New York rose about 39.2%.
Affordability
On average, housing unit costs 12.5 yearly household incomes in New York County.
Buying the median-priced home in New York County costs roughly 51.2 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 County. The price-to-rent ratio in New York is about 23.1.
| Metric | New York County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,310,519 | $436,407 | $242,182 |
| Median Household Income | $104,976 | $85,191 | $78,145 |
| Price-to-Income Ratio | 12.5 | 5.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in New York County rose about 28.8%, while median household income rose about 56.7% 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 | New York County | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 20.9% | 48.7% | 58.2% |
| Rental Rate | 63.5% | 41.1% | 31.3% |
| Vacancy Rate | 15.6% | 10.2% | 10.6% |
| Median Tenure (years) | 15.0 | 17.0 | 15.0 |
| Median Year Moved In | 2011 | 2009 | 2011 |
New York County has a homeownership rate of 20.9%, lower than the New York average of 48.7%. Its housing vacancy rate is 15.6%, compared with 10.2% in New York.
Housing Stock
| Metric | New York County | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.01 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1958 | 1960 | 1978 |
| Median Number of Rooms | 3.3 | 5.0 | 5.5 |
The typical housing unit in New York County was built around 1958. On average, 2.0 people live in a home with about 3.3 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in New York County, New York.
What is the median home price in New York County, New York?
The median home price in New York County, New York is $1,310,519, higher than the New York average of $436,407.
What is the average home price in New York 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 New York County, New York?
The median gross rent in New York County, New York is $2,131 per month, higher than the New York average of $1,576.
What was the median gross rent in New York County in 2020?
In 2020, the median gross rent in New York County, New York was $1,786 per month.
What is the price-to-rent ratio in New York County, New York?
The price-to-rent ratio in New York County, New York is about 51.2, meaning it would take roughly 51.2 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 County.
Are home prices or rent rising faster in New York County, New York?
Both home prices and rent are rising in New York County, up about 3.1% and 4.4% a year respectively. Rent is changing faster.
What is the homeownership rate in New York County, New York?
20.9% of households in New York County, New York own their home, lower than the New York average of 48.7%.
What is the vacancy rate in New York County, New York?
The housing vacancy rate in New York County, New York is 15.6%, higher than the New York average of 10.2%.