Niagara Falls, New York Housing Market Prices
Niagara Falls 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 63% below the New York median$174,620
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Median rent 49% below the New York median$823
Housing Market Overview
| Metric | Niagara Falls | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $174,620 | $471,885 | $248,835 |
| Price Trend (Annual %) | -4.5% | 7.1% | 7.5% |
| Median Gross Rent | $823 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 3.1% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Niagara Falls is about 63% lower than in New York. Rent is about 49% lower than the New York average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Niagara Falls: home prices fell about 4.5% a year while rent rose about 3.1% a year. That is an unusual pattern worth watching.
Median rent in Niagara Falls rose about 29.1% between 2015 and 2024, from $638 to $823. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Niagara Falls.
Buying the median-priced home in Niagara Falls costs roughly 17.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Niagara Falls. The price-to-rent ratio in New York is about 24.3.
| Metric | Niagara Falls | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $174,620 | $471,885 | $248,835 |
| Median Household Income | $49,096 | $86,556 | $80,455 |
| Price-to-Income Ratio | 3.6 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Niagara Falls fell about 58.6%, while median household income rose about 48.5% between 2009 and 2025 — 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 | Niagara Falls | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.6% | 48.8% | 58.5% |
| Rental Rate | 36.0% | 41.1% | 31.2% |
| Vacancy Rate | 13.4% | 10.1% | 10.2% |
| Median Tenure (years) | 14.0 | 17.0 | 15.0 |
| Median Year Moved In | 2012 | 2009 | 2011 |
Niagara Falls has a homeownership rate of 50.6%, higher than the New York average of 48.8%. Its housing vacancy rate is 13.4%, compared with 10.1% in New York.
Housing Stock
| Metric | Niagara Falls | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.09 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1949 | 1960 | 1978 |
| Median Number of Rooms | 5.6 | 5.0 | 5.5 |
The typical housing unit in Niagara Falls was built around 1949. On average, 2.1 people live in a home with about 5.6 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Niagara Falls, New York.
What is the median home price in Niagara Falls, New York?
The median home price in Niagara Falls, New York is $174,620, lower than the New York average of $471,885.
What is the average home price in Niagara Falls, New York?
The typical home price in Niagara Falls, New York, reported as the median sale price, is $174,620. 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 Niagara Falls, New York?
The median gross rent in Niagara Falls, New York is $823 per month, lower than the New York average of $1,621.
What was the median gross rent in Niagara Falls in 2020?
In 2020, the median gross rent in Niagara Falls, New York was $648 per month.
What is the price-to-rent ratio in Niagara Falls, New York?
The price-to-rent ratio in Niagara Falls, New York is about 17.7, meaning it would take roughly 17.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Niagara Falls.
Are home prices or rent rising faster in Niagara Falls, New York?
Home prices and rent are moving in opposite directions in Niagara Falls: home prices fell about 4.5% a year while rent rose about 3.1% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Niagara Falls, New York?
50.6% of households in Niagara Falls, New York own their home, higher than the New York average of 48.8%.
What is the vacancy rate in Niagara Falls, New York?
The housing vacancy rate in Niagara Falls, New York is 13.4%, higher than the New York average of 10.1%.
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