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 | Putnam County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $357,846 | $436,407 | $242,182 |
| Price Trend (Annual %) | 17.8% | 6.9% | 8.2% |
| Median Gross Rent | $1,823 | $1,576 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Putnam County is about 18% lower than in New York. Rent is about 16% 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 Putnam County, up about 17.8% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Putnam County rose about 47.8% between 2015 and 2023, from $1,234 to $1,823. Over the same span, rent in New York rose about 39.2%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Putnam County.
Buying the median-priced home in Putnam County costs roughly 16.4 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 Putnam County. The price-to-rent ratio in New York is about 23.1.
| Metric | Putnam County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $357,846 | $436,407 | $242,182 |
| Median Household Income | $126,859 | $85,191 | $78,145 |
| Price-to-Income Ratio | 2.8 | 5.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Putnam County rose about 84.9%, while median household income rose about 41.7% 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 | Putnam County | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.9% | 48.7% | 58.2% |
| Rental Rate | 15.5% | 41.1% | 31.3% |
| Vacancy Rate | 8.6% | 10.2% | 10.6% |
| Median Tenure (years) | 19.0 | 17.0 | 15.0 |
| Median Year Moved In | 2007 | 2009 | 2011 |
Putnam County has a homeownership rate of 75.9%, higher than the New York average of 48.7%. Its housing vacancy rate is 8.6%, compared with 10.2% in New York.
Housing Stock
| Metric | Putnam County | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.72 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1970 | 1960 | 1978 |
| Median Number of Rooms | 6.3 | 5.0 | 5.5 |
The typical housing unit in Putnam County was built around 1970. On average, 2.7 people live in a home with about 6.3 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Putnam County, New York.
What is the median home price in Putnam County, New York?
The median home price in Putnam County, New York is $357,846, lower than the New York average of $436,407.
What is the average home price in Putnam 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 Putnam County, New York?
The median gross rent in Putnam County, New York is $1,823 per month, higher than the New York average of $1,576.
What was the median gross rent in Putnam County in 2020?
In 2020, the median gross rent in Putnam County, New York was $1,488 per month.
What is the price-to-rent ratio in Putnam County, New York?
The price-to-rent ratio in Putnam County, New York is about 16.4, meaning it would take roughly 16.4 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 Putnam County.
Are home prices or rent rising faster in Putnam County, New York?
Both home prices and rent are rising in Putnam County, up about 17.8% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Putnam County, New York?
75.9% of households in Putnam County, New York own their home, higher than the New York average of 48.7%.
What is the vacancy rate in Putnam County, New York?
The housing vacancy rate in Putnam County, New York is 8.6%, lower than the New York average of 10.2%.