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 | Suffolk County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $489,525 | $436,407 | $242,182 |
| Price Trend (Annual %) | 6.4% | 6.9% | 8.2% |
| Median Gross Rent | $2,211 | $1,576 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Suffolk County is about 12% higher than in New York. Rent is about 40% 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 Suffolk County, up about 6.4% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Suffolk County rose about 43.2% between 2015 and 2023, from $1,544 to $2,211. Over the same span, rent in New York rose about 39.2%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Suffolk County.
Buying the median-priced home in Suffolk County costs roughly 18.5 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 Suffolk County. The price-to-rent ratio in New York is about 23.1.
| Metric | Suffolk County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $489,525 | $436,407 | $242,182 |
| Median Household Income | $129,210 | $85,191 | $78,145 |
| Price-to-Income Ratio | 3.8 | 5.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Suffolk County rose about 66.3%, while median household income rose about 51.9% 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 | Suffolk County | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.3% | 48.7% | 58.2% |
| Rental Rate | 15.7% | 41.1% | 31.3% |
| Vacancy Rate | 11.9% | 10.2% | 10.6% |
| Median Tenure (years) | 21.0 | 17.0 | 15.0 |
| Median Year Moved In | 2005 | 2009 | 2011 |
Suffolk County has a homeownership rate of 72.3%, higher than the New York average of 48.7%. Its housing vacancy rate is 11.9%, compared with 10.2% in New York.
Housing Stock
| Metric | Suffolk County | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.89 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1969 | 1960 | 1978 |
| Median Number of Rooms | 6.4 | 5.0 | 5.5 |
The typical housing unit in Suffolk County was built around 1969. On average, 2.9 people live in a home with about 6.4 rooms, staying for about 21.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Suffolk County, New York.
What is the median home price in Suffolk County, New York?
The median home price in Suffolk County, New York is $489,525, higher than the New York average of $436,407.
What is the average home price in Suffolk 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 Suffolk County, New York?
The median gross rent in Suffolk County, New York is $2,211 per month, higher than the New York average of $1,576.
What was the median gross rent in Suffolk County in 2020?
In 2020, the median gross rent in Suffolk County, New York was $1,810 per month.
What is the price-to-rent ratio in Suffolk County, New York?
The price-to-rent ratio in Suffolk County, New York is about 18.5, meaning it would take roughly 18.5 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 Suffolk County.
Are home prices or rent rising faster in Suffolk County, New York?
Both home prices and rent are rising in Suffolk County, up about 6.4% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Suffolk County, New York?
72.3% of households in Suffolk County, New York own their home, higher than the New York average of 48.7%.
What is the vacancy rate in Suffolk County, New York?
The housing vacancy rate in Suffolk County, New York is 11.9%, higher than the New York average of 10.2%.