Syracuse, New York Housing Market Prices
Syracuse 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 70% below the New York median$143,128
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Median rent 36% below the New York median$1,039
Housing Market Overview
| Metric | Syracuse | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $143,128 | $471,885 | $248,835 |
| Price Trend (Annual %) | 8.8% | 7.1% | 7.5% |
| Median Gross Rent | $1,039 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Syracuse is about 70% lower than in New York. Rent is about 36% lower 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 Syracuse, up about 8.8% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Syracuse rose about 42.3% between 2015 and 2024, from $730 to $1,039. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Syracuse.
Buying the median-priced home in Syracuse costs roughly 11.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Syracuse. The price-to-rent ratio in New York is about 24.3.
| Metric | Syracuse | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $143,128 | $471,885 | $248,835 |
| Median Household Income | $47,787 | $86,556 | $80,455 |
| Price-to-Income Ratio | 3.0 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Syracuse rose about 90.6%, while median household income rose about 53.5% 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 | Syracuse | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 36.8% | 48.8% | 58.5% |
| Rental Rate | 51.6% | 41.1% | 31.2% |
| Vacancy Rate | 11.5% | 10.1% | 10.2% |
| Median Tenure (years) | 12.0 | 17.0 | 15.0 |
| Median Year Moved In | 2014 | 2009 | 2011 |
Syracuse has a homeownership rate of 36.8%, lower than the New York average of 48.8%. Its housing vacancy rate is 11.5%, compared with 10.1% in New York.
Housing Stock
| Metric | Syracuse | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.14 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1951 | 1960 | 1978 |
| Median Number of Rooms | 5.3 | 5.0 | 5.5 |
The typical housing unit in Syracuse was built around 1951. On average, 2.1 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Syracuse, New York.
What is the median home price in Syracuse, New York?
The median home price in Syracuse, New York is $143,128, lower than the New York average of $471,885.
What is the average home price in Syracuse, New York?
The typical home price in Syracuse, New York, reported as the median sale price, is $143,128. 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 Syracuse, New York?
The median gross rent in Syracuse, New York is $1,039 per month, lower than the New York average of $1,621.
What was the median gross rent in Syracuse in 2020?
In 2020, the median gross rent in Syracuse, New York was $830 per month.
What is the price-to-rent ratio in Syracuse, New York?
The price-to-rent ratio in Syracuse, New York is about 11.5, meaning it would take roughly 11.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Syracuse.
Are home prices or rent rising faster in Syracuse, New York?
Both home prices and rent are rising in Syracuse, up about 8.8% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Syracuse, New York?
36.8% of households in Syracuse, New York own their home, lower than the New York average of 48.8%.
What is the vacancy rate in Syracuse, New York?
The housing vacancy rate in Syracuse, New York is 11.5%, higher than the New York average of 10.1%.
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