Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 7,548, 2,440 total housing units (homes and apartments), and a median house value of $237,987, Corning real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Corning, accounting for 64.65% of the city's housing units. Other types of housing that are prevalent in Corning include large apartment complexes or high rise apartments ( 19.48%), duplexes, homes converted to apartments or other small apartment buildings ( 10.95%), and a few mobile homes or trailers ( 4.10%).
People in Corning primarily live in small (one, two or no bedroom) single-family detached homes. Corning has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Corning built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Corning built between 1940-1969 ( 24.15%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.20%). There's also some housing in Corning built before 1939 ( 13.38%).
Vacant housing appears to be an issue in Corning. Fully 12.95% of the housing stock is classified as vacant. Left unchecked, vacant Corning homes and apartments can be a drag on the real estate market, holding Corning real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Corning over the last then years, as home values have seen a decline of 20.74% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Corning home appreciation rates at 1.82%, which equates to an annual appreciation rate of 7.47%.
Appreciation rates are so strong in Corning that despite a nationwide downturn in the housing market, Corning real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Corning appreciation rates continue to be some of the highest in America, at 6.85%, which is higher than appreciation rates in 80.34% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Corning. Corning appreciation rates in the latest quarter were at 1.82%, which equates to an annual appreciation rate of 7.47%.
Importantly, this makes Corning one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to California, our data show that Corning's latest annual appreciation rate is lower than 60% of the other cities and towns in California.
|$979,001 - $1,306,000||0.1|
|$653,001 - $979,000||0.9|
|$522,001 - $653,000||4.2|
|$392,001 - $522,000||7.8|
|$261,001 - $392,000||27.1|
|$131,001 - $261,000||35.0|
|$65,001 - $131,000||12.2|
|$0 - $65,000||11.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Corning HOMES|
|2000 or Newer||15.2|
|1970 - 1999||47.3|
|1940 - 1969||24.2|
|1939 or Older||13.4|
|TYPE OF Corning HOMES|
|Small Apt. Buildings||11.0|
|SIZE OF Corning HOMES|
|5 or more bedrooms||2.64|