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 112,225, 43,634 total housing units (homes and apartments), and a median house value of $198,813, Rochester real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Rochester, accounting for 61.48% of the city's housing units. Other types of housing that are prevalent in Rochester include large apartment complexes or high rise apartments ( 20.02%), row houses and other attached homes ( 9.46%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.70%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Rochester. Owner-occupied housing accounts for 67.75% of Rochester's homes, and 53.73% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Rochester 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 Rochester built between 1940-1969 ( 26.53%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.29%). There's also some housing in Rochester built before 1939 ( 8.20%).
Appreciation rates for homes in Rochester have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 8.62%, which ranks in the top 40% nationwide. This equates to an annual average Rochester house appreciation rate of 0.83%.
Appreciation rates are so strong in Rochester that despite a nationwide downturn in the housing market, Rochester real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Rochester appreciation rates continue to be some of the highest in America, at 9.40%, which is higher than appreciation rates in 92.09% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Rochester. Rochester appreciation rates in the latest quarter were at 2.02%, which equates to an annual appreciation rate of 8.34%.
Importantly, this makes Rochester 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 Minnesota, our data show that Rochester's latest annual appreciation rate is higher than 90% of the other cities and towns in Minnesota.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Rochester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rochester - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Rochester real estate investment or home purchase decisions.
|$881,001 - $1,174,000||0.4|
|$587,001 - $881,000||1.9|
|$470,001 - $587,000||2.9|
|$352,001 - $470,000||7.8|
|$235,001 - $352,000||17.9|
|$117,001 - $235,000||53.9|
|$59,001 - $117,000||9.8|
|$0 - $59,000||4.8|
|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 Rochester HOMES|
|2000 or Newer||22.3|
|1970 - 1999||43.0|
|1940 - 1969||26.5|
|1939 or Older||8.2|
|TYPE OF Rochester HOMES|
|Small Apt. Buildings||6.7|
|SIZE OF Rochester HOMES|
|5 or more bedrooms||6.61|