Lackawanna, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Lackawanna Neighborhoods Since 2000




Lackawanna, NY Real Estate Data


Lackawanna Housing Market Information

With 17,965 people, 7,661 houses or apartments, and a median cost of homes of $83,332, house prices in Lackawanna are some of the most affordable in New York as well as the nation.

Single-family detached homes are the single most common housing type in Lackawanna, accounting for 45.76% of the city's housing units. Other types of housing that are prevalent in Lackawanna include duplexes, homes converted to apartments or other small apartment buildings ( 36.44%), large apartment complexes or high rise apartments ( 10.63%), and a few row houses and other attached homes ( 3.53%).

The most prevalent building size and type in Lackawanna are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.25% owning and 43.75% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lackawanna's housing was primarily built during this period, from the '40s through the '60s. A full 47.22% of the city's housing hails from this era. Other housing ages represented in Lackawanna include homes built before 1939 ( 40.45%) and housing constructed between 1970-1999 ( 10.07%). There's also some housing in Lackawanna built between 2000 and later ( 2.26%).

Vacant housing appears to be an issue in Lackawanna. Fully 13.14% of the housing stock is classified as vacant. Left unchecked, vacant Lackawanna homes and apartments can be a drag on the real estate market, holding Lackawanna 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.

Lackawanna Home Appreciation Rates

Appreciation rates for homes in Lackawanna have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 15.55%, which ranks in the top 30% nationwide. This equates to an annual average Lackawanna house appreciation rate of 1.46%.

Over the last year, Lackawanna appreciation rates have trailed the rest of the nation. In the last twelve months, Lackawanna's appreciation rate has been -0.18%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lackawanna were at 2.02%, which equates to an annual appreciation rate of 8.33%.

Relative to New York, our data show that Lackawanna's latest annual appreciation rate is lower than 90% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lackawanna differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lackawanna - 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 Lackawanna real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$83,332

Lackawanna, NY HOME PRICES

Value Range
> $1,073,000 0.1
$805,001 - $1,073,000 0.1
$537,001 - $805,000 1.5
$430,001 - $537,000 0.0
$322,001 - $430,000 1.2
$215,001 - $322,000 1.8
$107,001 - $215,000 26.3
$54,001 - $107,000 50.0
$0 - $54,000 19.1

Very Low for NY
Very Low for Nation

Value Relative to Nation Value Relative to State
89.3365345201148 94.6127946127946

Number Of Homes And Apartments:
7,661

Rent & Ownership

 

Average Market Rent:
$706 / per month

Homeownership Rate

Homeownership
Owners 56.25
Renters 43.75
Vacant 13.14

Housing Market Details

 

Age of Homes

AGE OF Lackawanna HOMES
2000 or Newer 2.3
1970 - 1999 10.1
1940 - 1969 47.2
1939 or Older 40.5

Types of Homes

TYPE OF Lackawanna HOMES
Single-Family 45.8
Townhomes 3.5
Small Apt. Buildings 36.4
Apt. Complexes 10.6
Mobile Homes 3.3
Other 0.3

Home Size

SIZE OF Lackawanna HOMES
No Bedroom 2.28
1 Bedroom 11.21
2 Bedrooms 31.87
3 Bedrooms 40.22
4 Bedrooms 8.89
5 or more bedrooms 5.53

Lackawanna Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
37.07% 1.87% 2 4
* 10 is highest