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 17,965, 7,865 total housing units (homes and apartments), and a median house value of $73,760, 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 44.20% 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 ( 36.45%), large apartment complexes or high rise apartments ( 11.55%), and a few row houses and other attached homes ( 4.17%).
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 53.56% owning and 46.44% 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 49.69% of the city's housing hails from this era. Other housing ages represented in Lackawanna include homes built before 1939 ( 37.60%) and housing constructed between 1970-1999 ( 10.40%). There's also some housing in Lackawanna built between 2000 and later ( 2.31%).
Vacant housing appears to be an issue in Lackawanna. Fully 12.24% 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.
In the last 10 years, Lackawanna has experienced some of the highest home appreciation rates of any community in the nation. Lackawanna real estate appreciated 27.26% over the last ten years, which is an average annual home appreciation rate of 2.44%, putting Lackawanna in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lackawanna definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Lackawanna that despite a nationwide downturn in the housing market, Lackawanna real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lackawanna appreciation rates continue to be some of the highest in America, at 14.35%, which is higher than appreciation rates in 99.15% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lackawanna. Lackawanna appreciation rates in the latest quarter were at -0.40%, which equates to an annual appreciation rate of -1.57%.
Relative to New York, our data show that Lackawanna's latest annual appreciation rate is higher 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.
|$878,001 - $1,171,000||0.0|
|$585,001 - $878,000||0.6|
|$468,001 - $585,000||0.0|
|$351,001 - $468,000||1.2|
|$234,001 - $351,000||1.7|
|$117,001 - $234,000||23.7|
|$59,001 - $117,000||53.5|
|$0 - $59,000||19.0|
|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 Lackawanna HOMES|
|2000 or Newer||2.3|
|1970 - 1999||10.4|
|1940 - 1969||49.7|
|1939 or Older||37.6|
|TYPE OF Lackawanna HOMES|
|Small Apt. Buildings||36.5|
|SIZE OF Lackawanna HOMES|
|5 or more bedrooms||4.30|