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 about Scout's Real Estate Data
With 1,694,251 people, 767,213 houses or apartments, and a median cost of homes of $1,355,632, New York house prices are not only among the most expensive in New York, New York real estate also is some of the most expensive in all of America.
Large apartment complexes or high rise apartments are the single most common housing type in New York, accounting for 95.04% of the borough's housing units. Other types of housing that are prevalent in New York include duplexes, homes converted to apartments or other small apartment buildings ( 2.95%), single-family detached homes ( 1.16%). Boroughs that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of boroughs are often walkable and compact, and often have a lively downtown.
New York is dominated by renter-occupied one, two, or no bedrooms apartments. 76.27% of New York's dwellings are rentals.
The housing in New York was primarily built before 1939 ( 42.83%), making the housing stock in New York some of the oldest overall in America, although there is a range of ages of homes in New York. The next most important housing age is between 1940-1969 ( 28.97%), followed by between 1970-1999 ( 17.81%). There's also some housing in New York built between 2000 and later ( 10.38%).
Vacant housing appears to be an issue in New York. Fully 15.41% of the housing stock is classified as vacant. Left unchecked, vacant New York homes and apartments can be a drag on the real estate market, holding New York 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.
Appreciation rates for homes in New York have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 80.72%, which ranks in the top 40% nationwide. This equates to an annual average New York house appreciation rate of 6.10%.
Over the last year, New York appreciation rates have trailed the rest of the nation. In the last twelve months, New York's appreciation rate has been 5.82%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New York were at -1.00%, which equates to an annual appreciation rate of -3.93%.
Relative to New York, our data show that New York's latest annual appreciation rate is lower than 60% 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 borough. Individual neighborhoods within New York differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New York - 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 New York real estate investment or home purchase decisions.
$4,011 / per month