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 1,664,727 people, 758,345 houses or apartments, and a median cost of homes of $1,027,761, 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 94.93% 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 ( 3.15%), single-family detached homes ( 1.06%). Boroughs with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact boroughs that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
New York is dominated by renter-occupied one, two, or no bedrooms apartments. 76.81% of New York's dwellings are rentals.
The housing in New York was primarily built before 1939 ( 42.84%), 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 ( 29.80%), followed by between 1970-1999 ( 18.46%). There's also some housing in New York built between 2000 and later ( 8.90%).
Vacant housing appears to be an issue in New York. Fully 13.10% 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.
In the last 10 years, New York has experienced some of the highest home appreciation rates of any community in the nation. New York real estate appreciated 32.17% over the last ten years, which is an average annual home appreciation rate of 2.83%, putting New York in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, New York definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, New York's appreciation rate, at 4.61%, has been at or slightly above the national average. In the latest quarter, New York's appreciation rate has been 0.62%, which annualizes to a rate of 2.49%.
Relative to New York, our data show that New York's latest annual appreciation rate is higher than 50% 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.
|$933,001 - $1,244,000||14.2|
|$622,001 - $933,000||18.9|
|$498,001 - $622,000||7.5|
|$373,001 - $498,000||4.9|
|$249,001 - $373,000||2.9|
|$124,001 - $249,000||1.8|
|$62,001 - $124,000||1.5|
|$0 - $62,000||3.0|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
2000 Q1 - 2019 Q1
|* 10 is highest|
|AGE OF New York HOMES|
|2000 or Newer||8.9|
|1970 - 1999||18.5|
|1940 - 1969||29.8|
|1939 or Older||42.8|
|TYPE OF New York HOMES|
|Small Apt. Buildings||3.2|
|SIZE OF New York HOMES|
|5 or more bedrooms||0.91|