Rochester NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Rochester, NY Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Rochester Housing Market Information

With a population of 208,046, 86,180 total housing units (homes and apartments), and a median house value of $89,288, house prices in Rochester 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 Rochester, accounting for 44.83% of the city's housing units. Other types of housing that are prevalent in Rochester include duplexes, homes converted to apartments or other small apartment buildings ( 27.02%), large apartment complexes or high rise apartments ( 22.29%), and a few row houses and other attached homes ( 5.53%).

Rochester is dominated by renter-occupied one, two, or no bedrooms apartments. 65.17% of Rochester's dwellings are rentals.

The housing in Rochester was primarily built before 1939 ( 53.53%), making the housing stock in Rochester some of the oldest overall in America, although there is a range of ages of homes in Rochester. The next most important housing age is between 1940-1969 ( 28.30%), followed by between 1970-1999 ( 15.17%). There's also some housing in Rochester built between 2000 and later ( 3.00%).

Vacant housing appears to be an issue in Rochester. Fully 12.98% of the housing stock is classified as vacant. Left unchecked, vacant Rochester homes and apartments can be a drag on the real estate market, holding Rochester 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.

Rochester Home Appreciation Rates

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 19.47%, which ranks in the top 50% nationwide. This equates to an annual average Rochester house appreciation rate of 1.79%.

Over the last year, Rochester appreciation rates have trailed the rest of the nation. In the last twelve months, Rochester's appreciation rate has been -0.25%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Rochester were at 0.02%, which equates to an annual appreciation rate of 0.07%.

Relative to New York, our data show that Rochester's latest annual appreciation rate is lower than 80% 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 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.

Average Home Values

 

Median Home Value:
$89,288

Rochester, NY HOME PRICES

Value Range
> $1,165,000 0.2
$874,001 - $1,165,000 0.6
$583,001 - $874,000 1.0
$466,001 - $583,000 2.0
$349,001 - $466,000 2.1
$233,001 - $349,000 4.9
$116,001 - $233,000 20.8
$58,001 - $116,000 45.5
$0 - $58,000 22.8

Very Low for NY
Very Low for Nation

Value Relative to Nation Value Relative to State
88.9810218978102 94.7777777777778

Number Of Homes And Apartments:
86,180

Rochester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
47.97% 2.03%
2
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,073 / per month

Homeownership Rate

Homeownership
Owners 34.83
Renters 65.17
Vacant 12.98

Housing Market Details

 

Age of Homes

AGE OF Rochester HOMES
2000 or Newer 3.0
1970 - 1999 15.2
1940 - 1969 28.3
1939 or Older 53.5

Types of Homes

TYPE OF Rochester HOMES
Single-Family 44.8
Townhomes 5.5
Small Apt. Buildings 27.0
Apt. Complexes 22.3
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Rochester HOMES
No Bedroom 4.57
1 Bedroom 21.21
2 Bedrooms 27.93
3 Bedrooms 32.86
4 Bedrooms 11.27
5 or more bedrooms 2.16