Rome, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Rome Neighborhoods Since 2000




Rome, 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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Rome Housing Market Information

With 32,573 people, 13,238 houses or apartments, and a median cost of homes of $84,630, house prices in Rome 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 Rome, accounting for 54.65% of the city's housing units. Other types of housing that are prevalent in Rome include duplexes, homes converted to apartments or other small apartment buildings ( 26.94%), large apartment complexes or high rise apartments ( 13.79%), and a few mobile homes or trailers ( 3.06%).

The most prevalent building size and type in Rome are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.35% owning and 49.65% 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. Rome's housing was primarily built during this period, from the '40s through the '60s. A full 43.46% of the city's housing hails from this era. Other housing ages represented in Rome include homes built before 1939 ( 35.60%) and housing constructed between 1970-1999 ( 19.62%). There's also some housing in Rome built between 2000 and later ( 1.33%).

Vacant housing appears to be an issue in Rome. Fully 13.13% of the housing stock is classified as vacant. Left unchecked, vacant Rome homes and apartments can be a drag on the real estate market, holding Rome 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.

Rome Home Appreciation Rates

Appreciation rates for homes in Rome have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 10.17%, which ranks in the top 30% nationwide. This equates to an annual average Rome house appreciation rate of 0.97%.

Over the last year, Rome appreciation rates have trailed the rest of the nation. In the last twelve months, Rome's appreciation rate has been 2.26%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Rome were at -4.90%, which equates to an annual appreciation rate of -18.20%.

Notably, Rome's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New York, our data show that Rome's latest annual appreciation rate is lower 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 city. Individual neighborhoods within Rome differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rome - 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 Rome real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$84,630

Rome, NY HOME PRICES

Value Range
> $1,043,000 0.4
$782,001 - $1,043,000 0.2
$522,001 - $782,000 0.6
$417,001 - $522,000 0.3
$313,001 - $417,000 2.7
$209,001 - $313,000 6.0
$104,001 - $209,000 27.3
$52,001 - $104,000 46.6
$0 - $52,000 16.0

Very Low for NY
Very Low for Nation

Value Relative to Nation Value Relative to State
87.624516582679 93.2659932659933

Number Of Homes And Apartments:
13,238

Rome Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
41.72% 2.04% 3 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$934 / per month

Homeownership Rate

Homeownership
Owners 50.35
Renters 49.65
Vacant 13.13

Housing Market Details

 

Age of Homes

AGE OF Rome HOMES
2000 or Newer 1.3
1970 - 1999 19.6
1940 - 1969 43.5
1939 or Older 35.6

Types of Homes

TYPE OF Rome HOMES
Single-Family 54.6
Townhomes 1.6
Small Apt. Buildings 26.9
Apt. Complexes 13.8
Mobile Homes 3.1
Other 0.0

Home Size

SIZE OF Rome HOMES
No Bedroom 1.23
1 Bedroom 16.28
2 Bedrooms 30.25
3 Bedrooms 35.81
4 Bedrooms 12.63
5 or more bedrooms 3.80