What does this measure?
The home value reported by the homeowner to the Census Bureau, adjusted for inflation. The median represents the mid-point of home values (half the values are above the median and half below).
Why is this important?
A home is usually a person's or family's highest-valued possession. Home values are also an indicator of the region's cost of living, relative wealth, and general prosperity.
How is our region performing?
In 2013-17, the median home value for the region was $133,200, substantially less than the statewide median of $293,000 and the national median of $193,500. The regional value dropped 2% from 2000 to 2008-12 and remained steady from 2008-12 to 2013-17. In contrast, the state median increased a substantial 45% from 2000 to 2008-12, then fell 7% from 2008-12 to 2013-17. The national median rose 18% from 2000 to 2008-12 and was unchanged in 2013-17. Among the individual counties of the region, median home values were highest in Ontario ($156,600) and Monroe ($142,300), and lowest in Orleans ($93,600) and Seneca ($98,400). Most counties saw modest declines in median values between 2000 and 2008-12, except Ontario and Yates, which had increases of 8% and 12%, respectively. Median values were relatively flat from 2008-12 to 2013-17, except in Ontario, which increased 8%.
The City of Rochester's median home price in 2013-17 was $79,400, substantially lower than any counties in the region, and lower than Geneva ($93,700), Batavia ($94,200) and Canandaigua ($161,300). Rochester's median price decreased 13% since 2000.
Notes about the data
Figures for the region and surrounding counties were calculated by aggregating county medians based on each county's share of the region's population. Data are presented in 2016 dollars. Multi-year figures are from the Census Bureau's American Community Survey. The bureau combined five years of responses to the survey to provide estimates for smaller geographic areas and increase the precision of its estimates. The survey provides data on characteristics of the population that used to be collected only during the decennial census.
Because of limitations in available data, figures for 2000 are for single-family homes, but figures for ACS five years are for all owner-occupied housing units. For most counties in New York, the difference is not large enough to affect analysis of trends. Data for this indicator are expected to be released in the fourth quarter.
|NYS (excluding NYC)||$179,238||$232,055||$214,390|
|INDICATORS - Grouped by Topic||REGIONAL VALUE||YEAR||NYS COMPARISON||TREND | REGION|