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 47,993 people, 22,428 houses or apartments, and a median cost of homes of $118,434, house prices in Niagara Falls 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 Niagara Falls, accounting for 61.29% of the city's housing units. Other types of housing that are prevalent in Niagara Falls include duplexes, homes converted to apartments or other small apartment buildings ( 22.74%), large apartment complexes or high rise apartments ( 12.95%), and a few row houses and other attached homes ( 2.11%).
The most prevalent building size and type in Niagara Falls are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.53% owning and 44.47% 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. Niagara Falls'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 Niagara Falls include homes built before 1939 ( 40.33%) and housing constructed between 1970-1999 ( 13.42%). There's also some housing in Niagara Falls built between 2000 and later ( 2.79%).
Vacant housing appears to be an issue in Niagara Falls. Fully 14.20% of the housing stock is classified as vacant. Left unchecked, vacant Niagara Falls homes and apartments can be a drag on the real estate market, holding Niagara Falls 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 Niagara Falls have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 88.69%, which ranks in the top 50% nationwide. This equates to an annual average Niagara Falls house appreciation rate of 6.56%.
Appreciation rates are so strong in Niagara Falls that despite a nationwide downturn in the housing market, Niagara Falls real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Niagara Falls appreciation rates continue to be some of the highest in America, at 7.14%, which is higher than appreciation rates in 75.50% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Niagara Falls. Niagara Falls appreciation rates in the latest quarter were at 1.32%, which equates to an annual appreciation rate of 5.37%.
Relative to New York, our data show that Niagara Falls'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 city. Individual neighborhoods within Niagara Falls differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Niagara Falls - 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 Niagara Falls real estate investment or home purchase decisions.
$118,434
for New york
for nation
22,428
$1,289 / per month