What does this measure?
The home value reported by the homeowner to the Census Bureau, adjusted for inflation to 2018 dollars. 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 2014-18, the median home value for the region was $135,900, substantially less than the statewide median of $302,200 and the national median of $204,900. The regional value dropped 2% from 2000 to 2009-13 and remained fairly steady from then to 2014-18. In contrast, the state median increased a substantial 40% from 2000 to 2009-13, then fell 3% from 2009-13 to 2014-18. The national median rose 13% from 2000 to 2009-13 and 8% from then to 2014-18. Among the individual counties of the region, median home values were highest in Ontario ($160,000) and Monroe ($144,700), and lowest in Orleans ($95,600). Most counties saw modest declines in median values between 2000 and 2009-13, except Ontario and Yates, which had increases of 8% and 11%, respectively. Home values rose from 2009-13 to 2014-18 in Ontario, Genesee, Wyoming, and Wayne counties.
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 2018 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)||$183,616||$231,340||$220,304|
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