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 5,651 people, 2,523 houses or apartments, and a median cost of homes of $107,786, house prices in Albion 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 Albion, accounting for 49.17% of the village's housing units. Other types of housing that are prevalent in Albion include duplexes, homes converted to apartments or other small apartment buildings ( 21.50%), mobile homes or trailers ( 15.56%), and a few large apartment complexes or high rise apartments ( 10.42%).
People in Albion primarily live in small (one, two or no bedroom) single-family detached homes. Albion has a mixture of owner-occupied and renter-occupied housing.
The housing in Albion was primarily built before 1939 ( 45.10%), making the housing stock in Albion some of the oldest overall in America, although there is a range of ages of homes in Albion. The next most important housing age is between 1970-1999 ( 32.78%), followed by between 1940-1969 ( 19.84%). There's also some housing in Albion built between 2000 and later ( 2.28%).
Vacant housing appears to be an issue in Albion. Fully 12.94% of the housing stock is classified as vacant. Left unchecked, vacant Albion homes and apartments can be a drag on the real estate market, holding Albion 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.
Albion's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Albion during the period has been just 5.73%, which is lower than 70% of US communities.
Over the last year, Albion appreciation rates have trailed the rest of the nation. In the last twelve months, Albion's appreciation rate has been -4.35%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Albion were at 5.43%, which equates to an annual appreciation rate of 23.58%.
Importantly, this makes Albion one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.
Relative to New York, our data show that Albion's latest annual appreciation rate is lower than 90% 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 village. Individual neighborhoods within Albion differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Albion - 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 Albion real estate investment or home purchase decisions.
$107,786
for New york
for nation
2,523
$1,395 / per month