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 a population of 32,870, 13,233 total housing units (homes and apartments), and a median house value of $557,231, real estate costs in Ithaca are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New York communities.
Large apartment complexes or high rise apartments are the single most common housing type in Ithaca, accounting for 42.13% of the city's housing units. Other types of housing that are prevalent in Ithaca include single-family detached homes ( 29.38%), duplexes, homes converted to apartments or other small apartment buildings ( 24.53%), and a few row houses and other attached homes ( 2.94%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
Ithaca is dominated by renter-occupied one, two, or no bedrooms apartments. 79.34% of Ithaca's dwellings are rentals.
The housing in Ithaca was primarily built before 1939 ( 37.89%), making the housing stock in Ithaca some of the oldest overall in America, although there is a range of ages of homes in Ithaca. The next most important housing age is between 1970-1999 ( 28.85%), followed by between 1940-1969 ( 17.62%). There's also some housing in Ithaca built between 2000 and later ( 15.64%).
Vacant housing appears to be an issue in Ithaca. Fully 11.30% of the housing stock is classified as vacant. Left unchecked, vacant Ithaca homes and apartments can be a drag on the real estate market, holding Ithaca 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 Ithaca have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.79%, which ranks in the top 40% nationwide. This equates to an annual average Ithaca house appreciation rate of 7.11%.
Appreciation rates are so strong in Ithaca that despite a nationwide downturn in the housing market, Ithaca real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ithaca appreciation rates continue to be some of the highest in America, at 21.81%, which is higher than appreciation rates in 99.65% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ithaca. Ithaca appreciation rates in the latest quarter were at 7.23%, which equates to an annual appreciation rate of 32.19%.
Importantly, NeighborhoodScout’s exclusive research found that Ithaca's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to New York, our data show that Ithaca's latest annual appreciation rate is higher 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 city. Individual neighborhoods within Ithaca differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Ithaca - 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 Ithaca real estate investment or home purchase decisions.
$557,231
for New york
for nation
13,233
$2,451 / per month