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 50,315 people, 19,518 houses or apartments, and a median cost of homes of $140,859, house prices in Newark are solidly below the national average.
Single-family detached homes are the single most common housing type in Newark, accounting for 64.83% of the city's housing units. Other types of housing that are prevalent in Newark include duplexes, homes converted to apartments or other small apartment buildings ( 15.76%), large apartment complexes or high rise apartments ( 15.25%), and a few row houses and other attached homes ( 3.68%).
The most prevalent building size and type in Newark are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.63% owning and 46.37% 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. Newark's housing was primarily built during this period, from the '40s through the '60s. A full 34.57% of the city's housing hails from this era. Other housing ages represented in Newark include homes built between 1970-1999 ( 31.80%) and housing constructed before 1939 ( 24.78%). There's also some housing in Newark built between 2000 and later ( 8.86%).
Vacant housing appears to be an issue in Newark. Fully 13.04% of the housing stock is classified as vacant. Left unchecked, vacant Newark homes and apartments can be a drag on the real estate market, holding Newark 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 Newark have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 37.81%, which ranks in the top 40% nationwide. This equates to an annual average Newark house appreciation rate of 3.26%.
Appreciation rates are so strong in Newark that despite a nationwide downturn in the housing market, Newark real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Newark appreciation rates continue to be some of the highest in America, at 6.57%, which is higher than appreciation rates in 77.36% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Newark. Newark appreciation rates in the latest quarter were at 2.54%, which equates to an annual appreciation rate of 10.57%.
Relative to Ohio, our data show that Newark's latest annual appreciation rate is higher than 60% of the other cities and towns in Ohio.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Newark differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Newark - 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 Newark real estate investment or home purchase decisions.
Low for Nation
Low for OH
