Upstate New York Market Update: March 2026

By Ryan McGuire – Analyst

Housing affordability remains one of the defining themes of the national residential and multifamily real estate market. Across much of the United States, limited housing supply and elevated mortgage rates have pushed both home prices and rents to record levels. In contrast, the housing markets across Upstate New York continue to demonstrate a more balanced dynamic, where homeownership remains relatively attainable and rent growth has remained modest.

Upstate NY Home Prices Have Risen but Remain Competitive

Across the United States, home prices have continued to rise, though at a slower pace than during the pandemic-era housing boom. The national median price for an existing single-family home reached $414,900 in the fourth quarter of 2025, representing a 1.2% annual growth.[1] This widespread price growth reached 73% of U.S. metro areas, demonstrating continued resilience in housing demand, despite higher mortgage rates and affordability challenges. Upstate New York joined much of the nation, seeing price growth from 3.1% to 5.8% in Erie, Monroe, and Onondaga counties.[2]

While Upstate NY has generally followed this national trend, there is one key difference; home prices remain significantly lower than the national median, even as values steadily appreciate. One key metric used to measure housing affordability is the ratio of median home price to median household income. On a national level, that ratio was 4.90 in 2024[3] – meaning it would take nearly 5 years of median income to purchase the median house. Meanwhile, Upstate NY offers relatively competitive wages and boasts attainable housing. Erie County’s price-to-income ratio was more affordable than average at 3.21, while the same metric in Monroe County and Onondaga County came in at 2.80 and 2.60[4] respectively, demonstrating the continued affordability despite fast-increasing home prices. These figures illustrate a key structural advantage for Upstate New York: local housing markets remain far more aligned with regional income levels than most U.S. metros.

Rental Stability in Multifamily Real Estate

In many U.S. metros, rising home prices have pushed households toward renting, creating intense demand for apartment units and driving rapid rent growth. Across Upstate New York, however, rental markets have behaved differently. Rent growth has generally been slow to moderate, reflecting a more balanced supply-demand dynamic than what many large metropolitan areas are experiencing.

According to Realtor.com, Erie County’s median rent rose by just 0.95% to $1,600[5]. In Monroe County, the median rent reached $1,850 – a 2.21% increase. Onondaga County shows a median rent of $1,800 with a slight year-over-year decrease of -0.17%. Several factors help explain this stability.

First, the region’s relatively affordable home prices still allow many households to transition into homeownership. In 2024, 65.8% of the housing units in Erie County, NY were occupied by their owner. This percentage grew from the previous year’s rate of 65.5%[6]. Monroe and Onondaga counties show similar data. As renters join the growing class of homeowners, they reduce demand for apartment rentals.

Second, modest increases in apartment supply and slightly higher vacancy rates have helped absorb rental demand without significant price escalation. Several new multifamily developments have delivered across these markets in recent years, including suburban garden-style projects and urban redevelopment initiatives. This incremental supply has helped accommodate renter demand while preventing the sharp rent spikes seen in many high-growth metropolitan areas.

For investors and lenders, this dynamic creates a distinctive environment. While home prices continue to appreciate due to limited inventory, the relatively stable rental market suggests that housing supply has remained broadly aligned with demand. As we move further into 2026, key variables to watch will include mortgage rate movements, housing inventory levels, and continued migration towards more affordable regions. If current trends persist, Upstate NY may continue to offer a rare combination of steady home value growth and relatively stable rental costs compared with many other parts of the country.

[1] (National Association of REALTORS, 2026)

[2] (Zillow, 2026)

[3] (Kollar & Scherer, 2025)

[4] (Deloitte, 2025)

[5] (Move, Inc., 2026)

[6] (Deloitte, 2025)