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 10,111, 4,947 total housing units (homes and apartments), and a median house value of $238,184, house prices in Lancaster are solidly below the national average.
Single-family detached homes are the single most common housing type in Lancaster, accounting for 60.59% of the village's housing units. Other types of housing that are prevalent in Lancaster include duplexes, homes converted to apartments or other small apartment buildings ( 26.05%), large apartment complexes or high rise apartments ( 7.52%), and a few row houses and other attached homes ( 3.73%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lancaster. Owner-occupied housing accounts for 72.13% of Lancaster's homes, and 58.52% have either three or four bedrooms, which is average sized relative to America.
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. Lancaster's housing was primarily built during this period, from the '40s through the '60s. A full 44.37% of the village's housing hails from this era. Other housing ages represented in Lancaster include homes built before 1939 ( 35.74%) and housing constructed between 1970-1999 ( 18.63%). There's also some housing in Lancaster built between 2000 and later ( 1.27%).
Real estate appreciation rates in Lancaster's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.51% during the period.
Over the last year, Lancaster appreciation rates have trailed the rest of the nation. In the last twelve months, Lancaster's appreciation rate has been 4.43%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lancaster were at 2.79%, which equates to an annual appreciation rate of 11.65%.
Relative to New York, our data show that Lancaster's latest annual appreciation rate is lower than 70% 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 Lancaster differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lancaster - 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 Lancaster real estate investment or home purchase decisions.
$238,184
for New york
for nation
4,947
$1,533 / per month