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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Lackawanna, NY Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lackawanna, NY Housing Market Trends

With 19,716 people, 8,582 houses or apartments, and a median cost of homes of $130,532, house prices in Lackawanna 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 Lackawanna, accounting for 44.44% of the city's housing units. Other types of housing that are prevalent in Lackawanna include duplexes, homes converted to apartments or other small apartment buildings ( 37.19%), large apartment complexes or high rise apartments ( 11.21%), and a few row houses and other attached homes ( 4.38%).

The most prevalent building size and type in Lackawanna are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.86% owning and 45.14% 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. Lackawanna's housing was primarily built during this period, from the '40s through the '60s. A full 49.30% of the city's housing hails from this era. Other housing ages represented in Lackawanna include homes built before 1939 ( 33.06%) and housing constructed between 1970-1999 ( 12.86%). There's also some housing in Lackawanna built between 2000 and later ( 4.78%).

Lackawanna Home Appreciation Rates

In the last 10 years, Lackawanna has experienced some of the highest home appreciation rates of any community in the nation. Lackawanna real estate appreciated 114.34% over the last ten years, which is an average annual home appreciation rate of 7.92%, putting Lackawanna in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lackawanna definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Lackawanna that despite a nationwide downturn in the housing market, Lackawanna real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lackawanna appreciation rates continue to be some of the highest in America, at 7.14%, which is higher than appreciation rates in 75.40% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lackawanna. Lackawanna appreciation rates in the latest quarter were at 1.32%, which equates to an annual appreciation rate of 5.36%.

Relative to New York, our data show that Lackawanna's latest annual appreciation rate is lower than 60% 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 Lackawanna differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lackawanna - 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 Lackawanna real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$130,532

Lackawanna, NY Home Prices
> $1,370,000
$1,027,001 - $1,370,000
$685,001 - $1,027,000
$548,001 - $685,000
$411,001 - $548,000
$274,001 - $411,000
$137,001 - $274,000
$69,001 - $137,000
$0 - $69,000
0.0%
0.0%
0.6%
0.6%
0.0%
0.0%
1.1%
1.1%
1.4%
1.4%
7.3%
7.3%
45.4%
45.4%
35.0%
35.0%
9.2%
9.2%
0% 100.0%
% of Homes
Very Low

for New york

Very Low

for nation

Number of Homes And Apartments:

8,582

Lackawanna Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,324 / per month

Homeownership Rate

Owners
Renters
54.9%
54.9%
45.1%
45.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
8.4%
8.4%
91.6%
91.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.8%
4.8%
12.9%
12.9%
49.3%
49.3%
33.1%
33.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
44.4%
44.4%
4.4%
4.4%
37.2%
37.2%
11.2%
11.2%
2.8%
2.8%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.9%
0.9%
8.6%
8.6%
32.9%
32.9%
44.1%
44.1%
10.9%
10.9%
2.6%
2.6%
0% 100.0%
% of Homes