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 28,301 people, 12,669 houses or apartments, and a median cost of homes of $496,537, real estate costs in Saratoga Springs 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.
Single-family detached homes are the single most common housing type in Saratoga Springs, accounting for 49.96% of the city's housing units. Other types of housing that are prevalent in Saratoga Springs include large apartment complexes or high rise apartments ( 25.35%), duplexes, homes converted to apartments or other small apartment buildings ( 18.91%), and a few row houses and other attached homes ( 4.86%).
People in Saratoga Springs primarily live in small (one, two or no bedroom) single-family detached homes. Saratoga Springs has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Saratoga Springs built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Saratoga Springs built before 1939 ( 27.77%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.46%). There's also some housing in Saratoga Springs built between 1940-1969 ( 16.99%).
Vacant housing appears to be an issue in Saratoga Springs. Fully 13.02% of the housing stock is classified as vacant. Left unchecked, vacant Saratoga Springs homes and apartments can be a drag on the real estate market, holding Saratoga Springs 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.
Saratoga Springs's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Saratoga Springs during the period has been just 4.47%, which is lower than 70% of US communities.
Over the last year, Saratoga Springs appreciation rates have trailed the rest of the nation. In the last twelve months, Saratoga Springs's appreciation rate has been 6.44%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Saratoga Springs were at -0.22%, which equates to an annual appreciation rate of -0.88%.
Relative to New York, our data show that Saratoga Springs's latest annual appreciation rate is lower 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 Saratoga Springs differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Saratoga Springs - 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 Saratoga Springs real estate investment or home purchase decisions.
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