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 7,298, 3,042 total housing units (homes and apartments), and a median house value of $165,752, house prices in Herkimer 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 Herkimer, accounting for 51.19% of the village's housing units. Other types of housing that are prevalent in Herkimer include duplexes, homes converted to apartments or other small apartment buildings ( 24.57%), large apartment complexes or high rise apartments ( 23.22%).
People in Herkimer primarily live in small (one, two or no bedroom) single-family detached homes. Herkimer has a mixture of owner-occupied and renter-occupied housing.
The housing in Herkimer was primarily built before 1939 ( 55.75%), making the housing stock in Herkimer some of the oldest overall in America, although there is a range of ages of homes in Herkimer. The next most important housing age is between 1970-1999 ( 26.73%), followed by between 1940-1969 ( 16.92%).
Vacant housing appears to be an issue in Herkimer. Fully 15.92% of the housing stock is classified as vacant. Left unchecked, vacant Herkimer homes and apartments can be a drag on the real estate market, holding Herkimer 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.
Herkimer's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Herkimer during the period has been just 5.17%, which is lower than 80% of US communities.
Over the last year, Herkimer appreciation rates have trailed the rest of the nation. In the last twelve months, Herkimer's appreciation rate has been 2.78%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Herkimer were at -4.59%, which equates to an annual appreciation rate of -17.15%.
Notably, Herkimer's appreciation rate in the latest quarter is one of the lowest in America.
Relative to New York, our data show that Herkimer's latest annual appreciation rate is lower than 80% of the other cities and towns in New York.
$165,752
for New york
for nation
3,042
$1,288 / per month