Rochester, New York, a historic city renowned for its cultural heritage and as the birthplace of major corporations, has experienced significant changes in its housing market over the past decade. The city has seen fluctuations in homeownership rates and a steady increase in housing costs, reflecting broader economic trends and local market dynamics.

Homeownership rates in Rochester have shown variability over the years, with an overall downward trend. In 2013, the homeownership rate stood at 38%. It declined to 34% in 2016 but later recovered to 41% by 2022. These fluctuations can be partially attributed to changes in federal interest rates. For instance, the low interest rate of 0.08% in 2021 coincided with an increase in homeownership to 41%. Conversely, when interest rates were higher, such as 1.83% in 2018, homeownership remained stable at 38%.

Rochester's rental market has experienced a consistent upward trend in average prices. In 2013, the average monthly rent was $758. By 2022, this figure had increased significantly to $1,035, representing a 36.5% rise over nine years. This increase in rent prices occurred despite minor fluctuations in the city's population, which decreased slightly from 210,345 in 2013 to 209,325 in 2022. The rising rent prices, coupled with a relatively stable population, suggest a growing demand for rental properties in Rochester.