Investing in Ilion Real Estate
Investing in real estate in Ilion, New York, offers opportunities due to its historic homes and varied property ages. Understanding the housing market and home value trends is key to making informed investment decisions.
Overview of the Ilion Housing Market
Ilion is a small village in New York with a population of around 7,621 people. This community is known for its historic homes, with nearly half of the housing stock built before 1939. The architecture from this period adds a unique charm to the area. Real estate listings show a mix of homes ranging from older, character-filled properties to more modern ones.
The village has two main neighborhoods, offering different investment opportunities. Its small size and historic appeal make Ilion attractive to both residents and real estate investors who value long-standing architecture.
Home Value Trends in Ilion
The median listing price for homes in Ilion is approximately $122,500. This can vary depending on factors like the age and condition of the property. The market is relatively stable, with homes staying on the market for varying lengths of time.
About 47% of homes were built before 1939, while others were constructed between 1940 and 1969. This range of property ages influences current home values. Buyers often look for these historic properties due to their unique design and charm. Understanding these trends helps investors determine the potential for appreciation and rental income in Ilion’s housing market.
Demographics and Population Insights
Ilion, located in Herkimer County, offers a unique demographic landscape. The mix of age groups, economic backgrounds, and ethnicities makes it a diverse place to study population trends. This diversity can influence investment decisions and provide clear insights into the community’s characteristics.
Population Composition in Ilion
The population of Ilion is around 7,703, which helps in understanding the dynamics of this small New York village. The population is primarily white, reflecting typical trends found in many areas of Herkimer County. A significant portion (over 20%) of the residents are under the age of 18, indicating a younger demographic presence.
The median age in Ilion is 42.0 years, slightly older than the national median. This suggests why certain services or businesses might cater to an older age group. Understanding how the age distribution and ethnic makeup shape the community helps in planning and decision-making for new investments.
Per Capita Income in Ilion and Nearby Areas
Per capita income is an essential factor in assessing economic health. Ilion has a varying income range, with a considerable number of residents living on lower incomes compared to the rest of New York State. This contrasts with neighboring areas where per capita income may differ.
When compared to other regions in New York, Ilion provides more affordable living options, which can influence investment opportunities in real estate. The accessible housing market, represented by median house prices of $91,956, positions Ilion as a potential hotspot for affordable investments. Understanding these income trends is vital for identifying the potential return on investments in the region.
Quality of Life in Ilion
Ilion, New York, is known for its small-town charm. The village offers a mix of community living with local amenities that cater to families and professionals. Educational and economic factors play a significant role, along with cost and safety considerations.
Education and Schools
Ilion is part of the Central Valley School District, which serves the village and its surroundings. The district offers programs from elementary through high school, focusing on academic and personal development.
Schools in the area are known for maintaining a range of extracurricular activities, including sports and the arts.
Parents have access to local PTA groups, actively collaborating to enhance educational experiences. With its community-driven approach to education, Ilion places strong emphasis on creating environments where students can thrive academically and socially.
Employment and Economic Overview
Ilion’s economy is supported by industries such as manufacturing and retail. Being close to the NY 5S and I-90 freeways, residents have access to broader employment markets in Herkimer County and beyond.
The unemployment rate in Ilion stands around 4.1%. Job opportunities exist largely in local businesses, with some residents commuting to nearby cities for work.
Professionals looking to invest in Ilion can find opportunities in both the service and industrial sectors, as the area’s growth continues.
Cost of Living and Affordability
Living in Ilion is relatively affordable compared to national averages. The cost of living index is about 95, slightly below the national median.
Housing is a significant component of this affordability, with median rent at $675. Homeownership is common, contributing to the community’s stability.
Residents benefit from lower costs in daily expenses like groceries and utilities, making Ilion an attractive option for families and newcomers seeking budget-friendly living.
Crime Rates and Safety
Ilion maintains a low crime rate compared to larger urban areas. The village emphasizes community policing and engagement, fostering a safe environment for all residents.
Safety is a priority, with local police actively involved in maintaining the peace. Residents report feeling secure and often collaborate with law enforcement through neighborhood watch programs.
Efforts to improve safety continue to be a community focus, contributing to the appealing quality of life in Ilion.
Ilion’s Neighborhoods Analysis
Ilion offers a mix of housing types and amenities, making it a unique spot for potential investors. The residential options vary from single-family homes to apartment complexes with various amenities, providing diverse choices for buyers and renters.
Housing Types Across Neighborhoods
Ilion features a variety of housing types, making it an attractive option for many investors. Single-family homes dominate the market with prices around $91,956, significantly lower than both state and national averages. This affordability can draw first-time home buyers and investors looking for solid returns.
In the Village Center, the median real estate price is higher, averaging at $158,209, reflecting its appeal and amenities. The presence of apartment complexes offers rental opportunities for those looking to invest in multi-unit properties.
Amenities and Lifestyle
Ilion provides a range of amenities that enhance the lifestyle of its residents. The affordability of homes is complemented by local conveniences such as shopping centers, parks, and schools, which make neighborhoods family-friendly.
The Village Center is particularly appealing, offering a vibrant community atmosphere with restaurants and shops accessible by foot. Recreation options are available in South Ilion, highlighting its potential for investors interested in neighborhoods with solid community features.
Overall, the combination of affordable housing and ample amenities positions Ilion as a promising area for real estate investment.
Connectivity and Transportation
Ilion, NY offers convenient access to several nearby cities through its transportation network. This makes it an appealing choice for those who need to commute for work or leisure.
Proximity to Nearby Cities
Ilion is well-situated for connections to nearby cities. It is located only a short drive from Herkimer and Frankfort, both of which offer additional amenities and employment opportunities. The village is also close to Mohawk and Clayville, which are easily accessible by car.
Further afield, Utica provides more extensive options for shopping and entertainment, making it a popular destination for Ilion residents. The proximity of Ilion to these cities ensures that residents have effortless options for travel, whether they are commuting for daily needs or exploring the surrounding region.
Historical and Cultural Significance
Ilion, New York, boasts a rich historical and cultural background. Known for its deep ties to manufacturing and remarkable evolution, the village preserves its heritage through structural and community efforts.
Preserving Ilion’s Historic Village
Ilion holds a significant place in American history, particularly for its connection to Remington Firearms, which was founded here in 1816. This association has left a lasting mark, with many locales commemorating the company’s impact. The village embraces its past by maintaining key sites and buildings.
Efforts to preserve historic structures are vital to the community. Regulations have been imposed to maintain the village’s architectural integrity, including amendments to the Ilion Charter to prevent certain modern developments.
Cultural events and initiatives, such as local festivals, help keep Ilion’s history alive among residents and visitors. By celebrating its roots, Ilion maintains its unique identity within New York State.
Frequently Asked Questions
Investing in Ilion, NY offers interesting opportunities due to the area’s unique attributes. Real estate values, rental demand, and community services are crucial factors for potential investors to consider. Understanding these aspects can help in making informed decisions.
What factors make a neighborhood in Ilion, NY desirable for property investment?
Desirable neighborhoods in Ilion often have affordable housing prices compared to national averages. Investors look for areas with historical significance, like those with pre-World War II architecture, which adds value and charm.
Which areas in Ilion, NY are experiencing the highest growth in real estate values?
The south side of Ilion is noted for showing potential growth. While overall growth is modest, certain areas are increasing in value, attracting investors.
What are the projected real estate trends for Ilion, NY’s housing market?
Projected trends suggest stable growth with some increases due to the village’s historic appeal. Housing in Ilion remains more affordable than many parts of New York, making it an attractive investment option.
Can you provide insights on the rental market demand in Ilion, NY’s neighborhoods?
Rental demand in Ilion is steady, with some neighborhoods attracting more interest due to their proximity to amenities and schools. The village’s small size can limit some rental growth, but stability offers assurance to investors.
How do the school districts in Ilion, NY affect real estate investment decisions?
School districts play a key role in real estate decisions. Areas with reputed schools often see higher demand. Families prioritize access to good education, impacting property values positively.
What are the amenities and public services influencing property investment in Ilion, NY?
Amenities such as parks, local shops, and public transportation influence property desirability. Investors also consider safety and community services when choosing neighborhoods for investment.
