Population - Housing - Income

Population

Following a slight decline between 2000 and 2014, the County’s population is projected to increase to 55,630 by 2020. A notable population trend between 2000 and 2014 is a near 20% increase in residents in their peak earning years (age 45-­‐64.) Although longer‐term projections show modest decline, the County’s committed efforts to attract new businesses and residents are designed to turn that trend around.

Summary (2014-2015 Data)
  Fulton County
Population & Households  
Population (2010) 55,153
Population 2020 (projected) 55,629
Households 22.300
Average Household Sites 2.4
% Population over 65 (2010) 16%
% Population over 65 (2020) 19.4%
Households by Income (2015 est)  
Median Household Income $47,000
< $25,000 5,860
$25,000 - $50,000 5,940
$50,000 - $75,000 4,590
$75,000 - $100,000 2,370
$100,000 - $150,000 2,670
$150,000 856
Housing  
Housing Units (2010) 28,600
Pct. Owner Occupied (2011-2015) 70%
Pct. Renter Occupied 30%
Median Home Value $108,200
Median Gross Rent $711
% of Housing Stock Built Before 1939 37.7%
Total Number of Seasonal Homes 3,450
Education  
High School Graduate or Higher 86%
Pct. Bachelor Degree or Higher 16.2%
Economy  
Mean Travel Time to Work (minutes) 24.1
Retail Sales per Capita (2012) $12,300
Unemployment Rate 5.7%
Average Wage for a Fulton County Employee (2014) $17.00/hour
Average Wage in Manufacturing $19.30/hour
Average Wage in Wholesale $22.20/hour
Average Wage in Transportation and Warehosing $18.00/hour
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Housing

Fulton County’s existing housing stock features a strong supply of beautiful historic homes, as well as affordable properties that may need reinvestment (85% of units were constructed before 1990). Between 2005 and 2015, over $136 million was invested in the County’s housing stock to build 158 multi-­‐family units including market rate conversions in the cities and 826 single-­‐family homes. According to building permit data, the average cost of constructing a multi-­‐family unit was nearly $60,000 and $154,000 for a single-­‐family home. The housing mix is changing, with a growing percentage of rental units. Existing senior housing units in the County have sustained vacancy rates below 3% and maintain waiting lists.

Housing Tenure

Housing Tenure Trends

Housing Unit Status 2000 2010 2014 % Change 2000-2014 % Change 2010-2014
Owner Occupied 15,776 16,001 16,050 1.7% 0.3%
Renter Occupied 6,108 6,553 6,956 13.9% 6.1%
Seasonal Occupied 3,631 3,907 3,451 -5.0% -11.7%
Vacant 2,272 2,101 2,007 -11.7% -4.5%
Total 27,787 28,562 28,464 2.4% -0.3%

Housing Values

The average median value of an owner-­‐occupied home in 2014 was $107,500, slightly below the New York State median home value of $112,000.3 2014 Home values rose 59.5% since 2000 and 12.9% since 2010. The Town of Mayfield has the highest home value ($264,000) with the most affordable value in the City of Gloversville ($76,000.) Apartment rents in the County are also reasonable with a 2014 average median rate of $700 per month.4

Homes in Fulton County are reasonably priced and offer generally more affordable options than other surrounding counties, especially neighboring Saratoga County.

Owner Occupied Home Values

Income

Household incomes have been rising resulting in additional spending power. Between 2010 and 2014, the average median household income grew by nearly ten percent to $55,550.

Household Income Changes 2000 - 2014