In 1849 the greatest fire in Owego history destroyed most of the downtown business district. Residents and business owners began rebuilding immediately and within the next 50 years, virtually all significant buildings within the Owego Central Historic District were completed. In 2009 the Village was voted the “coolest small town in America” by Budget travel magazine.
In 2011 the Village was devastated by flooding when over 1400 homes sustained some water damage. Residents and businesses again rebuilt and evidence of the flood can only be seen with a few houses that have been elevated out of the flood plain. The prosperity of the downtown business district and the importance of the county seat continue to the present day.