Rochester Among 7 Best Housing Recovery Bets

CNNMoney.com recently published an article “Housing: Best Recovery Bets,” and ranked Rochester #4 on the list. With a rise of 5.2% in home values since 2006, the article predicts an additional gain of 2.2% by 2011.

The article cites Rochester as being successful at reinventing itself, no longer dependent on “old economy companies like Eastman Kodak and Xerox.” Instead, “the slack has been picked up by such newer companies as Paychex….as well as high-tech optical companies.” The article states that the current unemployment rate is 8.1, below the national average of 9.6%. A nod is given to our higher learning institutions, including the University of Rochester and Eastman School of Music.

As we mention all the time, Rochester didn’t experience the “boom” that occured in many parts of the country but we’ve been gaining while others markets have “busted” in recent years. Another significant statistic for Rochester is our median household income, which at $63,000 is higher than the national median. Combined with our affordable housing stock, many area residents are able to achieve the dream of homeownership.

Bankrate.com conducted a recent survey of consumers and asked if they still believe buying a home is a great investment for the future — 92% of the respondents said yes! One unknown right now is the extension of the tax credit. The National Association of Realtors has estimated 1.4 million first time buyers qualified for the tax credit and of that total 350,000 (25%) would not have bought a home if they didn’t get the tax credit. But we have to remember that 1,050,000 first-time buyers bought a house regardless of any credit (althought getting $8,000 was a nice perk!).

Rochester has a perfect storm brewing in the housing industry — low interest rates, affordable housing, a healthy inventory to choose from, lower unemployment rates, higher median income. Now if we could just get those property taxes under control…but at least the County did not raise the rate this year in the recently released budget.

Other cities that made the CNNMoney.com list include San Francisco, Seattle, Pittsburgh, Memphis, Oakland and Birmingham.

Interested in buying or selling a home? Call a Nothnagle agent direct or 899-MOVE. Our agents have the experience and training to handle all market conditions. Get More with Nothnagle!

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