Forbes Magazine recently published an article, the “Most Affordable Cities to Buy a Home.” Both Rochester (#7) and Syracuse (#6) made the top 10 list.
The magazine ranked cities not just on price but also based on where people make enough money to buy good houses and where prices are expected to rise. First, they looked at metropolitan areas where a high percentage of the population can afford a home at the local median price. Then they looked at Census Bureau data which shows the average percentage of homeowners’ income that goes toward expenses like property taxes, mortgage payments and insurance. Lastly, they evaluated how much home prices are expected to rise or fall over the next three years. The end result was a “score” assigned to each metropolitan region.
The article cites Rochester and Syracuse as “having held onto jobs without home prices skyrocketing, keeping homes there within reach.” In Rochester, 93% of residents make enough to afford the median priced home; in Syracuse, 96%.
The complete list of the Top 10 cities is as follows:
1. Pittsburgh, PA
2. Indianapolis, IN
3. Chattanooga, TN
4. Louisville, KY
5. Oklahoma City, OK
6. Syracuse, NY
7. Rochester, NY
8. Columbia, SC
9. Dayton, OH
10. Cincinnati, OH
Interest rates are low, there’s a healthy supply of homes on the market and prices are remaining stable. If you’re interested in buying a house, there are great opportunities out there. Contact a Nothnagle agent today of 899-MOVE. And don’t forget….Nothnagle Realtors can move you from anywhere, to anywhere. Whether you’re looking in Upstate New York or a city across the country, we can help!