The Brookings Institute recently released a quarterly report which focused on 21 large metropolitan areas that have kept their labor and housing markets stable during the recession of the past few years. Of the most “recession-proof” cities, three New York cities made the list, including including Albany (#1), Buffalo (#5) and Rochester (#18).
The author of the report, Howard Weil, states, “Most of these cities have some general characteristics in common. They didn’t experience huge housing bubbles followed by a crash, and their economies weren’t rooted in the auto industry.” Also of note, when looking at the complete list you will see that many are state capitals (e.g. Albany) which are much more insulated from job cuts due to so many people working in the government/public sector.
We have posted many times in this blog and in other reports where Nothnagle has been quoted that the local housing markets in Upstate New York have remained insulated from the ups and downs experienced elsewhere – and from what has been reported through the national media of the housing “bust.”
Our upstate cities remain a great place to invest in a home, prices have been stable and will remain so. Interested in buying or selling? Contact a Nothnagle agent to get started! We offer 26 convenient locations throughout the region. Moving to or from Rochester from outside our locations? Our Relocation Department can move you to anywhere, from anywhere and will provide you with the same great service people have come to know and expect of Nothnagle Realtors.