Rochester Ranks Again as a Best Bet in Housing Recovery!


Median home price: $125,000
Drop since market peak: 4%
Forecast gain by 9/2012: 5.3%

This mid-sized, Upstate New York metropolis has had to reinvent itself a couple of times. As a stop on the old Erie Canal, it became one of America’s first boom towns, and the biggest flour producer in the nation. Later, it became an important center of optical innovation with Eastman Kodak, Bausch and Lomb, and Xerox all locating there.

Today, many smaller businesses have picked up the slack from layoffs at the old corporations, according to Sandy Parker, CEO of Rochester’s Business Alliance. It’s also a center for higher education, with the University of Rochester — the town’s biggest employer — and the Rochester Institute of Technology in the area.

Propping up the city’s housing market is a large supply of good, affordable homes. The median home price is just $125,000, while the median family income here is more than $64,000.

Prices were so low even during the housing market boom that the bust has had little impact. Parker said foreclosures have not been a problem. Indeed, RealtyTrac, the marketer of foreclosed properties, reports the metro area ranks 196th among 206 housing markets for foreclosure filings.

To read the full article, visit: http://money.cnn.com/galleries/2011/real_estate/1102/gallery.best_recovery_bets/4.html

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: