A new report ranking the top ten cities with the most affordable homes has been released from Deutsche Bank, and Rochester made the list! The study measures affordability in two ways: the share of income that Americans are paying to own a home, and the cost of owning vs. renting.
Rochester managed to find a spot on the list, third to only Atlanta and Orlando. While many people from out-of-state automatically associate New York with the incredibly high real estate prices found in New York City, locals know this not to be true. Upstate cities such as Rochester, Buffalo (which also made the list at number nine), and Syracuse have some of the most affordable real estate in the nation.
Many of the cities on the list can claim affordable housing simply because their real estate crashes were so much more pronounced than elsewhere in the nation. The farther the prices fall, the sooner it inevitably becomes more affordable to buy than rent. This rapid decline in prices is a sign of an unstable market. This is not the case with Rochester. In fact, housing prices in Rochester rose slightly between 2006 and 2010, and the rent vs. own equation still favors owners. The second-largest economy in the state, Rochester weathered the recession well because it did not overbuild like so many other cities did when housing took off.
The full list from the report is shown below:
- Tampa-St. Petersburg
- Las Vegas
- St. Louis
If you are looking for a great deal on a new home, contact a Nothnagle Agent today!