How ironic. Just days ago I posted a blog entry entitled To Buy, or Not to Buy? touting the benefits of buying a home in the Rochester area. Now, it appears that MSN agrees with me!
Yesterday, MSN Real Estate published an article entitled 66 cities where buying makes sense. In it, they refer to new data compiled by the National Low Income Housing Coalition and the Center for Economic and Policy Research.
Their research found that the top 10 cities where owning a home makes sense are as follows:
- McAllen-Edinburg-Mission, Texas
- San Antonio, Texas
- New Orleans-Metairie-Kenner, La.
- Houston-Sugar Land-Baytown, Texas
- Dallas-Fort Worth-Arlington, Texas
- Rochester, N.Y.
- Syracuse, N.Y.
- Buffalo-Niagara Falls, N.Y.
- Jackson, Miss.
- Austin-Round Rock, Texas
Upstate New York captured 3 of the top 10 slots in the entire nation, with Rochester at number 6! That says a great deal about the stability of our local housing market.
In Rochester, the data shows that a buyer with a loan at the current rate of 6% can gain $82,898 in equity in a low-priced home by the year 2012. That's only 4 years away!
According to the article, "In these slow-growing, smaller cities, prices never got run up to the sky. Now, homes are still affordable. And most importantly, the prices aren't likely to come crashing down."
In some cases, depending on the buyer's credit score, owning a home may even be more affordable than renting.
This MSN article just proves what people in our city have been saying for years... Rochester is made for living!
Source: MSN Real Estate, Marilyn Lewis (09/15/08)
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Kristen Wahl is a licensed sales agent with RealtyUSA and specializes in working with buyers and sellers of residential property in the Rochester, NY area. Visit Kristen's website at www.YourNYDreamHome.com to learn about how she can help your dream of home ownership come true!
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