Yahoo Finance Housing Market 2024: Avoid Buying a Home in These 5 New York Cities
As incredible as New York City and its surrounding areas are, not all the cities and towns in this state are ideal places to buy a home or invest. In fact, there are some areas that you might want to avoid if you’re looking for a high-quality living experience or hassle-free real estate investing.
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Below, find out the worst places to invest in or live in New York State.
1. Buffalo
Crime Rate: 1,042 violent crimes per 100,000 residents.
One of the most difficult places to live in New York is Buffalo. While it has a rich history and beautiful architecture, it also suffers from extreme weather conditions, high crime rates and a struggling economy. The city has been losing its population over the years due to these reasons.
2. Rochester
Crime Rate: 760.5 per 100,000 residents.
Rochester, like Buffalo, also faces harsh winters and economic struggles. It also has above-average crime rates, making many people hesitant to call this city home.
3. Syracuse
Crime Rate: 891.3 per 100,000 residents.
Syracuse also presents significant challenges for those looking to buy a home or invest in real estate there. The city grapples with high crime rates, which is a major deterrent for potential homeowners and investors. Moreover, the overall economic instability and limited job prospects further exacerbate the situation, making Syracuse far from an ideal city to live or invest in real estate.
4. New York City
Crime Rate: 744.2 per 100,000 residents.
While New York City is an iconic, world-class city admired for its cultural diversity, iconic landmarks, and countless opportunities, it also has significant downsides that make it less than ideal for buying a home or investing in real estate. One of the primary concerns is the high cost of living, both for buying and renting a home. Plus, the cost of basic necessities, such as groceries and utilities, is higher than the national average.
Congestion, traffic, and noise pollution also lower some people’s quality of life. Finally, the city’s crime rate is higher than the national average, which could be a deal breaker for homeowners, investors and even renters.
5. Yonkers
Crime Rate: 12.94 per 1,000 residents.
Yonkers, situated just north of the Bronx and often considered a part of the New York City metropolitan area, struggles with a higher-than-average crime rate, with both violent and property crimes being significant issues in the area.
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The city also grapples with economic instability and a relatively high unemployment rate. Combined with the cost of living, these factors make it a risky area for real estate investment. Potential investors may find it difficult to attract and retain tenants or buyers, leading to a lower return on investment.
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This article originally appeared on GOBankingRates.com: Housing Market 2024: Avoid Buying a Home in These 5 New York Cities
