Syracuse in the Top 10 NAR Home Affordability Ranking

NY Metro Areas Rank in the top 25 Most Affordable According to NAR® including Syracuse

by Robert Smith, Lic. Real Estate Broker, NYS Lic. Real Estate Instructor, REALTOR®, Member Greater Syracuse Association of REALTORS®

The NATIONAL ASSOCIATION OF REALTORS® (NAR) affordability index measures whether or not a typical family could qualify for a mortgage loan on a typical home. A typical home is defined as the national median-priced, existing single-family home as calculated by NAR. The typical family is defined as one earning the median family income as reported by the U.S. Bureau of the Census. 

According to a 2019 third quarter ranking by NAR Syracuse has moved into the number 10 position for most affordable up from the number 12 position in 2018.  Binghamton came in at 11th, Elmira came in at 15th, Rochester cam in at 22, Rochester came in at 26th position on the ranking.   Non-Farm employment increased in Syracuse by 1.60% behind Topeka, KS (+2.35%) and Champaign-Urbana, IL (+2.29%) in the top 25 most affordable.  Binghamton came in at +.35%, Elmira +.64%, and Rochester +.78% in employment growth.

While our housing is affordable and non-farm employment is increasing there low inventory continues to be a weight on the local housing market.  The interactive graph below show significant decline in homes for sale in both the $80K to $150K and $150K to $250K markets both in Onondaga County  and the entire CNYIS service area: Cayuga, Cortland, Jefferson, Lewis, Madison, Oneida, Onondaga and Oswego Counties and the City of Syracuse

 

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We can produce interactive graphs for specific school districts, towns, or cities.  If you would like to receive a report on your specific area please complete the contact form on the right and include the area you are interested in the comment area.

New Home Community Camillus

New Home Community Camillus

Rolling Meadows-Town of Camillus

Brand new Cornerstone Homes community located in the heart of Camillus.  West Genesee School District.  Offering variety of plans with new standards for 2020 including granite-countertops and gas fireplaces.  Only two homesites remain in the current phase.  Cornerstone Homes has a complete portfolio of innovative floorplans…one for almost every lifestyle.  

CNY Housing Update

Housing Market Activity and Indicators

Whether you are selling or buying it is important to know what is going on in the local housing market.  The interactive graph to the left represents previously owned homes in the Central New York Information Service, Inc. (CNYIS), the MLS of the Greater Syracuse Association of REALTORS.  Click on the red button to review the weekly numbers or the blue button to review numbers from the previous month. All data from CNYIS, Inc.  

We can produce interactive graphs for specific school districts, towns, or cities.  If you would like to receive a report on your specific area please complete the contact form on the right and include the area you are seeking in the Comment area.

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