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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