Rochester, NY has been ranked No. 6 nationally on Realtor.com’s analysis of the 100 largest metropolitan areas for real estate growth and sales in 2020. The city’s local market is expected to remain steadfast throughout 2020 despite the country’s housing market cooling down.
“Former home to pioneers and independent thinkers like Susan B. Anthony and Frederick Douglass, Rochester has worked hard to preserve and honor its landmarks. The city’s downtown recently underwent a revitalization which is attracting a new group of younger residents who enjoy the area’s breweries, art, and jazz scene,” said the report.
Rochester housing market expected to stay strong
The U.S. housing market is expected to cool in 2020 because of the country’s housing shortage. However, Rochester is among the markets that are expected to remain steadfast based on available inventory at reasonable price points.
According to Realtor.com, the median home price in the Rochester area is $149,000, which is an attractive price even with a projected price growth of 5.1%. One of the biggest reasons why Rochester’s median home prices are so attractive is because many people in the U.S. right now, especially those under 40, are beginning to move away from expensive coastal cities to more affordable areas inland.
Millennials looking for more affordable areas
It’s true that regularly maintaining a property can help save money. For instance, HVAC system air filters ought to changed every three months and cedar siding needs a new coat of paint, sealer, and stain every three to seven years. Even molded polyurethane parts, which are made from reaction injection molding and sometimes used in insulation, need to be replaced periodically.
But regular maintenance can get expensive, sometimes reaching up to $2,000 a year. And so, with housing prices and rent going up alongside the nation’s housing shortage, many people are searching for less expensive cities to make their homes.
Rochester, with its growing innovation and historic background, is one of those cities that’s been attracting new people. The Latinx population alone tripled since 1980. Approximately 61,000 Latinx people live in Monroe County and the population has grown by 7,000 since Hurricane Maria.
One in four Latinx Rochesterians lives in the suburbs including a majority of those who are of Mexican descent. The majority of Puerto Rican Rochesterians live in the city.
“Many of the markets on this year’s list are late bloomers in the current housing cycle, meaning they still have plenty of inventory and prices are within reach, [which is] a rare combination in recent years,” said George Ratiu, the senior economist at Realtor.com. “Additionally, a number of the top markets in 2020 are welcoming an influx of buyers from nearby large cities that have become crowded, expensive and lack sufficient inventory.”