Top 5 Cities to Invest in New York
New York State offers a wealth of real estate investment opportunities—yet many people discount the area because they only consider the eye-watering prices in NYC. While you might not want to take a bite of the Big Apple itself, some of the state's other cities and towns should definitely be on your radar…
From Buffalo to Westbury: the Top 5 Cities to Invests in New York
- Troy, NY
- Schenectady, NY
- Westbury, NY
- Buffalo, NY
- Rochester NY
1. Troy, NY
Troy is part of the Capital District and about a 3-hour drive north of NYC. Not only does this make for super-easy access but the real estate growth and wallet-friendly median price (< $200K) make for a truly viable investment opportunity.
The average number of days a home is on the market for rental property is 16 and an average monthly rental is $1097. These figures are extremely favorable for investors, plus real estate value is steadily rising along with increased employment opportunities.
2. Schenectady, NY
Again, about a 3-hour drive from the capital, Schenectady has lower property prices than Troy (at $160K) and an average of 12 days of advertising to get a tenant. But the real draw is the gentrification of the area. Downtown has undergone a massive renovation and now offers a fab restaurant scene, loft apartments, and other amenities.
It’s also attracted various tech companies to the city. Employment is growing and property values are increasing by an impressive 7.3% per annum.
3. Westbury, NY
Westbury is the anomaly on the list, being that it’s only a 45-minute commute into NYC. It’s also the most expensive place to purchase real estate, with the average price being around $614K.
While that might be a little out of range for some—and there’s a shortage of real estate for sale in the area—if you can find a suitable house or apartment, there’ll be no end of prospective tenants queuing up to make it their home. Most listings are filled within days, there’s a healthy year-on-year growth in value, and landlords can expect to draw over $1,800 a month for an average family-sized property.
4. Buffalo, NY
As the second largest city in the state—not to mention an idyllic location with Niagara Falls and Lake Erie as a backdrop—Buffalo properties are increasing in value by around 8.5% year-on-year. Massive redevelopment has and continues to be carried out and it’s one of the most desirable cities to live in the whole of New York State.
Properties take an average of 12 days to find a tenant and the median price of a home is around $160K.
5. Rochester, NY
Home to several universities, Rochester makes for a promising real estate investment in all areas. You can target the family market or student accommodation—and property value is rising at around 5% per year. It also has the lowest price range on our list, with the median cost of a home being a mere $136K.
Team this with healthy employment and population growth, along with a booming rental market, and it’s a well-deserving addition to the top 5 cities to invest in New York list.
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