Western New York, the western most region of the state of New York, includes the cities of Buffalo, Rochester, Niagara Falls, Tonawanda, Lackawanna and the surrounding suburbs, as well as the outlying rural areas of the Great Lakes lowlands, the Genesee Valley, and the Southern Tier.
Below please find some of the main reasons GEMS is investing confidently in Western New York.
Population And Job Growth
Western New York is enjoying a strong revival of its’ economy thanks to the efforts of government and the private sector. In 2012, Rochester’s population grew to 1,082,284 versus 2010 data according to U.S. Census. Buffalo after many years where the young and talented left for better jobs prospect elsewhere, now is experiencing the return of its young people to join in its economic revival.
Buffalo and Rochester remain the second and third most populous cities in the state of New York.
The Buffalo Niagara region January 2015 unemployment rate fell to 6.7% from a year earlier 7.5%. This represents the 28th straight month of year-over-year declines and is the lowest since January 2008.
Steady And Affordable Housing Prices
Buffalo has a long-term reputation for conservative and steady growth, and only moderate declines during market corrections such as the 2008 housing crash. A recent study of average home price data by Zillow showed that Buffalo had out-performed all the other 49 largest metropolitan areas in USA for having the least risky real estate market since 1979. Even through the depths of the 2008 housing crash home prices in Western New York have maintained a consistent but gradual rise with little or no risk of loss as compared to other more famous cities such as Pheonix, San Francisco, Las Vegas, Washington D.C. and New York City.
On the affordability side, according to the latest Business Insider report, Buffalo is #6 and Cheektowaga is #9 on the list of 25 most affordable cities in the US.
Cash Flow and Rental Market
Cash flow (the amount of cash/rent coming in relative to the amount/expenses going out) is one of the most important considerations investors face when making real estate purchases. Rochester and Buffalo consistently ranked in Nu Wire’s Top 10 Cash Flow Markets in the US. in 2013, in fact Rochester came out again as number one on the list.
According to the past president of the Niagara Landlord Association, the number of renters in Niagara Falls may reach as high as 70% of the population and Rochester and Buffalo are estimated at 70% and 66% rentals respectively. Renting is a way of life in Western New York, which is great for landlords.
Major Developments