14 New York Cities You Should Never Buy Property In
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New York is well known for its cultural diversity, busy cities and its beautiful landscapes. It’s a combination of small town charm and urban electric. The state itself is tempting, but it’s not every city you can call home, particularly if you are considering buying property. Real estate markets can be tricky, and a poor investment in the wrong city can make what should have been a dream of homeownership into a very real financial nightmare.
When choosing where to invest in property, there are many factors in play from crime rates to local economies and schools to amenities. Even though there are plenty of shiny gems in the Empire State, there are also a few cities where buying a house is tantamount to throwing money into a black hole. Let’s check out a few places in New York where you probably don’t want to buy real estate.
Binghamton
Binghamton is often called the “Carousel Capital of the World” but its property market has a much less whimsical tale to tell. For years, this city has been in a slow economy and population decline. The job market is stagnant, property values are stubbornly low, and with little chance of growth. Homes may seem reasonably priced, but they may be riddled with high taxes and maintenance in aging neighbourhoods.
Niagara Falls
So, although millions of tourists come to Niagara Falls each year, the city itself has not enjoyed that prosperity. It is difficult to invest in property because the place has high crime rates and economic problems. There are many vacant homes and as such, declining neighborhood appeal. It’s quite a difference between the stunning waterfalls and just a few miles away.
Utica
Utica was once an industrial hub, but it has fallen on hard times. Even reinvention is slow. Some properties need a lot of work, and with few high paying jobs around, it is hard to entice people to rent or buy a home here. It’s a city with promise but not necessarily for property investors.
Rochester
Rochester has experienced much revitalization, but there are still areas that are problematic. Some neighborhoods are less attractive places for long term investment because of high property taxes and high crime rates. Despite pockets of redevelopment, the market is volatile enough to be risky for prospective buyers.
Jamestown
You might be lured by Jamestown’s affordability, but there’s more to the story. Economic stagnation and the aging of the housing stock have been the city’s problems. Extensive repair is needed for many properties and qualified contractors are difficult to find. Jamestown is a money pit in disguise for first time buyers.
Buffalo
Not all areas in the Buffalo area make for a smart bet. Neighborhoods remain blighted in certain parts of the city and the taxes on property are among the highest in the nation. In less desirable parts of the city, there are opportunities, but the risks are often greater than the rewards if you’re willing to take a gamble.
Newburgh
With a history of greatness, Newburgh is a city troubled today. The city is beautiful on its waterfront, but has crime and underfunded infrastructure. The housing market is unstable and the many buyers wind up with unexpected costs, such as repairs that far exceed the buyers’ expectations and high property taxes.
Poughkeepsie
While Poughkeepsie looks like a good option because of its proximity to New York City, what lies on the ground is anything but glamorous. The local economy is in a bad state and the crime rates are rising, the city has seen better days. However, the property market is still a risky business for buyers, while the property is trying to attract new development.
Elmira
Economic challenges have hit this Southern Tier city hard, and that is reflected in the market for local real estate. According to U.S News Real Estate, the cost of living in Elmira is higher than average income levels and the properties are undervalued. If upward mobility is important to your potential investors, then Elmira isn’t the best choice.
Mount Vernon
For all its proximity to NYC, Mount Vernon has some red flags for real estate. The place is also expensive to own property because of high taxes and an overburdened infrastructure. Moreover, local governance and public safety issues prevent many would be buyers.
Troy
Troy is famed for its historic architecture, but preservation and economic development have not always gone hand in hand. According to Best Neighbourhood, many neighborhoods still have sky high vacancy rates, and usually, crime. Here is not an easy place to invest, as there is no guarantee that there will be a return an investment.
Kingston
Kingston was once a bustling industrial town that has had trouble redefining itself. The market for real estate is unpredictable, with property prices increasing which are not always reflected in the local economy. Often buyers are blocked by outdated infrastructure and limited job opportunities.
Yonkers
Like NYC’s sixth borough, Yonkers has its problems. Steep property taxes and crime and poor infrastructure in some neighbourhoods. Though some areas are developing, the city as a whole is still not a smart property investment.
Albany
In theory, Albany, being the state capital, should be prime real estate investment property. But the city has problems with high taxes, old buildings and no steady economic growth. If you are a buyer, however, you must do your sums very carefully before proceeding.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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