Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
6/2020 Would Buying a House in upstate NY be smart now?
Maybe the question is too broad but if one were to buy a house in a decent area, live in half, rent out the other half
what can be said about doing that now in June 2020 or is it too early to tell?
The question is how does it compare to if COVID never happened?
How does the COVID situation and consequences impact the relation between NYC and upstate?
Can we assume the economy of some place upstate will improve, property values go up because people will leave New York City and go there or is that not to be assumed?
People can also return to the city and some of these articles might be hyped about people leaving the city.
Also upstate has had a bad job market for many years. On the one had one could predict it will be worse because of people who commute to the city are dependent on the city (but farther upstate is not connected to this extent)
it could be predicted the economy will become worse right along with NYC.
Or will it improve because people leave the city an revitalize some of these places? Can this be reliably predicted?
Just because more people go to live upstate that doesn't mean jobs would be created for them there.
However if many of those people are talented and they may have the ability to work from or use there talents to start new businesses.
I can flip back and forth with the positive and negative theories. Maybe someone more experienced than I might have some ideas about it.
I'm not looking forward to a crime increase in Manhattan if that's what's coming.
I don't want to deal with that
The funny thing about New York City dwellers I've noticed is that Upstate literally means anywhere North of NYC. Am I wrong, I think not, but then again, I am rarely wrong about anything.
What are the areas you are considering?
Small town, country road or smallish to middling city?
Personally, if I were a NYC dweller and wanted out, I would look for something with relative proximity to the city if you need to be close for work, or another smaller city, to at least access some city amenities. I like older towns with quaint architecture, some hilly streets, and leafy in the summer. I would try for access to a lake or lakefront property, checking for possible flooding from historical records. I would go for a second tier environment, far enough to have no Massive Fashion Outlet be dropped on it at the edge of town in the near future.
I would stop worrying about property values too much and just acquaint myself with a more peacefuil lifestyle and enjoy my life outside the stress of city rhythm. I moved out of Montreal to a commuter suburb just far enough removed to feel less hectic, and believe me, it worked. My wife and I have never been happier and more fulfilled living outside the big city. I am not going back. If you can find a job that satisfies, it is worth making the move.
Common sense is don't make any big moves (house, cars, toys) in uncertain times. I have "friends" in real estate posting "do not underestimate the global bid for nyc real estate" on social media, right next to their black squares per tradition. I recommend doing the opposite of what hypocritical liberal liars tell you to do. Assuming all of this ends tomorrow I'll be waiting at least a year to see what happens. This is uncharted territory.
Common sense is don't make any big moves (house, cars, toys) in uncertain times. I have "friends" in real estate posting "do not underestimate the global bid for nyc real estate" on social media, right next to their black squares per tradition. I recommend doing the opposite of what hypocritical liberal liars tell you to do. Assuming all of this ends tomorrow I'll be waiting at least a year to see what happens. This is uncharted territory.
There is no guarantee what isn store for New York City.
Study the facts. They are not cheerful in any way shape or form.
The city is billions of dollars in the red. This means job losses and a souring economy.
Stagnant real estate prices and some dropping. Defunding New york City Police Department
on the cutting board. Is there something mental with this mayor or what? Not a wise move.
Feds holding back Foreign investors during American economic downturn. Not a good sign.
If you are a home owner with a skill set it would be wise if you can wait it out.
Upstate New York is expensive as the city but homes are a bit cheaper. Port Jervis is dumpy
if you want to live within 2 hours. You can land a 2 bedroom one bath for about $200,000 at $4,000
a year on property taxes. OR you can cross the bridge in 5 minutes and buy $100,000 home in P.A. and
pay $2,000 in property taxes. You have to own a car, mow,shovel snow and take the garbage to the dump.
Long Island as beautiful but it too ihas financial woes ( don't remember a time when it didn't ) If you think its
expensive now just wait. The 5 boros are a crap shoot to land a cheap home with cheap taxes but odds are
it will be much easier now to get a shot at buying a home if you don't get shot first. Carry at least a twenty.
and a decent looking watch and neck chain. Don't want to **** off the gang banger . My street smarts still there.
If you are an old fart on a poorly fixed income get out of Dodge. The risk is to high to stay. Go to a state that treats
the elderly better than New York City like Pennsylvania,Delaware,Florida,Carolinas... Best Wishes.............
You can land a 2 bedroom one bath for about $200,000 at $4,000
a year on property taxes. OR you can cross the bridge in 5 minutes and buy $100,000 home in P.A. and
pay $2,000 in property taxes.
I hadn't considered P.A. thanks. I would want a location that has some arts culture and diversity.
A change of state residency would be required.
Than there is also Canada but that would requites a change of nationality
It depends how much New York City will decline. Will rents drop and more hipsters move in or will some of that happen but crime will increase to the point that who moves in doesn't matter?
One could wait and see
Or one could gamble on going to a new place, buying a home and then that place potentially going up in property value and livability
I lived through this but I am older now. Maybe I could live with some rise in crime but do not want much more definitely not anything higher than these chart.
To an extent the violence can by associated with the introduction of certain drug markets, heroin, crack, cocaine, meth, this combined with poverty
I wonder if legalizing marijuana reduces or increases the market for harder drugs
Subway crime, that's one of the ones I dislike the most and think leads to the most situations if you don't life in a high crime neighborhood.
6/2020 Would Buying a House in upstate NY be smart now?
Maybe the question is too broad but if one were to buy a house in a decent area, live in half, rent out the other half
what can be said about doing that now in June 2020 or is it too early to tell?
The question is how does it compare to if COVID never happened?
How does the COVID situation and consequences impact the relation between NYC and upstate?
Can we assume the economy of some place upstate will improve, property values go up because people will leave New York City and go there or is that not to be assumed?
People can also return to the city and some of these articles might be hyped about people leaving the city.
Also upstate has had a bad job market for many years. On the one had one could predict it will be worse because of people who commute to the city are dependent on the city (but farther upstate is not connected to this extent)
it could be predicted the economy will become worse right along with NYC.
Or will it improve because people leave the city an revitalize some of these places? Can this be reliably predicted?
Just because more people go to live upstate that doesn't mean jobs would be created for them there.
However if many of those people are talented and they may have the ability to work from or use there talents to start new businesses.
I can flip back and forth with the positive and negative theories. Maybe someone more experienced than I might have some ideas about it.
I'm not looking forward to a crime increase in Manhattan if that's what's coming.
I don't want to deal with that
I find upstate NY pretty depressing except maybe Rhinebeck. And even then you are surrounded by depressing. I think Connecticut is much nicer.
So no, I don't think it would be smart to buy upstate.
Because of the massive unemployment. Everyone assumes all the jobs will come back, but when is that going to happen? When is the vaccine, 6 months from now? 12? never? Meanwhile unemployment and loan programs will run out and businesses will close that won't be able to re-hire the workers. Home owners are going to start missing mortgage payments and get behind, it's inevitable. So many people overstretched on their mortgage, it was tight to begin with and now it'll be impossible.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
