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I've been looking at the Rochester area for home prices, and it seems incredibly affordable, even to those on modest incomes. I've never seen a town of substantial size have home prices quite this affordable, and I'm wondering why, considering whenever I look, the homes seem to be entirely livable at first glance..
For example, When I imagine homes UNDER 100K, I'm imagining that there is something terribly wrong with them (Boarded up windows, extremely trashy looking areas, graffiti, generally run down neighborhood.
but I've seen in Rochester, many homes that, while they admittedly need some work, they seem to be in decent shape and very much livable:
So what's the catch? Is Rochester a hidden gem that I should consider before housing prices rise like 50% in 2-3 years, or is there something horribly wrong with the city that I'm not considering. Any help appreciated. Thanks!
Could be location, age of the home or other things not shown in the pictures. I would say that the second aspect plays a big part in this if the location or other things aren’t bad or suspect.
You also don’t usually get the booms or busts that you may see elsewhere. Growth will be steady, not a big jump usually. Cost of living overall is around, if not just below the national average.
Also, what are you looking to do?
Last edited by ckhthankgod; 09-21-2021 at 10:42 PM..
Nothing wrong with Rochester. It just flies under the radar for most people. Plenty of good quality jobs, growing population and quality of life.
It has been said by many that Rochester has the potential to be a major tech hub and was in the top 5 of contenders when Amazon was looking for a new HQ a few years back.
Are you looking to move, or invest? All the homes you showed are located within the city proper.
The prime down side, IMHO, is the rather high property taxes.
Yes, and thank you for saying that. The property taxes are high, and no question are related to property values. I think people just look at their mortgage payment, which 99% include taxes and pay, without a second thought.
To concluded, I would say the higher the taxes, the lower the property value.
The funny thing is, that this type of action, by our state exposes, although nobody seems to notice, the basic philosophy of our NYS government---We need to get ours, before the people get theirs.
Think about it. If property taxes were lower, property values would be higher, and they would still get just as much and more. Absolute truth about how high taxes hurt American citizens, but strangely help politicians.
Nothing wrong with Rochester. It just flies under the radar for most people. Plenty of good quality jobs, growing population and quality of life.
It has been said by many that Rochester has the potential to be a major tech hub and was in the top 5 of contenders when Amazon was looking for a new HQ a few years back.
Are you looking to move, or invest? All the homes you showed are located within the city proper.
I'm looking at many places to get started on the property ladder. Rochester seems incredibly affordable, as least when I compare it to many other places which are picking up popularity.
Yes, and thank you for saying that. The property taxes are high, and no question are related to property values. I think people just look at their mortgage payment, which 99% include taxes and pay, without a second thought.
To concluded, I would say the higher the taxes, the lower the property value.
The funny thing is, that this type of action, by our state exposes, although nobody seems to notice, the basic philosophy of our NYS government---We need to get ours, before the people get theirs.
Think about it. If property taxes were lower, property values would be higher, and they would still get just as much and more. Absolute truth about how high taxes hurt American citizens, but strangely help politicians.
But isn't this the opposite? High property taxes lower property values, which allows people to buy and get their foot in the door when they otherwise wouldn't be able to.
For example, I think many people are willing to pay an additional $100 dollars per month in property tax (1,200) per year if it means that the house price is 50k-75k per year cheaper than it would be normally. It would actually take you 40+ years for the additional property tax to cost you more than the cheaper housing prices. By then it might not matter if you already paid off the house.
But isn't this the opposite? High property taxes lower property values, which allows people to buy and get their foot in the door when they otherwise wouldn't be able to.
For example, I think many people are willing to pay an additional $100 dollars per month in property tax (1,200) per year if it means that the house price is 50k-75k per year cheaper than it would be normally. It would actually take you 40+ years for the additional property tax to cost you more than the cheaper housing prices. By then it might not matter if you already paid off the house.
Not necessarily true. While the house and payment may be lower, the taxes gobble up the rest. Additionally, high taxes stifle appreciation, where you home gains in value.
Yes, and thank you for saying that. The property taxes are high, and no question are related to property values. I think people just look at their mortgage payment, which 99% include taxes and pay, without a second thought.
That's very true. You don't notice how high your taxes really are, until you pay off your mortgage, and the tax bills come directly to your mailbox, and you have to write out the checks. I've been in my current home for 31 years, and despite the fact that I now qualify for the "senior citizen reductions", my overall tax payments have just about doubled, over that period of time.
I got married fairly late in life, and my wife and I opted to not have any children, therefore did not make use of the town's school system. That, however, did not stop the school district from sending us a sizeable bill, every year. Just to provide an example of how "out of touch" the school district is, with respect to fiscal responsibility, my latest school tax bill, which I paid a month ago, was $4300.....and that's with the senior discount factored in.
In 1991, the first full year that I lived here, my ENTIRE tax bill (town, county, and school), was $4200.
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