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Yes, you do have to keep property taxes in mind. However, most listings are without property tax exemptions such as STAR or any other exemptions you may qualify for.
They may vary by location as well.
Also OP, the NAHB Affordability Index list I posted earlier also factors in property taxes. So, even with property tax rates(key last word), you can still make out with lower housing costs in relation to median family income. That list uses median home sale price in relation to median family income.
The only reason I like the Albany area is because of the amount of multi-family properties you can purchase for a reasonable price. If OP really wants to bring his living costs down, he can purchase a duplex or triplex, renovate (optional), and in some cases live for free.
The only reason I like the Albany area is because of the amount of multi-family properties you can purchase for a reasonable price. If OP really wants to bring his living costs down, he can purchase a duplex or triplex, renovate (optional), and in some cases live for free.
Good point MrJones17! You could literally rent out the other units to help pay for the multi family property. Totally forgot about that option...
What makes that interesting is that he has the upper class undergrad or grad students nearby that could essentially help pay the property off, if he or she so desires due to pretty close proximity to 4 colleges/universities(including a medical school).
For Albany, Pine Hills may be another neighborhood that would work in this regard.
So, depending on how the OP wants to go about this, they could make out very well.
What makes that interesting is that he has the upper class undergrad or grad students nearby that could essentially help pay the property off, if he or she so desires due to pretty close proximity to 4 colleges/universities(including a medical school).
For Albany, Pine Hills may be another neighborhood that would work in this regard.
So, depending on how the OP wants to go about this, they could make out very well.
Yup, I did this for years in Albany. That's actually how I got my start in real estate, and financial freedom.
Any multi-family property in Albany and Troy that is near the major colleges will make it easy for you to keep a low vacancy rate. You can use the FHA (3.5% down) loans to purchase some of these properties. I didn't personally take that route, but, in hindsight, I should have.
New Scotland, Pine Hills, Delaware Ave...all great Albany neighborhoods you can do this in. There is multi-family property out in Delmar and Buckingham Lake, but the prices are out of your range and you'll never make enough rental income to support the majority of the mortgage if you're living in one of the units.
In Schenectady, you can do this in the neighborhoods surrounding Ellis Hospital, although it's tougher to find well-kept properties for sale in those areas. I'd personally stick to Albany if you want to go the multi-family route.
Basically, just be near universities and hospitals. I've even had success in Cohoes where you can find decent 3 unit buildings for around or under $150K in some cases. Mainly the area near Younglove Ave. It's a quiet neighborhood and safe. A good portion of the properties are well-kept, with some residents caring enough to do landscaping in the front yards.
Every now and then, you'll see 4-10 unit buildings go up for sale in Amsterdam. There's one for sale on Guy Park I think that's 4 units. The only thing that sucks about Amsterdam is the quality of the tenants unfortunately, usually, are not the best. Lots of people in that city who don't mind living in filth. I'll never understand it. The local economy is horrible as well. But, nonetheless, you can technically buy the right property that will afford you to live rent free. If you do it correctly, you can even come out with profit at the end of each month.
Yup, I did this for years in Albany. That's actually how I got my start in real estate, and financial freedom.
Any multi-family property in Albany and Troy that is near the major colleges will make it easy for you to keep a low vacancy rate. You can use the FHA (3.5% down) loans to purchase some of these properties. I didn't personally take that route, but, in hindsight, I should have.
New Scotland, Pine Hills, Delaware Ave...all great Albany neighborhoods you can do this in. There is multi-family property out in Delmar and Buckingham Lake, but the prices are out of your range and you'll never make enough rental income to support the majority of the mortgage if you're living in one of the units.
In Schenectady, you can do this in the neighborhoods surrounding Ellis Hospital, although it's tougher to find well-kept properties for sale in those areas. I'd personally stick to Albany if you want to go the multi-family route.
Basically, just be near universities and hospitals. I've even had success in Cohoes where you can find decent 3 unit buildings for around or under $150K in some cases. Mainly the area near Younglove Ave. It's a quiet neighborhood and safe. A good portion of the properties are well-kept, with some residents caring enough to do landscaping in the front yards.
Every now and then, you'll see 4-10 unit buildings go up for sale in Amsterdam. There's one for sale on Guy Park I think that's 4 units. The only thing that sucks about Amsterdam is the quality of the tenants unfortunately, usually, are not the best. Lots of people in that city who don't mind living in filth. I'll never understand it. The local economy is horrible as well. But, nonetheless, you can technically buy the right property that will afford you to live rent free. If you do it correctly, you can even come out with profit at the end of each month.
I’m also glad you mentioned hospitals, as there are 5 hospitals near those Westcott properties including the previously mentioned SUNY Upstate Medical Center, a mental health facility, a children’s hospital, a VA hospital and a “regular” hospital.
Perhaps for a place like Amsterdam, perhaps gear it towards hospital and community college students.
Perhaps for a place like Amsterdam, perhaps gear it towards hospital and community college students.
Tried to do the community college route, but I found that most of them were just choosing Johnstown over Amsterdam because the rent prices were comparable and the commute was a lot more direct.
The streets around St. Mary's hospital are decent. Have seen some duplexes within walking distance that were way under $100K.
So, areas such as Youngstown, Syracuse, Scranton, Cincinnati, Columbia SC, Toledo, Wichita, Dayton, Rochester and Lansing are some others that are or may be considered to be mid sized areas to look into.
I know for Syracuse, the area around Westcott/University on the East Side or even Tipperary Hill in the outer West Side would work. Perhaps Eastwood as well.
For Rochester, the SE Quadrant of the city, as well as outer east/NE neighborhoods would work.
For Lansing, it’s East Side around Michigan Avenue in between its Downtown and East Lansing would work. Perhaps even nearby areas of East Lansing, as well as around Old Town Lansing.
Hopefully other posters will offer other suggestions with specific neighborhoods/areas.
So, areas such as Youngstown, Syracuse, Scranton, Cincinnati, Columbia SC, Toledo, Wichita, Dayton, Rochester and Lansing are some others that are or may be considered to be mid sized areas to look into.
I know for Syracuse, the area around Westcott/University on the East Side or even Tipperary Hill in the outer West Side would work. Perhaps Eastwood as well.
For Rochester, the SE Quadrant of the city, as well as outer east/NE neighborhoods would work.
For Lansing, it’s East Side around Michigan Avenue in between its Downtown and East Lansing would work. Perhaps even nearby areas of East Lansing, as well as around Old Town Lansing.
Hopefully other posters will offer other suggestions with specific neighborhoods/areas.
In terms of live music venues in the Eastwood Neighborhood, here are a couple: Live-Music
What I'd really like is to live somewhere as densely urban as possible (no outer suburbs, I'd prefer to feel like I'm in the thick of things). I'd also like to buy my own apartment or house instead of renting.
My job is transferable to basically anywhere, I'm not worried about that. I have no kids and don't plan to have any. I'm in my 20s but I'm not at all interested in nightlife or partying. I like seeing live music and I perform myself.
I can only afford $100-150k. Are there any cities where buying is possible on that budget? (In areas where I won't get shot)
Quote:
Originally Posted by ckhthankgod
So, areas such as Youngstown, Syracuse, Scranton, Cincinnati, Columbia SC, Toledo, Wichita, Dayton, Rochester and Lansing are some others that are or may be considered to be mid sized areas to look into.
Spot on.
Your job situation and budget is perfect for these sorts of <1 Million population metros. I'm sure you can find places in your budget in larger cities, but you'll have much more flexibility in housing and neighborhood choices in these smaller metros.
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