On average, Americans move once every five to seven years. It can be difficult to find a new home in a neighborhood you like and at a price that won’t break the bank. Luckily, you can’t go wrong with moving to Rochester.
Rochester sits atop Realtor.com’s list of the hottest real estate markets, so how can the emerging generation take advantage of it?
In May, the real estate listing service released the data. It ranked markets based on where homes sell in the least amount of time and where the site gets the most listing views. In other words, Realtor.com ranks markets based on how fast homes sell and how many searches there are in that particular market.
According to the site’s data, the median days that a home in Rochester, NY sits on the market is a measly 31. In other words, the typical home will sell in about a month. In other parts of the United States, it’s far different. It’s fairly average to see a house stay on the market for six to twelve months in most places.
All markets are different but, on average, you’re going to pay five-to-six percent of the sale price to your Realtor. So, for example, if you sell your house for $300,000, you’ll have to pay a commission of around $18,000.
While the news is glad tidings, does it matter to Millennials?
To qualify for most loans, you need to keep your credit score above 700, with a score of 619 on the FICO score and lower being qualified as “bad.” According to the Federal Reserve reports, 90% of mortgages taken out in 2019’s first quarter were by people who had credit scores of at least 650, while 75% had a score of 700 or higher.
Millennials account for around 34% of home buyers. This generation of those between the ages of 23 and 38 have had a trying path towards financial wellness, having had to deal with crushing student loan debt and the unfortunate circumstance of dealing with the 2008 economic crisis’s fallout. Consequently, Millennials have an average FICO score of only 665, according to Experian.
It gets worse. Experian also reports that Millennials have an average credit card balance of $5,231, carry an average student loan debt of $34,770, and have a total debt of $80,666 and up on average.
The upshot is that houses in Rochester cost less than the average price of a home. The Huffington Post reports that the median home price is $188,900. According to the Greater Rochester Association of Realtors, the region’s median sale price is $140,000.
It will actually be warm soon—and stay warm. But, when you live in upstate NY you don’t necessarily wait for the ground to thaw to start your housing search. Smart shoppers know the best spots don’t last long on the market, whether it’s a new build, a fixer upper or a historic landmark. Now there’s another tool you can add to your home buying tool box.
The City of Rochester, City Council, and the Rochester Coalition for Neighborhood Living have launched Celebrate City Living , a new program to help homebuyers and renters learn about the benefits of living in the city and find the resources to make it easier to buy or rent a home in Rochester…
Hard to believe it’s been almost an entire year, but we’re back (expect future RocLinks on Saturdays), and it’s time to roll! From local development to just plain news of the weird, here are your RocLinks for this past week…
This former Rochester Plumbing Supply building at 281 Mill Street has recently been renovated and converted into 14 new apartments in downtown’s growing High Falls district. This is an exciting development not only because of the new life it will add to this neighborhood, but because this building has a pretty sweet past…
After the Erie Canal was rerouted south of downtown Rochester, the Rochester
Industrial & Rapid Transit Railway (the subway) was built in
its place as a link between the five different railroads and interurban trolley
lines that served the Rochester area. As the industrial landscape of Rochester
changed, and highways replaced the railroads, the Rochester subway gradually
became a relic of a bygone era. In 1956 the subway was abandoned and much of
its route was converted into Interstate 490 built to connect Rochester
with the New York State Thruway (I-90). Read more about the history of the Rochester Subway.
RochesterSubway.com exists to help spark
public dialogue around how we can better connect the neighborhoods of Rochester
NY, surrounding communities, and their cultural offerings. Rochesters
future is written in her past. Let's rediscover it.