There’s a the age old question everyone thinks about when they decide to move to a city in New York:
Should I buy a place or rent?
Well, we aren’t here today to solve that problem for you exactly. We are just assuming you’ll do the right thing and a buy a place 😉
And while we are happy to tell you the best place to live in New York, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Empire State.
To do that we are going to look at places in New York that are growing faster than average, but where home prices are below average. In every day terms, the “deals”.
The best deal in New York at the moment? That would be Saranac Lake according to our analysis.
Here’s a look at the top ten places to buy a home in New York for 2019:
- Saranac Lake (Photos | Homes For Sale)
- Cohoes (Photos | Homes For Sale)
- Buffalo (Photos | Homes For Sale)
- Kiryas Joel (Photos | Homes For Sale)
- Lackawanna (Photos | Homes For Sale)
- Oneonta (Photos | Homes For Sale)
- Webster (Photos | Homes For Sale)
- Olean (Photos | Homes For Sale)
- Nyack (Photos | Homes For Sale)
- Farmingdale (Homes For Sale)
The methodology that wen’t into this can be a bit complicated, so we’ll break it down for you in as much detail as we can below.
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How do you determine the best places to buy a home in New York for 2019?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we’ve put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we’d approach finding an up-and-coming place to live in New York. Put differently, the analysis will try to find places in New York with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2013-2017 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It’s still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still “cheap” for New York with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 1,186 cities and towns in New York, only 167 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 167 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a “best place to buy” index with the place having the lowest index being the best.
Turns out that Saranac Lake is the best potential gem in the not-so-rough in the Empire State.
Read on for more on these places.
The area was first settled in 1819 by the Jacob Smith Moody family from Keene, New Hampshire. In 1827, settlers Pliny Miller and Alric Bushnell established a logging facility with a dam and sawmill, forming the basis for the village. The first school was built in 1838, and in 1849, William F. Martin built one of the first hotels in the Adirondacks – the Saranac Lake House, known simply as “Martin’s” – on the southeast shore of Lower Saranac Lake. Martin’s would soon become a favorite place for hunters, woodsmen, and socialites to meet and interact.
In the early years of Dutch colonial settlement, the majority of the city’s territory was once part of the area of Manor of Rensselaerswyck, a feudal-style manor or patroonship. The land north of a line crossing the Cohoes Falls was outside the Manor and was owned by the Van Olohde family between 1725 and 1750. Rensselaerswyck was established by Killiaen Van Rensselaer, the patroon and a Dutch merchant. In 1632 he had an agent pace off an enormous triangle-shaped area around the confluence of the Mohawk and Hudson rivers, from the Peebles Island northwest to the Cohoes Falls and south to today’s Watervliet; this area was the core of the future city of Cohoes. Starting in the 1690s the Patroon began to issue leases for the area of Cohoes, reserving for himself a strip below the Cohoes Falls for the future site of mills powered by water.
The first inhabitants of the State of New York are believed to be nomadic Paleo-Indians, who migrated after the disappearance of Pleistocene glaciers during or before 7000 B.C. Around 1,000 years ago began the Woodland period which saw the rise of the Iroquois Confederacy and its tribes throughout the state. During French exploration of the region in 1620, the region was occupied simultaneously by the agrarian Erie people, a tribe outside of the Five Nations of the Iroquois southwest of Buffalo Creek, and the Wenro people or ‘Wenrohronon,’ an Iroquoian-speaking tribal offshoot of the large Neutral Nation who lived along the inland south shore of Lake Ontario and east end of Lake Erie and a bit of its northern shore. For trading, the Neutral people made a living by growing tobacco and hemp to trade with the Iroquois, utilizing animal paths or warpaths to travel and move goods across the state. These paths were later paved, and now function as major roads.|Later, during the 1640s-50s Beaver Wars, the combined warriors of the Five Nations of the Iroquois Confederacy conquered the populous Neutrals and their peninsular territory, while the Senecas alone took out the Wenro and their territory, c. 1651-1653. Soon after, the Erie nation and territory was also destroyed by the Iroquois over their assistance to Huron people during the Beaver Wars.
Kiryas Joel is named for the late Rabbi Joel Teitelbaum, the rebbe of Satmar and driving spirit behind the project. Teitelbaum himself helped select the location a few years before his death in 1979. Joel Teitelbaum, originally from Hungary, was the rebbe who rebuilt the Satmar Hasidic dynasty in the years following World War II. The Satmar hasidim who established Kiryas Joel came from Satu Mare, Romania, known when under Hungarian rule as Szatmr.
Originally part of the Buffalo Creek Reservation, the area was not open to settlement until 1842 when the land was sold by the Seneca Indians. In 1851 the town of Seneca was formed; the name was changed to West Seneca in 1852. The area now known as Lackawanna was then called West Seneca or Limestone Hill.
Indigenous ancestors of Algonquin and Iroquoian-speaking Native Americans inhabited the land in the territory of Oneonta for thousands of years before European colonists settled in the area. The Five Nations of the Iroquois Confederacy are believed to have emerged and gained dominance prior to the 15th century; they were in place at the time of early French and Dutch colonization.
On July 25, 1837, orator and statesman Daniel Webster spoke to a gathering of Whigs in nearby Rochester about the economy. Whig farmers from North Penfield, who were part of Webster’s audience, were so impressed by his eloquence that when they petitioned the state legislature for separate town status from Penfield, they chose to name it in his honor. On February 6, 1840, the northern part of Penfield was officially established as the town of Webster with a population of 2,235. Webster has its own museum dedicated to sharing the town’s history with its citizens. The museum has many permanent historical displays, and also features changing displays for different times of the year.
The first European in the area was possibly Joseph de La Roche Daillon, a missionary and explorer from Canada. La Roche reported on the presence of oil near Cuba, the first petroleum sighting in North America. At that time the area was a part of the territory of the Wenrohronon or Wenro Indians, an Iroquois speaking people. In 1643, the Wenro tribes became the first victims of a series of brutal conflicts known as the Second Beaver War.
Native American stone relics and oyster middens found along the shore of the Hudson indicate today’s Nyack was a favorite pre-Colonial fishing spot. The first Europeans settled in there in 1675, calling the general area “Tappan”.
The first European settler in the area was Thomas Powell, who arrived in 1687. On October 18, 1695, he purchased a 15-square-mile tract of land from three Native American tribes. This is known as the Bethpage Purchase and includes what is now Farmingdale, as well as Bethpage, Melville, North Massapequa, Old Bethpage, Plainedge, and Plainview. One of two houses he built in the area still stands on Merritts Road in Farmingdale.
There You Have It – The Best Places To Purchase A House In New York for 2019
There’s our analysis of the best places to buy a house in New York. And, to be clear, we aren’t necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 0 places in the state.
So if we’d could rent or buy in these cities, we’d definitely buy.
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