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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 Sea Cliff according to our analysis.
Here's a look at the top ten places to buy a home in new york for 2020:
- Sea Cliff (Photos | Homes For Sale)
- Mechanicville (Photos | Homes For Sale)
- Kaser (Homes For Sale)
- Kings Point (Photos | Homes For Sale)
- Williamsville (Photos | Homes For Sale)
- Fairport (Photos | Homes For Sale)
- New Hempstead (Photos | Homes For Sale)
- Goshen (Photos | Homes For Sale)
- Albion (Homes For Sale)
- Ballston Spa (Photos | Homes For Sale)
What's the best place to buy a home in New York for 2020? According to our analysis, would the the ideal place to buy a home looking into the future.
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. If you're not worried about finding a deal on good places to live, check out the most expensive places to live in new york and, for those of you on a budget, the cheapest places to live in new york.
For more New York reading, check out:
- These Are The 10 Best Counties To Live In New York
- 10 Best Places To Raise A Family In New York
- These Are The 10 Best Places To Retire In New York
The 10 Best Cities To Buy A House In New York For 2020
Several buildings in Sea Cliff, mostly Victorian houses, are listed on the National Register of Historic Places. Many of them were built as summer homes as part of Sea Cliff's late nineteenth century role as a resort town, and they have been collectively called "one of the best collections of late Victorian era architecture in Nassau County."
The first listing of a settlement on Thenendehowa Creek is in 1721. At that time, Cornelius Van Buren had a sawmill at the mouth of the creek where it emptied into the Hudson River.
The Viznitz, a Hasidic group, established Kaser in 1990 so it could build denser housing. Herbert Reisman, the supervisor of the Town of Ramapo, cooperated in the creation of Kaser because the town of Ramapo wanted to create more housing.
The community developed where the major road between Batavia and Buffalo crossed Ellicott Creek just above Glen Falls. The water power offered by the waterfall attracted millers. The first mill was built by Jonas Williams in 1811, giving the village its first name, "Williams Mills". It still stands today, next to Glen Park, and is known as the Williamsville Water Mill. Several other mills were built near Glen Falls during the 19th century. In 1841, a raceway was constructed to divert water from Ellicott Creek to the mills, creating an island known today as Island Park. A stagecoach stop, tavern, and inn was built along the main road near Ellicott Creek by Oziel Smith in 1832. Today it is known as the Eagle House. The close crossing of the main road and Ellicott Creek's Glen Falls was the initial attraction, around which Williamsville grew. The village was incorporated in 1850.
The town of Perinton was first settled by European Americans in the two flat areas of Perinton Center and Egypt. The first settlers in Perinton were Glover Perrin, his wife Johanna and his brother Jesse. What was developed as the village of Fairport was a swampy area within the Town of Perinton until the 1820s, when it was drained by construction of the new Erie Canal. With the opening of the Canal, what was then known as Perrinsville quickly became a busy canal port with a reputation for being a "fair port." A further boon to the area's reputation as an industry and transportation center came with the construction of railroads in 1853. This now booming section of Perrinsville was incorporated as a village on April 30, 1867 and eventually became the center of activity for the town of Perinton.
Settlement began around 1714, even though plans for its settlement were made around 1654. The town was established in 1789. In 1830, part of Goshen was used to form the new Town of Hamptonburgh, and, in 1845, another part was used to form the Town of Chester.
The village was first settled in 1771. In 1787 Benajah Douglas, grandfather of 1860 presidential candidate Stephen A. Douglas, built the first tavern and hotel at Ballston Spa. It was located near the natural spring.
How do you determine the best places to buy a home in new york for 2020?
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 2014-2018 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 0 cities and towns in New York, only 166 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 166 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. You can download the data here.
Turns out that Sea Cliff is the best potential gem in the not-so-rough in the Empire State.
Read on for more on these places.
There You Have It - The Best Places To Purchase A House In new york for 2020
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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