The State of New York, one of the oldest and most prosperous states in the country, is brimming with exciting opportunities in a diverse landscape that is as varied as the people who live there. As the 4th most popular state in the US, New York is home to both quaint, quintessential Main St. small towns and rolling country sides as well as New York City, an international epicenter and our nation’s largest city. Residents of New York State enjoy a booming and bustling economy, incredible outdoor vistas, and a multi-background cultural hub. Because of this variety and general market stability, Rent to Own offers a great chance for home owners to start growing an investment in their property now.
An Empire State of Mind
Though 40% of the State of New York’s 19.7 residents live in New York City, New York State has far more to offer anyone looking for more than the world famous Manhattan skyline. In fact, the vast majority of New York State is comprised of royal areas including farmland, lakes, forests, and small towns. New York State borders two of the great lakes, and is home to Niagara falls, one of the most visited tourist attractions in the world. The state’s own Adirondack Park is the largest state park in the United States, and is larger than Yellowstone, Yosemite, and the Grand Canyon combined. Of course, as one of the world’s leading global cities and a economic juggernaut, New York City needs no introduction, and is an international hub for commerce, trade, tech, art, entertainment, and culture, and more than enough of a reason to seek a home in the Empire State.
Times Square, New York City, NY. Via NYC NXTBusiness and New York
Figures place the State of New York’s Gross State Product at third in the nation, directly behind the much larger states of California and Texas. The New York City Stock Exchange is the largest in the world, and its financial district is the biggest in the US. As the home to the headquarters of many of the most successful corporations across the globe, NYC is the world’s leading financial market. The success of New York City’s booming economy trickles through the rest of New York State. The median family income is $51,691 annually.
Housing Market in the Big Apple (and Beyond)
As both a rural and an urban state, the housing market in New York State varies quite a bit. As of January 2015, the median value of homes in New York was at $148,700. On average, a 1 bedroom is priced at $148,000, 2 bedrooms at $150,000, 3 bedroom at $180,000, and 4 bedroom at $295,000. NYC homes are among the most expensive in the nation, however also consistently yield a high sale rate. Meanwhile, nearby neighboring towns and cities of the Hudson Valley, such as Poughkeepsie, have much more moderate buy and sale prices.
The state of New York enjoys higher than average school rankings, many of which are located in or around New York City. New York University, Columbia University, Cornell University, New York Institute of Technology, and Syracuse University are all prestigious, nationally renowned institutions. Columbia University Law is of particular note.
New York State experiences slightly higher than average annual crime, mostly due to disadvantaged neighborhoods within New York City. In 2014, there are 3.94 crimes per 1,000 residents compared to the national average of 3.8.
Upstate in Autumn, NY. Via SodaHeadCulture and Entertainment
New York State has a lot to offer its residents in fun points of interest that include everything in New York City, Niagara Falls, Finger Lakes, Adirondack Mountains, and Whiteface Mountain. If you love the big city life with plenty of countryside and all four seasons, come to New York, home of the Big Apple! By choosing a Rent to Own property in New York you can have an easier time getting into the housing market with the consistently appreciating prices of homes, particularly in the major metro areas.