Rochester & Buffalo Named on 2011 "Most Affordable Housing Market" List

This is a very interesting article and certainly deserves to be broken down more carefully.It is interesting to breakdown how certain housing markets landed on this list. For example, Rochester & Buffalo have been on this annual list for years because of consistently low housing costs and because there was no housing bubble in the region, therefore, no bust either. New entries on this lists such as Atlanta and Las Vegas made their way to this list by being boom/bust markets. Thus the nature of an "affordable housing market".

This list certainly underscores why investing in Western NY is such a great idea. The market stability in Western NY rivals any in the USA. Housing prices do not wildly fluctuate when economic times are good and bad. Although it would be nice to get in on the ground floor in a housing market and wait for the upswing, it is also very hard to know when to get off the elevator when it's going up. One false step and you could land in an elevator going down....

Anyone who invests in real estate these days solely for appreciation is ultimately headed for doom. Cash flow real estate investing is the play these days. The Western NY market offers solid appreciation with some of the best cash flow returns in the country (15%-22%).

Ultimately, it is interesting to look at how cities on these types of lists arrive there. Some markets go on a very wild ride before arriving at "affordable".....

Inman Ranks Buffalo the #2 Housing Market in the USA for 2011

Inman News, a prominent real estate and technology based website, has named Buffalo the #2 Real Estate "market to watch" in 2011.

The article cites Buffalo's very low foreclosure rate as a major reason why the real estate market is ready to flourish. If you think about it, this makes perfect sense. Less foreclosures equals less discounted or vacant property equals higher demand and higher appreciation.

Foreclosure rates dropped 43.5% in 2010. Buffalo's foreclosure rate of 1 in every 332 homes is dramatically lower than the national average of 1 in every 45 homes.

The key to Buffalo's continuing market upturn is that the bubble market that burst in 2007 never made it to Buffalo. Housing prices did not dramatically spike and then dramatically fall. This allows Buffalo to be one of the very few major markets to actually see price appreciation in the last several years. The economic and job recovery in the region has helped spur the real estate market recovery too.

Obviously, this trend is expected to continue in 2011...

This article spotlights why investing in income producing real estate in Buffalo is such a good strategy. Let's face it, investing in speculative real estate appreciation in not in play anymore in the US Market. It's a buy and hold for income market now. And with all of the good market news coming out of the region today, Buffalo is a prime location to build your investment portfolio.

Buffalo, NY with the Second Lowest Foreclosure Rate in the US in 2010

Another notable sign here that the Buffalo housing market is one of the overall best in the country. Buffalo ranked in 2010 as having the second least number of foreclosures in the nation. While this is not good news for those out looking to buy foreclosures, those who are looking for a stable place to park their investment dollar should certainly consider Buffalo. High market stability, inexpensive pricing and a great rental market make Buffalo an ideal place to purchase income investment property.

While many investors are heading straight for areas with high foreclosure rates (Las Vagas, Most parts of Florida, Arizona, California, Detroit) a savvy investor will realize that unstable markets such as these are extremely high risk areas of investment. Many of these areas (Detroit and SW Florida in particular) are areas of near total economic ruin where the infrastructure itself cannot function. Speculative investing in these areas will most like lead to financial ruin.

An investment in an income producing, fully rehabbed, turn-key investment property in a stable market like Buffalo will allow for a solid, nearly guaranteed rate of return on your investment dollar.


10 Highest & Lowest Foreclosure Rates in 2010

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CNBC Names Buffalo the #2 City in the USA to Relocate To!

Before we begin, note that the purpose of showcasing this article is not to get you to relocate to the Buffalo area!! What we are trying to showcase is how the economy and conditions have dramatically turned around in the past several years and why the area is a great place to invest in. Of course, Buffalo has never been known as a desirable City to relocate to, mainly because of the weather. That makes its inclusion on this list that more remarkable.

The main reason to pay attention to articles like this as real estate investors has to do with issues like cost of living, employment and economic development. As cited in the article, Buffalo's cost of living is amongst the lowest in the nation. Unemployment ranks well below the national average.

Major employers like M&T Bank, HSBC Bank, Geico, Kaleida Health and Synacor are among companies currently hiring in the region. It is important to note that these companies are continuing the recent trend of white collar, non-manufacturing jobs now flooding the region. This falls in line with the theory that the old "rust belt" economy is in Buffalo's rear view mirror. This is in stark contrast to cities such as Detroit and Cleveland whose economies have not diversified and continue to struggle. This is a very important reason why investing in Buffalo rather than other traditional "rust belt" cities has become so enticing.

So while we do not expect this article to move you to pack up the family and move to Buffalo, we hope it will move you to consider investing in a City clearly on the upswing.... 

Buffalo Named the Lowest Risk Housing Market in the US by the Wall St Journal

According to a recent report from the Wall St Journal (see link below), Buffalo's Housing Market is considered the least risky in the country. This report, called a "Housing Stress Indicator" takes into account statistics such as percentage of family income spent on housing, unemployment rates and other various factors. Buffalo's "Housing Stress Rate" was the lowest of the most populous 49 US Metro Areas.

Buffalo remains one of the most affordable housing markets in the country (5th most affordable in recent list compiled by Forbes). The Job Market has really improved with the university systems, the hospital systems and the State of NY being the top employers in the region. Manpower, Inc recently named the Buffalo Region #1 in the country in job creation for 2010-2011.

Old stereotypes about the region no longer apply. Buffalo is now emerging from a long economic slump(something that has not happened in similar traditional manufacturing based cities like Detroit & Cleveland)  after being deserted by their manufacturing economy. There still is a long way to go, but the combination of a newly diversified economy and a history of sustained low costs is a cause for real optimism in Buffalo.

This is another in a long line of recent articles and lists that show the Buffalo Housing and Economic Market on the upswing. Since there was not a real estate bubble in Buffalo, there was not a housing price crash at anytime during our recent economic downturn. Buffalo is one of the few areas of the country to see actual housing appreciation in 2010, a trend which will continue in the coming year.

All in all, good news for Real Estate Investors in Buffalo. The stable housing market, increase in jobs in the region and the rental market in the region all make Buffalo "the New Cash Flow Capital of the US"...

Buffalo, NY the Lowest Risk Housing Market in the US

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