With home prices on the rise in New York, it’s becoming more competitive to find affordable real estate.
Latest data show the median cost of a home in the Empire State is about $340,000, according to sales data collected in the first half of 2020. October numbers show the average New York home costs about $441,020, up from the average cost of $362,572 reported last October by the New York State Association of Realtors.
Meanwhile, the median sales price of a home in the U.S. was $324,900, according to the latest quarterly report by the Federal Reserve Bank of St. Louis.
It’s still possible to find cheap real estate in New York, though. The National Association of Realtors’ latest report of median sales prices of single family homes shows several New York metropolitan areas are more affordable than the national average.
Here are the five cheapest places to purchase property in New York:
- Buffalo
Median home price: $190,800
Near the border of the U.S. and Canada, Buffalo is the second-largest city in New York state with more than 256,000 residents. Tourists flock to the area every year to visit nearby Niagara Falls and the city’s various outdoor attractions. Residents also love coming together to cheer on the Buffalo Bills football team and Buffalo Sabres hockey team.
- Rochester
Median home price: $178,600
Also in Upstate New York, Rochester is another affordable option for home buyers. The city of more than 206,000 residents is famous for its rich history and snowy winters. Photography company Kodak is headquartered in Rochester, giving the city it’s nickname “The World’s Image Center.” Residents enjoy attending weekend festivals downtown, most notably the Lilac Festival and the Rochester International Jazz Festival.
- Syracuse
Median home price: $169,600
If you love the snow, you’ll love Syracuse. The city gets more than 120 inches of snow each year, but residents also enjoy the area’s relatively low housing costs. The city hosts several live music festivals and it’s surrounded by lovely wineries in the Fingerlakes region, perfect for an easy weekend getaway. The city also hosts plenty of outdoor winter events, including snowshoeing nature excursions, wintertime zoo exhibits and ice skating.
- Binghamton
Median home price: $133,500
Called the “Carousel Capital of the World,” many know Binghamton for its unique collection of antique carousels. The blue-collar city of nearly 45,000 residents is home to other family friendly attractions including unique museums, 78 public parks, a zoo and what’s ranked as the best public university in the Northeast – Binghamton University.
- Elmira
Median home price: $126,700
The most affordable area on the list is Elmira, a small town of about 30,000 people in the Fingerlakes region. Its most famous resident was author Mark Twain, who spent 20 summers writing his novels in a small writing cottage that’s still open to the public. The median annual income for people who live in Elmira is about $30,000 and the cost of living is about 25% lower than the national average.
