According to the Harvard Joint Center for Housing Studies, millennials will be creating a number of new households in the future. In fact, you can expect them to add about 23 million households to the housing market over the next 10 years. This is really no wonder; millennials are growing up, and as they settle down and decide on their careers, they also are starting families. With that being said, many of them aren’t sure about where to start those families. For those in New York state, the most famous city that most outsiders think of probably isn’t the best place to do so. This is in part due to issues with crime rates and school qualities, and in part due to the fact that New York City is simply rather expensive. As a matter of fact, many young couples in New York state are looking towards Rochester, finding it to be the perfect place to settle down. It’s so popular that Rochester has made Realtor.com’s top 10 hottest markets for 2020.
It’s important to note that 84% who have invested in real estate indicated that they will make another real estate investment at some point.
Of course, if you aren’t familiar with Rochester, you may be intimidated by its many offerings. Newcomers won’t know where to find the best neighborhoods or most promising school districts. This is why so many people turn to real estate agents for assistance. About 78% of homebuyers have found realtors to be great sources of information. A realtor can guide you through the journey of finding not only the right house in Rochester, but the right area in general. You can consider them your local expert, who will know everything about where to find the best place for your family’s specific needs. But if you haven’t quite decided on Rochester yet, you might want to learn more about the city — what makes it so popular in the first place?
1. Low Cost Of Living
Remember: a lot of millennials are just beginning to settle down. Many of them don’t necessarily have the largest housing budgets to begin with, which cam make their options limited in some housing markets. What your budget can get you varies wildly from place to place. What could buy you a house in Rochester may only get you an apartment in New York City. Rochester is known for its low cost of living in general. Not only can people budget wisely in general — the housing costs remain relatively low, despite its recent revitalization. Of course, house hunters that want to take an extra step in terms of saving money may want to consider renting rather than buying a home. While some shoppers may be excited about buying their first home, there are many advantages to renting. You may not be ready to commit to a home outright, and renting can be cheaper than buying. Lots of people find that they’d rather save money when beginning their households — which is why 2016 saw 27% of Americans renting rather than buying.
2. Renewal Efforts
Rochester residents want their city to compete with the best of them — which is why the city is being renewed and revitalized in a big way. The more efforts are made to bring the city into the future, the more the economy is expected to grow in turn. This means that new Rochester residents are arriving just in time for the job market to soar. Big companies like Wegmans have set up shop in Rochester, and it’s also home to Rochester Regional Health, as well as several other large medical facilities. For that matter, the city has been attracting a lot of younger residents. Therefore, there will be a lot of people your age to meet and socialize with if you’re a millennial — and if you’re thinking about having kids, you won’t be alone. Rochester’s school districts will undergo the same overhaul as young families bring their children along with them. One of the reasons why people like the idea of moving to Rochester is that now is the right time to jump into the city, if you haven’t already. Being on top of the trends, rather than waiting for them to happen, means that you can be ahead of the game.
3. The Cultural Experience
As Rochester is renewed and revitalized, its downtown and cultural scene has been affected as well. The city has a rich history, and in recent years has been inclined to celebrate it and bring it to the forefront. Susan B. Anthony and Frederick Douglass once called the city home, and landmarks in their honor — among others — have been preserved by the city. For that matter, the influx of younger residents has encouraged younger-skewing businesses to crop up as well. Breweries have become rather popular in the area, as has art and jazz. Lots of people also find that they enjoy Rochester’s restaurant scene, and have found that it’s to their advantage. You won’t find yourself being bored in Rochester; everyone can find something to do. This makes it a lot easier to fall into a social atmosphere that suits you, and will ultimately lead to you settling in a lot sooner than you would if you moved to a less active community.
In many ways, Rochester is the perfect merging of a big city and a small town. Lots of people like the idea of being able to engage with an active downtown scene, while still being able to retreat to the suburbs. It’s the perfect place for younger families to start off; so it should come as no surprise that it’s among the most desirable housing markets in the country.
