Syracuse is the fifth most populous city in the state of New York following New York City, Buffalo, Rochester, and Yonkers. Syracuse is now ranked as the nation’s most affordable major housing market according to the National Association of Home Builders. Syracuse’s top employers are primarily in higher education, research, health care, and services. With more than 20,000 students returning to Syracuse University’s campus each fall, there are a lot of opportunities for real estate investors to make money in this market.
The education committee has pledged $100 million in academic programs over the next five years. Syracuse University Stadium have announced they will spend 118 million over the coming years, the $118 million investment, authorized by the Board of Trustees, will enable the University to create a new stadium experience for students, faculty, staff, alumni and fans alike. Today’s announcement represents the next step in advancing the $255 million West Campus transformation strategy of the University.Syracuse is more affordable than other major U.S. metro areas, making it a popular place to live for families and retirees. The median home sale price in Syracuse is much lower than in other U.S. metro areas.
The Rental Market
The average rent for a single family home in Syracuse is $1,122, a 6% increase compared to the previous year.
Syracuse is the count seat of Onondaga County, New York and the 5th most populous city in New York state. Syracuse is the educational and economic hub of Central New York and takes its name from the original Syracuse in Italy. Syracuse has an estimated population of 146,000. Syracuse had a population of 145,000 at the 2010 census although the metropolitan area has a population of more than 732,000. The city proper has a population density of 5,584 people per square mile (2,233/square kilometer).
Growth and Returns
According to recent data, almost 93 percent of all homes sold in the area were affordable to families earning the medium income level of $67,700. This puts the Syracuse housing market in the top five nationally in terms of affordability. This level of affordability makes Syracuse an attractive place to live, and a real estate market that is poised for growth. One of the numbers used to weigh affordability is the monthly mortgage payment to income ratio. The number for the Syracuse real estate market currently sits at 5.7 percent, whereas the national average is 14.3 percent.
Management and Aftercare
In Syracuse we work with one, reliable and consistent partner who is local to the area and has been a hands-on expert in the local market for over 5 years. Our partner is one of the leading Syracuse management companies who will collect and deposit your rent, maintain and repair the property, assess and interview tenants and keep you updated on a regular basis.