Real estate prices in the United States have been on the rise for a while now, to the point where some middle-class families are finding it challenging to afford homes of their own. While the housing market is often volatile and prices are starting to go down in some places, that’s not true of the Finger Lakes. The Finger Lakes area has been enjoying a real estate boom for awhile now, and there’s no sign of demand fading anytime soon. In short, a lot of people want to move to Finger Lakes.
Why the Rush to Finger Lakes?
So why is Finger Lakes in such high demand right now? There are a number of reasons, many of which are already evident to the locals.
The housing prices are lower. It’s pretty well-known that New York State has some of the highest real estate prices in the country, especially in NYC, where they tend to be stratospheric. The median price for a home in New York is $789,000, but an average lakefront home in Finger Lakes might go for around $469,000. Granted, these numbers are bound to change, as prices are rising with demand and some homes in Finger Lakes will sell for a million and up — but people looking for a less expensive place to live in New York might do well to look at Finger Lakes.
The quality of life is better. There’s a lot to recommend Finger Lakes for people looking to get away from the accelerated pace of the big city. Finger Lakes has a number of safe, high-quality schools, good neighborhoods, and offers a slower, quieter, less stressful way of life than living in a larger city. Not to mention Finger Lakes is a quick commute to places like Rochester, meaning you’ll be able to get home faster and enjoy some of Finger Lakes’ peace and quiet.
Older people moving to Finger Lakes to retire. Retirees are an ever-growing segment of the population, and Finger Lakes has become a desirable retirement destination for people reaching that age. The aforementioned peace and quiet adds a lot to Finger Lakes’ appeal as a retirement spot, as well as the copious natural beauty and wealth of outdoor activities. There are also lots of hunting areas for retirees looking to spend their time doing some hunting.
Property investors looking to buy in Finger Lakes. With rising demand and prices come the property investors looking to make the most of an opportunity. Right now is considered a great time for investors to buy up property in Finger Lakes, either to rent or lease, or to flip and resell at a profit. Some might even be in a position to buy a second home in Finger Lakes and hold onto it while it (undoubtedly) increases in value. Whether you’re a property investor or a homeowner not necessarily looking to settle there forever, Finger Lakes has a lot to offer.
Lower cost of living. Fortunately, the cost of living in the Finger Lakes region remains low despite the increasing value of the properties there. The numbers show that a person making $50,000 a year in Finger Lakes would need a salary of $114,000 a year to have the same quality of life. It’s one of the reasons why the millennial population is being drawn to Finger Lakes at a faster rate than the national average.
Cost of living doesn’t just mean groceries and utilities, although that is a major part of it. Residents of the Finger Lakes area will also end up paying less for their insurance. For example, according to data from Kristine Lee at The Zebra, the average premium for home insurance is $869 in New York State, which is already lower than the national average. In cities further upstate like Fairport, which is not far from Canandaigua Lake, homeowners only pay about $717 in premiums.
Why the lower insurance premiums? Because the Finger Lakes region suffers fewer storms, which are becoming an increasing problem elsewhere in the state. Less storm damage means fewer large claims, which in turn means lower home insurance premiums.
Great outdoor living.
The Finger Lakes region is about more than just wineries and art galleries — although there’s plenty of that, too. There is a wealth of opportunities in Finger Lakes for people who love outdoor life — fishing, hiking, swimming, biking, skiing, skating, hunting, and more. Residents and visitors can enjoy places like Watkins Glen State Park, Skaneateles Lake, the Sonnenberg Gardens and Mansion State Historical Park, and more. Not only is Finger Lakes beautiful in its own right, but it’s also very close to Rochester, meaning residents don’t have to travel far to enjoy the sights there too, such as the Seneca Park Zoo and Highland Park, not to mention the many museums, amusement parks, and other attractions Rochester has to offer.
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