As the housing market finally returns to a state of stability, many of those jumping on the opportunity to find a new place to live are having difficulty finding homes for sale. And despite the 45 million people who move in the United States each year, there is a substantial demand for more housing — even in upstate New York.
According to ABC 13 WHAM news, the City of Rochester is taking action by implementing a new program designed to aid residents in finding new homes in the city.
The City of Rochester and the Rochester Coalition for Neighborhood Living’s “Celebrate City Living” program will be a year-round system that will encourage city residency throughout the entire house hunting search.
The program will emphasize the distinctive settings and wide variety of housing options brought on by the rising population of young professionals in the downtown areas.
“Rochester’s neighborhoods are a great place to grow, and Celebrate City Living is our way of making sure everyone knows why,” said Mayor Warren.
The City of Rochester will hold frequent open houses as well as offer bus tours for potential buyers to get a good look at city neighborhoods.
Part of what has made Rochester such a popular living destination in recent years is its surprisingly affordable housing rates.
In contrast, National Mortgage News reports that national home prices actually increased this past December.
Prices rise about 6.3% on a yearly basis and are expected to rise another 5.4% by December 2016.
However, housing performance has been shown to vary widely in different markets.
“Some metropolitan areas have had double-digit appreciation, such as Denver and Naples, Fla., while others have had price declines, like New Orleans and Rochester, N.Y.,” said Frank Nothaft, CoreLogic’s chief economist.
Local markets experiencing strong employment growth are expected to see a continued rise in home sales and price growth, well above national average.