Investing in New York
The Empire State has the third highest GDP ($1.5 Trillion) after California and Texas. It's a great place to consider investing in given its strong economy and cultural importance. The Nophin team crunched the numbers and found the five best places to invest in New York rental properties.
Statewide vacancy rates
New York, NY
New York City is the largest city in the state and comprised of five boroughs. It's a major tourist destination and an important city for commerce, finance, and culture.
- Population: 8,804,190
- Median household income: $67,046
- Median 1-bedroom monthly rent: $3,930
- Median listing home price: $899,000
Buffalo is the second largest city in New York and is located southeast of Niagara Falls, one of most popular tourist destinations in the world.
- Population: 278,349
- Median household income: $39,677
- Median 1-bedroom monthly rent: $1,100
- Median listing home price: $174,900
Rochester has one of the highest qualities of living in the US. Forbes in 2021 listed Rochester as the 6th most affordable city to buy a home.
- Population: 211,328
- Median household income: $37,395
- Median 1-bedroom monthly rent: $995
- Median listing home price: $159,900
Syracuse is home to Syracuse University, one of the nation's leading universities. The city also experiences the heaviest snowfall in the US.
- Population: 148,620
- Median household income: $38,893
- Median 1-bedroom monthly rent: $875
- Median listing home price: $154,000
Albany is the capital of New York. In addition to being a political hub, the city is also home to a number of universities including SUNY, Rensselaer Polytechnic Institute, and the University at Albany.
- Population: 99,224
- Median household income: $48,512
- Median 1-bedroom monthly rent: $1,200
- Median listing home price: $254,900
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To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.