Investing in Upstate NY?

[Bethany S Labrinos]

Hi BP Community,

My husband and I have been preparing to begin our real estate investment journey, and we could use some insight.  We've essentially ruled out investing in our local community because we can't seem to find a good deal (we live about 1.5 hours north of NYC, so purchase prices are very high), so we are considering (1) investing out of state; or (2) investing in some northern NY localities (Syracuse, Albany, Rochester, etc.).  We would love to hear from anyone who current invests in any of the northern NY cities/towns about how their experience has been, what the pros/cons are to these markets, general thoughts.  If you have specific thoughts about any particular area, we would love to hear about that too.  It would be our preference to invest in upstate NY because we could drive there relatively easily, but if there are better deals elsewhere, we would be more inclined to go with option (1).

[Nadeem Alamgir]

Hey Bethany, I hear you on the high home prices in NY. I grew up there too. I'm now based in Ohio, specifically Cleveland, where properties range from $100K to $300K. The rental market is strong, and overall, it's a landlord-friendly area.

Not all rainbows, there are some downsides, like slower appreciation, harsh winters, and issues with older homes.

If you can invest locally, that’s great, but if not, there are definitely other markets that can support your goals.