The Capital Region of New York has a lot to offer. It not only sits on the west bank of the Hudson River but also has a booming urban center. Recognized as one of the oldest districts in the U.S., the Capital Region has a long and rich history.
This article will explain all the reasons why it’s worth investing in real estate in the capital region.
While the cost of living in the Capital Region may be higher than the national average, it is far cheaper than living in New York City. In fact, research shows that the Capital District is considered to be at least 30% less expensive than living in New York City without factoring in rent prices. In addition, the average annual salary for residents is just shy of $70,000, with top earners earning up to $147,000 annually.
As a district in New York, the Capital Region has a surprisingly modest and affordable housing market. While homes are priced higher in wealthier areas, there are parts of the region that are safe where you can find cheaper real estate. Research from 2021 shows that homes in this area generally sell after only spending 12 days on the market. Mostly comprised of single-family homes, the architectural styles popular in this area include colonial, craftsman, and bungalow.
While the region's unemployment rate may be slightly higher than the national average, the Capital Region predicts a job growth increase of nearly 25% in the upcoming years. Almost a third of the population works for the state government, but large companies and tech startups are also moving to the area and driving growth. Right now, the top industries in the Capital Region include government, healthcare, education, manufacturing, construction, technology, and financial services. Besides the state government, the University of Albany, IBM, GE, and St. Peter’s Health Partners are the largest employers in the area. All this growth shows that if someone is moving to the area searching for work, they won’t be looking for long.
If you are looking to invest in real estate in the Capital Region, another reason to do so would be because of its higher education institutions. The area is home to various educational institutions that offer two-year and four-year degree programs as well as specialized programs. This means that there are many residents who are continuously moving to the Capital Region to pursue higher education.
Higher education institutions include:
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