Real Estate Directory - New York

Population: 19,190,115 (2003 figures)
Capital city/population: Albany 93,919
Largest cities/population:

  • New York - 8,085,742
  • Buffalo - 285,018
  • Rochester - 215,093
  • Yonkers - 197,388

New York is the 27th largest state, with a total area of 54,471 square miles. Due to differences in altitude, the climate is varied. The coldest portion of the state is the Champlain Valley, which has average temperatures approximately 10 degrees colder than those in New York City. Precipitation is abundant throughout the state. New York was admitted into the Union on July 26, 1788. The town of Chittenago is the home of L. Frank Baum, author of the “Wizard of Oz.” Yellow brick sidewalks lead to “Aunti Em’s” and other Oz-themed businesses, and the town hosts an annual Munchkins Parade.

HOUSING

New York – The real estate market in this city is unique, depending upon location. At almost every price point, the market has something to offer in the way of apartments, homes, luxury condominiums, and townhouses. The cost of owning a home in the metro area has increased from 24% of median income to 38%, a rate similar to that of other large cities. Also increasing in popularity is the purchasing of hotel rooms; buyers use them for a certain portion of the year, then share rental revenue with the hotel, when the room is reserved by hotel guests.

Buffalo – The city has over 111,000 total housing units, with an average home price of $101,804. Of these, 52% are owner-occupied; 38% are rentals, with an average rental price of $334. Buffalo has many art galleries, museums, parks, and zoos, making this a truly interesting place to live.

Rochester – The town is experiencing a balanced housing market, with home prices ranging from $65,000 - $1,000,000. Home buyers can expect an average home price of around $100,000, with a good supply of single-family homes.

The local economy is strong, supported by Eastman Kodak, Xerox, and Bausch and Lomb, as well as several colleges.

Yonkers – The city’s current market has a lower inventory, with home buyers expressing a higher demand. There are over 15,000 housing units available; 39% are owner-occupied, with an average home price of $247,137. Rentals comprise 57% of the market, renting at an average of $677. Yonkers ranks as a safe city, near the bottom of the list of national crime surveys. There is a great selection of leisure and recreational activities, as well as museums, shopping, schools, and restaurants.

BUSINESS/ECONOMY

Principal industries include manufacturing, finance, communications, tourism, transportation, and services. Manufactured goods include books, clothing, pharmaceuticals, machinery, instruments, toys/sporting goods, electronic equipment, and automotive/aircraft components. Agricultural outputs include apples, grapes, strawberries, cherries, pears, onions, potatoes, cabbage, hay, wheat, oats, and dry beans.

New York City dominates the state’s economy, being the nation’s leading center of banking, finance, and communication. It is the location of the New York Stock Exchange. Total gross state product for 2004 was $900 billion, second only to California. Per capita income for that year was $38,333.

SCHOOLS

Since passage of the No Child Left Behind Act (NCLB) in 2002, New York City’s Department of Education is reforming many aspects of its school system to improve the quality of education at all levels of the City’s 1,300 schools. Changes in curriculum, teacher/principal hiring, and outreach to parents all work to raise student achievement. The City Education Department has been working with New York State to implement key provisions of the law, including sharing information about school performance, teacher recruitment, and parent notification about school changes.

In the public sector, student-teacher ratio for 1994 was 15:2, with an average teachers’ salary for 1995 of $48,115.

New York has numerous institutions of higher learning. Among them are Syracuse University, Cornell University – Ithaca, Cornell Medical College – New York City, Long Island University – Greenvale, University of Rochester, Rensselaer Polytechnic Institute – Troy, Union College – Schenectady, Ithaca College, LeMoyne College – Syracuse, Skidmore College – Saratoga Springs, and Wells College – Aurora.

HISTORY

Approximately one-third of all military battles in the American Revolution took place in New York State, including the captures of Fort Ticonderoga and Crown Point. With Alexander Hamilton’s influence, New York accepted the Constitution of the United States in 1788, due in part to Hamilton’s authorship of “The Federalist Papers” which promoted ratification of the document.

Development continued with the building of the Erie Canal and paralleling railroad lines, which made New York a major east-west commercial route in the 19th century. New York was a leader in many reforms, including antislavery and women’s rights conventions; famous literary figures, and artists settled in the state, helping to make it a literary and publishing center.

In the later part of the century, electrical and chemical industries began development, along with continuation of the textile and agriculture industries. Many disputes arose over unfair labor conditions, but were challenged by a strong, growing labor movement. These developments led to the passage of health, fire safety, and labor laws.

During the late 1950s, state social welfare programs and the State University of New York were expanded, and manufacturing lost its once-dominant position in the state’s economy.

RELIGION (2003)

  • Catholic - 38.4%
  • Protestant - 13.4%
  • Baptist - 7.4%
  • Charismatic - 2.8%
  • Other Protestant - 1.6%
  • No denomination - 7.7%
  • Mormon - 0.2%
  • Jewish - 5%
  • Islam - 1.9%
  • Buddhist, Hindu, Sikh - 1.7%
  • Other - 1%
  • No religion - 13.4%
  • No response - 5.5%

DEMOGRAPHICS (2003)

  • White - 62.0%
  • Black - 15.9%
  • Hispanic - 15.1%
  • Asian - 5.5%
  • Native American - 0.4%
  • mixed race - 3.1%