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New York might be one of the most recognizable names in the world. Ranked fourth in the United States for state population, New York houses nearly 20 million people as well as the financial capital of the world, New York City. The Empire State state has been, is, and will be a dominating presence in the United States and global economies.
New York’s development was greatly aided by the establishment of New York City as a port and transportation center, leading to major growth for America as a nation in multiple ways.
New York City was a major hub of immigration during the 1800s. This allowed New York state to facilitate the considerable influx of immigrant workers, many of whom are considered American ancestors today, which drove the economy during the pivotal industrial age.
Aside from its historical importance, New York has the largest financial district in the world within its borders. New York is home to thousands of financial sector and business development career opportunities which account for a significant percentage of New York’s labor force.
The state of New York has always been a desirable place to move, and today, it is still considered a solid place to establish one’s life. Recognizing this, we decided to take a closer look at which towns and cities in New York were considered desirable places to buy a new home.
Below, you can find a map as well as a table highlighting which towns of New York state are ideal for relocation. This list should be ideal for new homebuyers who are looking for a good area to live, work, and grow in. Scroll down to read more about which towns and cities made the cut!
New York’s Best Towns and Cities for Homebuyers
Table Note: The sections dubbed “Pop,” “Income,” “Value,” and “Crime” refer to the Population Scores, Income Scores, Value Scores, and Crime Scores for each city and town. More information on these scores can be found in the methodology section.
Throughout this homebuyer study, data was licensed from Onboard Informatics city-level data set providing zip codes, state, city names, county names, and all relevant metrics used in the report. Overall, over 450 towns and cities in New York state were analyzed (only towns with populations exceeding 5,000 were considered), and only 250 towns and cities made the final list.
Relevant metrics included median household income and five-year projected household income, median household sale price, current population levels and five-year projected population levels, and crime risk as an index score.
These metrics were used to determine the scoring metrics in four different categories; these four scores determined the final Homebuyer score. Here is more information.
Population Score (40-point weight)
A high population score meant that the people were moving to the area, so higher population growth was viewed as a positive ranking factor. In order to determine each city’s population score, the percent difference between the five-year population projection and the current population was calculated. Each percent difference was ranked on a percent scale against the entire field of cities and towns in New York. Each percent rank was multiplied by a weight of 40 points to find the population score for a respective city or town.
Income Score (20-point weight)
A high income score meant that the median household income of an area was growing substantially, and higher income growth was seen as a positive ranking factor. The income score for a city was determined in the same way as the population score; however, current household income and the five-year income projection were used during calculations.
Value Score (20-point weight)
A high value score meant that residents were making comparable incomes to the median value of a home in an area, and a ratio closer to or above one was seen as a good ranking factor. Determining the value score was simple: divide the median household income by the median household sale price, setting up a value ratio. Each ratio was ranked on a percent scale against the field, and each percent rank was multiplied by a weight of 20 points to find each respective value score.
Crime Score (20-point weight)
A low crime index was considered a positive ranking factor, so towns and cities with lower crime indexes were more likely to rank higher. For reference, the crime index is an integer value. A lower crime index means lower risk of overall crime. The national average is 100. If an area has an index greater than 100, then the area has an above average risk of crime. If it is lower, then there is a lower crime risk compared to the average. In order to find the crime score, the percent difference between a town or city’s given crime index and the national average was found. Each percent difference from the national average crime index was ranked on a percent scale against the field. Each percent rank was multiplied by its weight of 20 points for the crime score.
After each score was determined, they were all summed together for the final homebuyer score. Cities with greater homebuyer scores were ranked closer to the number one position.
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Author: Andrew Rombach