Real Estate Relocation Guide To New York

Relocating from Chicago to New York is a major move. You’re crossing state lines and heading 700 miles to find a new home in a different community. By familiarizing yourself with the local real estate market, whether your destination is Buffalo or Manhattan you can get a good idea of the New York landscape and locate the best area for you and your family.

We’ll start with the big picture… New York has an estimated population of 19 million* and around 47,000 square miles of land. The total number of housing units is 7,907,514, of which about 3.9 million are owner-occupied and 3.1 million are inhabited by renters. Roughly 819,000, or 10 percent, of the residences in the state are vacant. The median home value in New York is $303,400 and the median household income is $51,384. For an idea of how this sizes up with national averages – the median home value in the U.S. is $185,200 and the median household income is $48,451.

Statewide figures provide a good overview of New York, but when you’re planning to relocate to the region, knowing what types of housing are available is the most important thing. So here’s a breakdown of what New York real estate has to offer…

About 40,800 homes in New York are new construction, developed in 2005 or after (another 274,600 were put up between 2000 and 2004). New York has its share of vintage charm as well with 2.7 million residences built prior to 1940. The total number of detached, single-family houses across the state is 3.2 million, and there’s also a good selection of multi-unit residences and condos. Most homes have 2 bedrooms, but size varies greatly depending on where you look. And, in case you’re wondering about how your budget will pan out in The Empire State, monthly mortgage costs in [Alabama] generally hover between $1,000 and 2,000+.

Relocation Resources

Northern New York Real Estate
National FSBO and For Sale by Owner Real estate Listings and Property Marketing Services

*All statistics are from the 2006 American Community Survey as shown on the U.S. Census Bureau website.
Sources: factfinder.census.gov and www.city-data.com