Rochester ranked one of the best places to buy a home in NY. Here's why
Rochester ranked No. 2 in a recent study conducted on the best cities to buy a home in New York.
The research, conducted throughout Sept. and Oct. 2021, was performed by Hippo, a property insurance company in Palo Alto, California. Hippo uses artificial intelligence to aggregate and analyze property information.
The technology examined home values, ROI, walkability scores, and other statistics of the 100 most populated cities in New York to discover the top ten places to live, work and invest in property.
The methodology is as follows:
• The average cost of a home (Source: Zillow) | Weight: .21
• Property value gain over 10 years (Source: Zillow) | Weight: .13
• Comfort index — an average of summer and winter scores (Source: BestPlaces) | Weight: .07
• Cost of living (Source: BestPlaces) | Weight: .10
• Property crime percentage compared to population (Source: FBI) | Weight: .15
• Walkability score (Source: Walk Score) | Weight: .13
• Bike score (Source: Walk Score) | Weight: .11
• Number of dog parks (Source: BringFido) | Weight: .05
• Number of pet-friendly businesses (Source: BringFido) | Weight: .02
• Number of pet-friendly restaurants (Source: BringFido) | Weight: .03
Rochester ranked second because the cost of living was the 18th lowest of all 100 cities studied, and the property value grew by 54% in the area over the last 10 years. Rochester is also the third most bikeable city in New York State.
Adding to the laurels, last year, Business Insider named Rochester the best place to live in the northeast post-pandemic. Based on the statistics, The city is a business-friendly town with a low price tag for those looking for affordable living.
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