Multifamily Mortgage Bankers and Brokers since 1997

Get Your Free Multifamily Loan Quote

 

Syracuse, New York

The city of Syracuse, New York has a home worth median of $82,200. The value of houses has increased in the last year by 2.5 percent. It has been forecasted that Syracuse house values will increase in the following year by 3.6 percent.

This is a lower rise in the worth of real estate when compared to many other locations in the U.S. There is some good news here for the aspiring home buyer. And that is that this slower increase makes it easier for aspiring house buyers to be able to purchase a home.

In Syracuse, per square foot, the list cost median is $62. The metro area of Syracuse has a higher per square foot list cost median of $99.

In Syracuse N.Y. for homes presently listed, the median cost is $79,900. In Syracuse, the rent cost median is $1,200. The metro area of Syracuse has a higher rent cost median of $1,350.

The median annual household income for the Syracuse, N.Y. Metro Area is $56,702.

The number of foreclosures is needed to be looked at for any area of the country you want to purchase a home. This is because foreclosures have an economic effect. The lower the foreclosure rate for any area of the country, the higher the home value for that area of the country.

In Syracuse, for every 10,000 houses, 0.9 are foreclosed. This is a lower foreclosure rate than the national rate which is 1.6 houses foreclosed for every 10,000 houses.

When people go through the foreclosure process, there is a first step. It is called mortgage delinquency. Mortgage delinquency occurs when a borrower neglects to make a payment on their mortgage.

2.9 percent of Syracuse New York house owners have delinquent mortgages. This is a higher mortgage delinquency rate than the national rate of 1.6 percent.

One negative consequence of the 2008 recession was that house values fell greater than 20 percent in our nation. As a result of this, quite a few owners of houses are presently experiencing being underwater regarding their house mortgages.

Mortgage delinquency has the meaning of their debt on their mortgage being higher than the worth of their house. Syracuse has 13 percent of homeowners being underwater regarding their mortgages.