Sunday, August 16, 2015

Cost of Living

Despite offering first-tier cultural and educational opportunities, Rochester is remarkably affordable.  Cost of living is largely influenced by housing prices, and when it comes to housing prices in America's large metro areas, Rochester is a standout.  Granted the dramatically high property taxes negate some of the savings, but the following statistics are still noteworthy:

  • According to Zillow, the current home value index in the U.S. is $180,100.  In Monroe County, the same index is $127,400.  In other words, housing here comes at a 30% discount.
  • As per the Demographia International Housing Affordability Survey, Rochester has the second most affordable housing of 52 major U.S. markets.  In fact, Rochester has the 19th most affordable housing of 378 markets in 9 countries.
  • Unlike certain large American metro areas, Rochester does not price out residents in terms of public education.  As an example, the suburb of Brighton was recently ranked as the 39th most educated place in the country.  Despite this impressive brainpower, the Zillow home value index in Brighton is $165,800...or 8% cheaper than national average!  

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