« Creative Techniques For Investing In Real Estate | Home | Rochester Real Estate… It’s All Wet! »
Rochester and Job Growth
By Tom Dunn | October 8, 2008
There are a ton of reasons why Rochester NY is a great real estate investing market. I wanted to touch on just one today, in light of the current economic crisis… namely, job stability and growth.
Rochester’s economy has taken a hit in recent years, like other cities in the Northeast. The slow demise of Eastman Kodak cost the Rochester area nearly 100,000 top-notch jobs, and that has had a huge impact on the local economy. As Kodak has retracted into itself, other companies have either folded, downsized, or pulled up stakes and moved out, either South or to other counties. This has impacted the housing market.
But, like most clouds, this one has had a silver lining. As Kodak imploded, many of the workers have chosen to stay put right here in Rochester. One thing about these workers – they are highly skilled in a variety of technical fields, and they have used these skills to start literally hundreds of small, nimble tech firms. These startups have made Rochester a bastion of tech jobs, which in turn has led to robust job stability, and even growth.
It’s true that Rochester is a magnet for young, highly trained technical job seekers like engineers. Few other Northeastern cities can make that claim. The result has been that the real estate market, in terms of housing demand, has remained robust and stable. A large population of young income-producers means a steady supply of tenants. Another reason why Rochester NY is a great investment real estate market.
Topics: why invest in rochester | Comments Off
Comments are closed.