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For most people, the first thing that comes to mind when you think of New York is New York City. One of the biggest cities in the United States, New York City is world-renowned for its culture, food, nightlife, shopping, and more. But the city is a relatively small part of New York, which offers everything from charming small towns to suburbs to other cities. New York real estate costs and availability will vary widely depending on what part of the state you choose to live in, but there is something for everyone in the Empire State.
New York Real Estate Market
New York is generally separated into two regions: Downstate New York, which contains the city, and Upstate New York. Because of the differences in these two areas, it's difficult to look at New York real estate through a single lens, and figures like the median home price in the state are skewed by the disparate data. Instead, let's look at the market in each region individually.
Downstate New York
It is no secret that New York City is one of the best places to live for those who prefer an urban landscape, and it's no surprise that it is expensive to truly enjoy the city's offerings. The median sale price for a home in New York City is $677,000, and a significantly lower portion of residents own their homes compared to other states. However, those who purchase real estate in New York will enjoy huge returns, even in a buyer's market, due to the location and its corresponding value.
Those from other states or the suburbs may notice some unique things about homes for sale in New York. Most of the city does not offer single-family units spaced out along a street; most real estate for sale in New York are townhouses, brownstones, apartments, condominiums, and other forms of multi-family units. Home sizes in the city may also be smaller, with the average size at around 1,100 square feet.
Because of the prominence of shared buildings and high rises, you may look for some unique features in New York City real estate. For example, not all buildings have elevators, so consider how many flights of stairs you are willing to walk up daily. During your search, you may also look at whether a building has a doorman, proximity to a subway, and rules surrounding rent control and leasing.
Upstate New York
Compared to the rest of the state, the Upstate New York real estate market is known to have relatively affordable housing. Cities like Rochester have an average price of about $200,000. And while the city is predominantly multi-family units, Upstate New York has a larger variety of homes, with everyone from suburban neighborhoods to expansive farmland available. Many of the real estate for sale in New York's northern cities are second or vacation homes, with beautiful views of nature and features like hot tubs.
Schools in New York
All public schools in New York, as well as all standardized testing, is handled by the New York State Education Department. The NYSED is also responsible for managing the state's higher education, cultural institutions like museums and libraries, vocational rehabilitation, and professional licensing, making it one of the most expansive departments in the country.
The state is divided into Nine Joint Management Regions and a separate entity for New York City. Each contains multiple groups which support several school districts. The New York City Department of Education is independently responsible for all public schools in the city. It is the largest school system in the United States and the world, with more than 1,800 schools that serve over 1.1 million students.
Public education in New York is consistently ranked in the top 10 states in the country, encompassing both the city and other school districts. In addition, there are 183 charter schools throughout the state and some of the country's best private schools.
Many of New York's highest-ranked districts are in Upstate New York, including the Mamaroneck Union Free School District, which is the best in the state, with 77% of the district reading above average. Pittsford Central School District and Valley Stream Central High School District are others that often receive accolades.
Colleges in New York
New York real estate also has access to 309 colleges and universities throughout the state, including Colombia University, New York University, and other prestigious institutions. New York City has over half a million university students living there at any given time, many of whom came from another state to attend school.
Frequently Asked Questions About New York Real Estate
What is the nearest commercial airport in New York?
New York has 162 public airports serving over 100 million passengers annually. The two main airports that serve New York City are John F. Kennedy International Airport and LaGuardia Airport. In Upstate New York, Rochester, Albany, Buffalo, and Syracuse have their own international airports.
Is Upstate New York similar to New York City?
In most ways, no. New York City is as urban as a location gets, full of high rises and bustling streets. While Upstate New York has lively downtown areas, they are nowhere near New York City's level of activity. Instead, this region is full of small towns and farmland that offer a quiet alternative to city life.
What is the weather like in New York?
New York is a northeastern state with a similar pattern to others, with hot and humid summers and cold winters. The state is large enough to see some differences in regions. Upstate New York generally has much heavier snowfall than the southern part of the state, while New York City is more humid than the northern regions.
Can you buy houses in New York City?
Yes! New York City has some unique elements in its real estate market, especially around the type of homes for sale. You will find mostly attached units like brownstones, apartments, or townhomes in this market, though some single-family detached units are in certain boroughs. About 35% of people in New York City own their home, which is less than the average in the United States but leaves plenty of opportunities to become a homeowner.
Attractions in New York
New York real estate has access to numerous attractions and destinations in the state. New York City alone has more attractions than most residents will ever be able to visit. Historical landmarks like the Statue of Liberty and Ellis Island, cultural landmarks like Broadway's theaters and 30 Rock, and many famous stores and restaurants are all within the city. As one of the world's largest tourist destinations, nearly every street in NYC has something to see.
Upstate New York has no shortage of attractions itself, especially for nature lovers. Beauty is everywhere in this region, between the Hudson Valley, the Adirondacks, and multiple state parks. Waterfalls, ridges, mountains, and forests are all easily accessible. In addition to these wonders, cities like Albany and Buffalo also offer a mix of cultural experiences and historical landmarks.
Living in New York
When it comes to New York City, there is a general assumption that every resident is living a fast-paced life full of parties, theater, and endless activities. This can certainly be true for some people, and if you desire a true city lifestyle, this is the place for you. But what many people don't see is that beyond the tourist attractions, NYC is full of small neighborhoods, where many people live quiet and unassuming lives.
Because New York City has nearly everything you can imagine, living there is what you make of it. Some people may choose to spend their time at the endless cultural events, pop-up shops, and networking opportunities, while others may spend their time enjoying food from a local bodega.
There are a few mainstays of living in the Big Apple, however. Most people choose not to drive a car, instead relying on the subway and other public transportation options. The large population means these spaces may be crowded, so even smaller neighborhoods can feel busy at times, and you should definitely expect to see tourists year-round.
Upstate New York
Upstate New York offers a different experience, to the point where many locals say it might as well be a different state. While the city has many public parks for nature lovers, Upstate New York is full of forests, mountains, meadows, lakes, and rivers, making it feel more like a rural area than somewhere close to Times Square. Much of the economy in this part of the state still relies on agriculture, especially dairy products, so farmland is a common sight.
Cities like Albany, the state's capital, and Buffalo are a part of this region and offer lively downtown areas, though they are without the same intensity as NYC. Syracuse is known for its skiing, which indicates the differing weather in Upstate New York, which has milder summers and much snowier winters than the rest of the state.
Many people like Upstate New York real estate because it offers the best of both worlds- it is near enough to New York City that weekend trips are plausible but has a more slow and rural feel and access to endless nature.