Situated on the Erie Canal, close to Buffalo, Western New York, was one of the USA’s first boom towns. Now an important centre for optical research and technology development (for Eastman Kodak, Bausch and Lomb, and Xerox), Rochester is also attracting many small businesses to the area.
Rochester, as with its neighbouring Buffalo, has a large supply of good, affordable, family homes. However, property prices remained so low in the area, the bust had little impact. Sandy Parker, CEO of Rochester’s Business Alliance, tells us: “Foreclosures have not been a problem.”
Rochester has only experienced a 4% drop in values since the market peak, with the median home price currently at $125,000 and a 5.3% forecast gain expected.
You can find out more about Axis properties and strategies in the neighbouring area of Buffalo on our Buffalo property pages.