Real Estate Market in Utica, NY
Like other Rust Belt cities, Utica has seen it’s share of hard times from a strong economic downturn. The downturn consisted of industrial decline due to “globalization and the closure of textile mills, population loss caused by the relocation of jobs and businesses to suburbs and to Syracuse, and poverty associated with socioeconomic stress and a decreased tax base.” -wikipedia
With a lower-than-average cost of living, the city has become a safe haven for refugees from desolate countries around the world, encouraging growth for its colleges and universities, cultural institutions and economy.
Despite all of this, Utica’s housing market is on the rise, fairing much better than the rest of New York’s cities (generally speaking). The housing market boom in Utica has created a wonderful opportunity for real estate investors but fears resonate that a plunge may happen soon.