The United States east coast region, namely the New York, Maine, and New Hampshire real estate markets, have been slowly suffocating under the assault of a worldwide real estate recession.
New York: Owning, Not better Than Renting
The percentage of New York residents who are currently home owners, is an relatively small 48.69 percent. Renters in New York reached 43.20 percent, leaving just below 10 percent of the N.Y.’s properties vacant. The most common type of real estate in New York is the single family detached homes, with 41.65 percent of the real estate falling into that category. Apartment complexes, otherwise known as high rise apartments, are the next best bet for the real estate investor in New York, eating up 32.43 percent of the total real estate owned in New York.
The New York apartment real estate markets are on fire, the high rise apartment properties are a large chunk of available real estate industry. That becomes more apparent, with the next revelation of N.Y.’s real estate numbers. The amount of real estate being consumed by small apartment buildings in the state are nearly half that of high rise apartments. Mobile homes sales in the state, also, makes an impact on the real estate markets and economy of New York, small as it may be. The amount of real estate being owned by mobile home owners and sellers rests at 2.7 percent.
The median home value in the state averages out to be just under $323,000. The majority of the rest of the real estate sold in the state of New York, 32.04 percent, are homes selling in the $219,000+ range. The average rental rate for a New York apartment flies throughout the roof at $1,152.00, per month. After reflecting on these numbers any agent can see that the largest real estate market in New York is, easily, the residential markets.
Maine Real Estate
The state of Maine has been one of the best real estate markets in the country for private homes. Since 1990 the appreciation rate of Maine real estate has risen 5.77 percent, sadly, in the last 12 months it has dropped 2.61 percent. Residential real estate prices in Maine climb all the way from the bottom rung, up to the top shelf. The cost of residential real estate in Maine has followed close to national trends, as said by the Maine Real Estate Information System. The median price of Maine homes have gone up by 2.51 percent over the last 12 months.
New Hampshire real Estate
New Hampshire has been doing a bit better in this respect than New York, but not nearly as strong as Maine. New Hampshire appreciation rates have climbed over the past 10 years , 9,62 percent, but across the last 12 months the residential real estate in New Hampshire has plummeted 4.48 percent, but turned it around during the last quarter, rising 0.16 percent. In 2010, the all important median value of a residential piece of real estate, namely a single family home, lists at just below $260,000. The median income of New Hampshire home owners was $49,467, but per capita the state averages a poultry 23,844, making that high end mortgage payment all that much harder to accomplish.
Most of the Illinois economy is manufacturing based. It manufactures everything from iron and steel, to chemicals and computer hardware. If the industry markets of New Hampshire are crushed by state and national legislations, as many politicians wish to do, then New Hampshire’s real estate industry will crumble as the legislations grow.
After researching and reading all the real estate facts for N.Y., Maine, and New Hampshire, the only conclusion that can be reached is, the most commonly bought and sold pieces of real estate on the northern east coast is residential homes and apartments, specifically three bedroom homes and high rise apartments. For in more information on these states and others go to… http://www.neighborhoodscout.com.