Why Mt Vernon is a Great Real Estate Investment Today
In 2020, the overall housing market in the US is widely expected to be rather mediocre. However, some markets that are going to perform significantly better than others and now might actually be an excellent time to buy in such markets. New York City is among the richest, most expensive and certainly most complex places to live in the US. Homebuyers across the US are skipping the inner city estates in metropolises like New York and are instead flocking to more affordable, smaller metro areas.
The markets are much less expensive compared to the older real estate hot spots, almost a third less expensive. One such location worth considering is Mt Vernon. Owning and living in Mt Vernon can be a positive experience. If you are looking for reasons why investing in Mt. Vernon is a good option, its character, charm, and phenomenal attractions are enough.
These attributes combine to create a unique neighborhood not found elsewhere. Besides, Mt Vernon has no shortage of local amenities and fun things to do. The population of Mt Vernon according to the 2010 census was 67,292. In terms of property crimes, Mt. Vernon does relatively well against the national statistics, getting a “C” rating.
Location, Location, Location
Location, location, location – these are possibly the most important three words when searching for a new house or commercial property. Anybody working in real estate knows how location impacts desirability, which in turn affect property values.
Thanks to its central location, Mt. Vernon embodies the ideal place for those seeking to escape the bustle and hustle of inner cities. The downtown business district is located on the south side, which also features office buildings, the City Hall, and other municipal establishments.
Mount Vernon is in Westchester County and borders the NYC borough of The Bronx. To the north side Mt Vernon boasts of a suburban presence with beautiful tree lined streets and neat close knit homes side by side. Southside Mount Vernon offers a very urban feel that closely mirrors its border with the NYC Borough.
Affordability and Security Considerations
Many American homeowners are today finding themselves on the wrong side of their mortgage loans. They owe more than the value of their homes were they to sell in the current marketplace. Affordability has become the motivating factor for buyers as housing prices become too high in some markets.
That’s why assuming Mt Vernon meets all of your other non-financial requirements, the other important item that need to be examined is the affordability of Mt Vernon real estate. Everything else takes a backseat if it turns out that your dream house in this increasingly popular real estate market is simply unattainable.
45.97% of the houses in Mt Vernon are older, having been primarily constructed before 1939. Overall, this makes the housing stock in the area some of the oldest in the US. However, there is a range of ages within Mount Vernon. Median home value in Mount Vernon is $360,300 against a national figure of $184,700. In Mount Vernon, the medium rent stands at $1,335 against a national figure of $949.
Real Estate Appreciation
For most people, buying a new home is probably the biggest investment that will ever be made in a lifetime. A recent survey shows that nationwide, housing prices have fallen to their lowest levels in many years and this makes it the ideal time to consider buying.
In Mount Vernon, real estate appreciation rates are very robust despite a nationwide downturn being witnessed in the housing market. They have continued to appreciate in value faster than seen most other communities. Real estate appreciation generally occurs when the value of a property increases due to a change(s) in the local or national real estate market.
Looking at overall Mt Vernon real estate appreciation rates offer some useful insight into establishing if your purchase will, in the years to come, be a solid investment. In Mt Vernon, the median home cost stands at $488,600. Over the last 10 years, home appreciation has been 12.1%. The year-over-year appreciation rates in Mt. Vernon were 10.5%, and the 5 year appreciation rates are estimated at 10.4%.
Low Mortgage Interest Rates
Changes in interest rates affect your buying power. Lower rates are allow home buyers to get a bigger, better home than before. Since the close of 2018, mortgage rates have been declining steadily. Although they’ve been experiencing the sporadic minor jump week-over-week, overall, the trend has been spiraling downward. That is certainly a plus if you are considering buying property in Mt Vernon or elsewhere.
Some of the best places to consider buying for a home in Mt Vernon, New York include the National center in the Southeast at mouth of Hudson River.
Use this free online mortgage calculator to estimate your mortgage payment data for any potential property in Mt Vernon.
https://www.mortgagecalculator.org/
The Gentrification Factor
Gentrification is the transformation that a city neighborhood undergoes from low property value to high value. A 2019 study found that between the years 2000-2013, 7 of the biggest US cities—Washington DC, New York City, Los Angeles, Baltimore, Philadelphia, Chicago, and San Diego—accounted for nearly 50% of the gentrification in America.
Mt Vernon has in recent years seen a transition from a city of mediocre businesses and modest homes to a regional commerce center. Between 2000 and 2006, the economy of Mt Vernon grew 20.5%, which makes it one of the fastest growing areas within the New York metropolitan area.
Mt. Vernon Property Trends
The Mt Vernon housing market is hot. The median Mt. Vernon list price per square foot is $174, lower than the $294 average for NY-Newark-Jersey City Metro. In Mt Vernon, 0.0 homes were foreclosed per 10,000 homes, lower than the 0.9 value seen in New York-Newark-Jersey City Metro. This is also lower than the US national value of 1.2.
As a final thought, remember that these are just predictions. Nobody is in possession of a crystal ball capable of predicting housing trends Mt Vernon, or elsewhere with 100% accuracy. Yes, real estate prices and mortgage rates have come down, but do your research before committing or making a definitive move like selling your current home. However, it’s safe to say that now’s the right time to take advantage of the excellent market conditions and mortgage discounts relative to several years ago.