Albany, New York Real Estate.... HELP!!!Opinions

[gotta240]

Does anyone live in or know anything about the real estate market in Albany, New York?

Like how much is an average sized house?
How much does rent go for?
Are there plenty of renters, or more houses than renters?
Do you think the market will go up?


I live in california, and it has been my dream to invest in realestate. I have saved a little money, and made my credit excellent. The only problem is, that any real estate in my area is 400,000 to 600,000 and that is just for an AVERAGE house. Needless to say, i dont make 100,000 a year, and cant afford that.

HOWEVER, my cousin lives in albany ny and swears it is a great place to buy realestate. he says houses are going for near 150,000 and the rent basically pays the entire morgage. I am worried about having an investment property on the opposite side of the country, but its in my price range.... What do you guys think? THis is driving me nuts...please give advice/experience/opinions...serious ones only PLEASE
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[ep510]

Albany is a great place to live---or own income property. Cost of property can be much lower than other parts of the country. Property was undervalued for some time--but has risen in the last 4-6 years.

Large renter population --4-5 colleges in the area, many people moving into the area recently (Tech valley is nickname for past few years)--of course many people buy houses here as well if they are moving into the area.

Where you buy will really determine how good an investment it is. The suburbs with good school districts attract most people--so rental property there would be an excellent investment. In the City if Albany, there are some really good properties--and some really lousy ones, but the city government has made great strides to bring people back into the city ---I am event considering moving back into the city in the next year.

Find a good realtor in the area and they will manage any income property for you--but more importantly steer you to the good areas.

My .02 worth

Oh by the way--many of us considering moving to warmer climates--unless you are part eskimo.

[ThatGuy]

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