When looking at residential real estate, it is often very useful to consider demographics. The demographic profile of an area provides a general picture of the residents, which can be helpful to both buyer and seller determinations of such factors as price. And no less an authority than Business Week magazine crowned New Rochelle the best city in all of New York State to live in and one of the very best nationwide for raising children. The American Podiatric Medical Association even named New Rochelle one of the top one hundred most walkable cities in the United States and the second-best in the entire Empire State second only to New York City some seventeen miles south.

New Rochelle counts a population of around seventy-two or so thousand, of which a little over twenty-four thousand are occupied households and about seventeen and a half thousand are families. A substantial minority population exists, comprising almost half of the total population at around nineteen percent African-American and twenty percent hispanic of any race. There are roughly ninety males for every one hundred females, and just eighty-five males for every one hundred females over the age of eighteen. Unemployment stands at just under five percent of the workforce of over thirty-five thousand able-bodied souls. As of 2007, the median household income in New Rochelle was estimated to be almost sixty-five thousand dollars, with the median family income being just ever-so-slightly over eighty-eight thousand dollars per year.

Thus, some of the nation’s most expensive real estate can be found in New Rochelle, with the northern end of the city ranked among the five hundred most affluent zip codes anywhere in America by Forbes Magazine. Average household income here is almost two hundred thousand dollars each year, with homes averaging seven and a half hundred thousand dollars. The city’s Premium Point gated community, located on the Long Island Sound, boasts residences priced between two and twenty million. However, the City of New Rochelle has historically not only met but even surpassed state requirements concerning affordable housing.

The recent economic doldrums affecting the rest of the country has not spared New Rochelle, however, and average listing prices have fallen almost thirty thousand dollars in less than a month between January 20, 2010 and February 10, 2010. But that’s actually the recovery, for in less than a week in mid-January prices had fallen by over fifty thousand!

Disclaimer: Be advised that such information as has been presented so far only constitutes mere opinion and should under no circumstances be misconstrued for professional advice of any kind whatsoever! Always consult those properly licensed and/or otherwise qualified when it comes to making business decisions of any financial importance.

Author Bio: Barbra I. Miller writes frequently on real estate topics for various online publications. Please visit ORRealEstateDot.com for more great articles from industry insiders such as Isaac Toussie and others!

Category: Real Estate
Keywords: real estate, new york, nyc, new rochelle, news, property, property markets, realty, advice