A recent study places New York at 12th among the most livable states—a testament to its strong quality of life, health, and safety. Yet, even with these strengths, many New Yorkers encounter economic headwinds: slower income growth, high housing costs, lower homeownership, and a higher poverty rate compared to some other states. After 34 years of working with sellers, asset management companies, and banks, I’ve seen firsthand how these factors shape the real estate market and influence the options available to buyers and sellers alike. Understanding both the advantages and the challenges is essential for making informed decisions in today’s dynamic environment.
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