VIDEO TRANSCRIPT: Housing prices reach new highs in Onondaga County
Ryan Bell (Reporter): Geddes resident Mike Moran bought his first home more than 30 years ago when he was 31 years old. The cost?
Mike Moran: $44,000
Ryan Bell (Reporter): According to Zillow, the average price of a home today in Onondaga County is more than five times what Moran paid, at nearly $250,000. Now, his sons are buying their first houses at 35 and 38 years old. He says it was difficult for them, and he understands the struggle of first-time home buyers.
Mike Moran: The down payment was the biggest hurdle to get over.
Ryan Bell (Reporter): According to a new release from the National Association of Realtors, the median age of first-time homebuyers in the U.S. has risen to 38. New York real estate broker Ben Gray attributes that to an increase in cost and a shortage of listings on the market.He says young people looking to purchase houses should focus on saving their money early in their careers.
Ben Gray: I know a lot of people will get into their first job and start making money, and they want a new vehicle, and it’s nice to have, but the return on that vehicle is negative. If you bought a home today for $250,000 last year, that home right now is worth $275,000.
Ryan Bell (Reporter): Despite the rising costs in Onondaga County, housing prices here are still well below the nationwide average, which the National Association of Realtors say has reached more than $400,000 per home. Moran still hopes that market will keep people in the Central New York region.
Mike Moran: I just wish people good luck, and we need them to buy houses and stay in Syracuse.
Ryan Bell (Reporter): In Syracuse, Ryan Bell, NCC News.
SYRACUSE, N.Y. (NCC NEWS) – Homebuyers in Onondaga County are looking at all-time high prices.
The average cost of a home during the month of October in Onondaga County was just under $250,000, according to Zillow, making it difficult for many residents to purchase their first homes.
Mike Moran bought his first house more than 30 years ago for $44,000. Now, his children are buying their first homes at 35 and 38 years old. He said it was difficult for them, and he understands the struggle of first-time homebuyers.
“My sons have bought houses recently, and the down payment was the hurdle to get over,” Moran said.
According to a new release from the National Association of Realtors, the median age of first-time homebuyers in the U.S. has risen to 38. New York real estate broker Ben Gray attributes that to an increase in cost and a shortage of listings on the market.
“I know a lot of people will get into their first job and start making money, and they want a new vehicle, and it’s nice to have, but the return on that vehicle is negative. If you bought a home today for $250,000 last year, that home right now is worth $275,000,” Gray said.
Despite the rising costs in Onondaga County, housing prices here are still well below the nationwide average. The average price of a home nationally is $404,000, according to the National Association of Realtors.
Moran hopes the cheaper prices will keep people in the Central New York region.
“I just wish people good luck, and we need them to buy houses and stay in Syracuse,” Moran said.