SYRACUSE, N.Y. (NCC News) — The cost of renting or buying a home in Syracuse has risen sharply in recent years. For many residents, the homes they want are now out of their budget or not considered livable.
In the city, the median sale price of a home has increased by more than 17% year over year, reaching about $200,000 according to Redfin. Meanwhile, the number of homes sold has dropped nearly 22% in the same time period.
The rising prices have forced many residents to make difficult decisions about where and how they live.
“I wanted to be closer to where I grew up, where my family is,” said Maria Zollo, who recently purchased a home in Syracuse. “But taxes are so high and houses are small, yet they’re still expensive because of the area.”
While the trend shows no signs of slowing, some local organizations are working to expand affordable housing options. Home HeadQuarters, a Syracuse-based nonprofit, builds and rehabilitates homes for lower and middle-income buyers.
The organization works with the Greater Syracuse Land Bank to purchase and renovate vacant properties. They also provide loans and grants to help residents buy homes.
For many in Syracuse, the hope is that new development and rehabilitation efforts will help make homeownership possible again, not just a rising price tag out of reach.