International real estate search website Point2 Homes recently released a new study charting the 150 most populous urban centers in the U.S. and Westchester’s largest city has returned some strong results.
The study, authored by Senior Real Estate Writer Andra Hopulele, took the 150 most populous areas and weighed them according to 18 different factors in four categories: Economic Activity, Education & Culture, Housing, and Human Capital. The end result is a breakdown showing the influx of citizens and immigrants into communities, median age, school enrollment, GDP, poverty rate, home value appreciation and vacancy rate, and more. While ranking 140 overall, when all was said and done, Yonkers showed significant sectors of growth.
“In a period of just five years, Yonkers has come a long way,” says Hopulele. “Yonkers surpassed more established urban centers in several key metrics: Its population grew, its housing market became healthier, and unemployment rates declined.”
She continues, “Thanks to its increasing diversity and to the drop in crime rates, the city might shape itself as a growth center in the following years.”
From 2013 to 2017, the percentage of vacant homes in Yonkers fell by an incredible 58%, catapulting the city to the number two spot of all cities surveyed. This ties directly to a 42% increase in the ratio of residents moving into Yonkers from another county, state, or country, according to census data, the 7th largest increase of all 150 urban centers.
“Yonkers is becoming more attractive for people looking for a new place to call home, some of them avoiding the rising housing costs in New York,” says Hopulele.
Hopulele adds that a 46% drop in unemployment indicate a healthier economy, while a 2% increase in school enrollment, while seemingly slight, “is still the 16th largest rise in school enrollment of the 150 cities analyzed.”