There are positive things to be said about the stodgy old Eastern U.S. states like ours, including our venerated cities such as Rochester. I’ve been saying for a while now that one saving grace our city has over many others across the country is the fact that, while individual families are certainly hurting across the metro area, overall the market in Rochester has seen significantly less damage from the housing bubble. A harder-hit market would compound the already-heavy toll of a down economy in ways too numerous to mention.
Here is a quick chart, taken from the National Association of Realtors website, of Rochester’s median home price as a function of its relative value to the U.S. national average. You can see just how much harder the nation is being hit by underwater homes and high unemployment. I know of at least one person who moved to Rochester for a fresh start, which is not something you hear about often.. and they can’t sell their house where they’re from.