Whether you want to buy property as an investment or for your own sake, there are a slew of factors to consider. As the saying goes, “location, location, location” tends to be the main driver when it comes to the value of a home. And when it comes to New York, the disparity in price varies wildly across the state.
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However, these are not the only factors to consider. Experts said that buying a property in certain New York cities can be risky and make poor financial decisions. In turn, they said, there are also several aspects to consider, including economic challenges, high unemployment, high costs, crime rate or supply issues.
According to experts, here are the worst cities to buy property in the next five years .
Syracuse
According to Shannon Feick, co-owner and co-founder at ASAP Properties , despite its affordable housing, the slow recovery from economic downturns in the last several years and shrinking local industries may prevent significant property value increases in Syracuse.