Rochester's median home list price is $282,500, which is substantially lower than the national median, despite a year-over-year increase of 13% due to supply-demand imbalances.
The under-building in Rochester, with new construction permits dropping from 1,600 to just 400 annually, contributes to the rising prices in a supply-strained market.
New York's high tax burden plays a significant role in affordability, as households operate within a fixed budget for housing costs, affecting purchasing power.
James Yockel describes the situation as a 'purely supply-demand imbalance in action,' reflecting decades of insufficient housing construction leading to current market pressures.
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