These NY, NJ towns make list for worst cities to buy property in next 5 years
NEW JERSEY - If you're betting on a property, experts say you'll go broke in Rochester, NY and Atlantic City, NJ.
JUMP TO: ROCHESTER l ATLANTIC CITY
Personal finance website GoBankingRates asked a handful of real estate agents across the U.S. where they believe to be the worst cities to buy property in the next five years – Atlantic City and Rochester were ranked as some of the worst.
Rochester, NY
"The economy in Rochester has been transitioning for a long time due to the fact that most of the industries that used to drive the city [are] either downsized or wholly relocated," said Ben Johnson, a real estate agent and the CEO of Big Ben.
Atlantic City
"Places like Atlantic City have seen drastic population loss over the past decade due to lack of job opportunities and economic decline, leading to excess housing supply and dropping property values," Daniel Rivera, the owner of Proactive Property Management, explained.
Rest of the list
Other cities that made the list include:
- Shreveport, Louisiana
- Ontario, California
- Springfield, Massachusetts
- Gary, Indiana
- Flint, Michigan
- Stockton, California
- Rockford, Illinois
"Cities with long-term declining populations should raise red flags for property investors," Rivera told GoBankingRates, adding investors should be wary of other cities with similar dynamics.
FOX 29 Philadelphia, as well as Kelly Hayes of the FOX digital team, helped contribute to this report.