Newburgh Market Analysis: Appreciation Trends for 2022 By Sandra Cotthaus (914) 213-1550 sondra10100@aol.com
N
ew York is the largest metro area in the United States and includes the island of Manhattan, an eight county area, west long Island and Staten Island. It is the fourth largest in the world after Tokyo, Mexico City and Sao Paulo, Brazil. It is among the richest and one of the most complex places to live in America. One of the cities that we’re going to be looking at in this article in terms of the real estate performance is Newburg. Newburg is a mid-sized city that is located in the state of New York. It has a population of 28,856 people and 14 neighborhoods. It is the 52nd largest community in New York. As a visitor of the city, one thing that you will notice quickly is the fact that many of the homes have a historic look to them as they were built pre-world war 118 | MAY 2022
II. This makes the city has a unique appeal making it one of the more historic cities. In terms of job profiling, Newburgh comprises of both blue and white collar jobs. But in overall, the city is made up of more service providers, sales and office workers and professionals. Many people living in Newburgh mostly work in offices and administrative support (12.64), sales jobs (10.47%) and in health care support services (8.46%). For a city the size of Newburgh, it makes a lot of sense why there are so many people taking public transportation. The Per-capita income of residents of Newburgh as of 2018 was $22,425 which is quite low compared to the state and relative to the national per capita levels. This equates to an annual $89,700 income for a family of four.
When it comes to diversity of the races in Newburgh, you find that it is a city that’s extremely ethnically-diverse. Many people in Newburgh describes themselves as belonging to a variety of racial and ethnic groups. The most prevalent group in the city are the people of Hispanic or Latino descent who make up 53.56 percent of the total population. Many people in Newburgh report their race to be white followed by the African Americans. NEWBURG’S REAL ESTATE PROFILE The city of Newburgh has about 10,268 houses or apartments with a median cost of $249,750 according to the latest statistics from Redfin. The company also reports that real estate prices in the city have gone up 11.0 percent compared to the same period last year (March 2022). The most common housing type in Newburgh are the duplexes which account for
