A lower percentage of Rochester homeowners have mortgages that are "underwater" than any of the other real estate markets ranked in a recent report.
The social media company WalletHub analyzed data from 25 real estate markets. The report ranks Rochester eighth overall on a list of the top ten healthiest housing markets.
The report said 6.3 percent of Rochester-area mortgages are "underwater", or higher than the home's value. That's compared to 38 percent in Las Vegas.
The Rochester market also placed first in the rankings for the fewest years (17) needed to pay off the average mortgage.
Greater Rochester Realtors Association President Andy Burke said the report illustrates some of the factors behind sluggish home sales recently.
"Because people are staying in their homes longer, and building more equity, and having less time to pay off, they're also not moving. And because they're not moving, we don't have a supply of homes available for new homeowners to come along and purchase."
Burke believes one of the reasons fewer local homeowners are selling their homes is because they are reluctant to give up the low mortgage interest rates they obtained through refinancing.
