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    The state of New York is famous worldwide due to the international reputation of New York City. However, despite the metropolitan Gotham nature of Manhattan and surrounding boroughs, the state of New York is far more than its primary international city. New York has the unique ability to claim access to both the Atlantic as well as the waterways of the Great Lakes to the north. New York also shares a border with Canada to the north as well.

    New York enjoys a big draw and attraction to the nation's population. It is the 3rd largest state in terms of headcount in the U.S, with a population of almost 20 million. By area, it's 27th largest. Today, the state enjoys multiple industries ranging from tourism, to textiles, to manufacturing, banking and finance, government, agriculture, shipping, shipbuilding, transportation and airline industry, and communication.

    The NY economy is right in line with its size - the state produces $1.15 trillion per year, just behind California and Texas, who are both larger. Per capita income is above $45,000, which ranks in top ten in the United States. Read on for our guide to living, banking, and home buying in the Empire State.

    Places to Live in NY

    Homes in New York can get expensive. In 2013, average home value rose by nearly 8% to $500,000, and the median sales price is over $600,000. These numbers are driven by expensive homes in areas like Scarsdale, Great Neck, and New York City (especially Manhattan!). It's important to note that there are drastically less expensive areas as well; in Buffalo and Syracuse, for example, the median sales price for a home is less than $100,000. More so than most states, how much you pay in New York depends greatly on where you live.

    New York City

    Population: 8,244,910

    The Big Apple is America's largest city, and its metropolitan area is home to 20 million Americans. NYC has an enormous reputation both at home and abroad. The city itself is divided into five boroughs - Manhattan, Brooklyn, Queens, Staten Island, and the Bronx - though Manhattan is the best known and the borough most associate with the city. The NYC economy is a hub for so many different industries that we could spend this entire article talking about them - banking, advertising, media, fashion, and so on. Living in New York City can be a thrill and great for your career.

    Buffalo

    Population: 261,025

    Buffalo, located in Western New York, is the state's second largest city. Its metro area is home to around 1.2 million. Known in the past for manufacturing, Buffalo has since diversified its economy to incorporate tech, services, and other industries. M&T Bank calls the city home, and big banks like Bank of America, KeyBank, and Citibank all have offices in Buffalo.

    Rochester

    Population: 210,855

    Rochester isn't quite as well known as the previous two cities, but it's definitely somewhere to consider if you want to relocate to New York. Both Forbes and Kiplinger have recently sung Rochester's praises, calling the city a great place to raise a family. Best of all, home prices are very affordable - the median is around $80,000.

    Syracuse

    Population: 145,151

    Home to Syracuse University, this city is the fourth largest in New York. Traditionally an industrial city, Syracuse now relies on education and services for jobs. The university, various hospitals, and Wegmans Foods are the city's largest employers.

    Your Banking Options

    New York is the banking capital of the United States and arguably the world. We previously mentioned that M&T is headquartered in Buffalo. Additionally, New York City is home to two of banking's "big four", Citibank and Chase Bank. Other well known banks include HSBC (US division) and Apple Bank for Savings.

    As you can imagine, these means that New Yorkers have an array of options to consider when it comes to banking. This is especially true if you live in New York City. If you choose to work with one of the giants, you'll enjoy access to many ATMs and the latest and greatest in mobile / online banking technology. However, you should also consider community banks and credit unions, where you'll have a closer relationship with the institution and perhaps more flexibility, especially in getting a mortgage loan.

    1. Adirondack Trust Company
    2. Apple Bank for Savings
    3. Astoria Federal Savings
    4. Bank of Utica
    5. Brooklyn Federal Savings Bank
    6. Emigrant Savings Bank
    7. Flushing Savings Bank
    8. Glen Falls National
    9. Hudson Valley Bank
    10. NBT Bank
    11. Saratoga National Bank and Trust
    12. Suffolk County National Bank
    13. The Dime Savings Bank of New York
    1. Bethpage Federal Credit Union
    2. Teachers FCU
    3. ESL FCU
    4. United Nations FCU
    5. Hudson Valley FCU
    6. Visions FCU
    7. SEFCU
    8. NEFCU
    9. Municipal CU
    10. Melrose CU
    1. Bank of America
    2. Capital One
    3. Chase
    4. Citibank
    5. Citizens Bank
    6. HSBC
    7. Peoples United
    8. Sovereign Bank
    9. Wells Fargo

    That's a lot, and we've really just scratched the surface! You may be wondering how to figure out which of these financial institutions will give you the best yield on a CD, or who has the lowest auto loan rates. RateZip.com was designed to answer these exact questions; get started by using our financial search engine!

    New York Mortgage Rates

    Because the state has so many different districts and possibilities, a homebuyer should always consult with RateZip.com to have on hand the most up-to-date mortgage rates for New York available from regional lenders. Notable mortgage lenders in New York include Manhattan Mortgage, now part of Guaranteed Rate.

    If you're buying a home in one of New York's more expensive areas - think Manhattan or Westchester County, for example - you'll need to know about jumbo home loans. A jumbo mortgage is one where the loan amount is more than Fannie Mae or Freddie Mac will insure, also known as the conforming loan limit. Though this limit is higher in more expensive areas, many in NYC and other parts of NY need a jumbo loan to finance a home. Generally, jumbo mortgage rates will be a little higher than conventional, but you can shop around to try to get the lowest rate around.

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