City Home Ownership Up But Still Relatively Low
Buried at the bottom of an article about a Queens College study revealing that home ownership in New York City is at an all-time high of 33 percent was the fact that the city and the state have the lowest homeownership rate in the country. In fact, the national average is 68 percent. A city…
Buried at the bottom of an article about a Queens College study revealing that home ownership in New York City is at an all-time high of 33 percent was the fact that the city and the state have the lowest homeownership rate in the country. In fact, the national average is 68 percent. A city like New York, with its preponderance of young singles, transient population and high prices is going to have a lower levels of home ownership, but perhaps part of what’s been going on in recent years is a readjustment of the city’s home ownership equilibrium point. There’s no golden rule stating that home ownership has to stay at 33 percent. What does it mean for the market if it moves to 40 percent? The study does not that the biggest increases in ownership occurred in the city’s poorent neighborhoods with increased by minorities, women and immigrants. What about all the wealthy foreigners using the weak dollar to buy second homes in Manhattan?
Study: City Boasts Record Number Of Homeowners [NY1]
Photo by Tracy Collins
it’s true folks. if you don’t see it, you just aren’t looking.
i’m the only person i know who owns their place.
by white people you mean people born in america, i assume. immigrants come in all colores but i think you are right that immigration is the single biggest factor in brooklyn’s population growth and real estate scarcity at least outside the american-white and american-black brownstone neibs. 33% home ownership? doesnt that seem crazy low? Who knows how these eggheads come up with these numbers? I don’t accept it, it does not reflect the reality i see.
C’mon – the # of people buying 2nd homes in NYC are a blip on # of housing units here – but of course subject of lots of articles in NYTimes and such because that is their interest.
As I have commented before – it is the growing immigrant community in NYC this is increasing our population and their desire to buy their own homes is fueling the rise in property values.
No matter how much ‘media’ focuses on ‘Manhattanites’ (code word for white college educated people) and Brownstone Brooklyn, it is the hardworking foreigner that are by far the much larger factor.
Face it. The # of white people is declining at least in % terms.
Hey, that’s my building! [With that lousy sign.] Given oddball layouts I’m not sure the units for sale now will ever sell, so we may be stuck with it forever…
How do they arrive at a figure like this? Is it 33% of all households? Do they include the tens of thousands of students in the city? or the thousands of folks in the diplo corps at the UN? religious groups like the Jehovahs? People in prison?
It seems like an odd statistic. I’m skeptical. Seems to me that in Staten Island and Queens the percentage would be way higher, Brooklyn too although there is a lot of public housing in the boro. 33% is pretty low. It does not speak well of us although I agree it is much better than in the old “Moscow on the Hudson” days.
you are incorrect, 1:41. the number of children being raised in new york city has risen, citywide. manhattan has seen enormous growth in this area, but all boroughs are seeing a rise in children compared to the 70’s 80s and 90’s.
Actually the number of kids being raised in the city is down–fewer poor, large families. Manhattan’s kid census is up.
this is a good thing. more homeowners will stabilize the city when it goes through tougher times.
of course there are those that like to be naysayers and will pick something apart no matter what, but this increased homeownership can only be attributed to the health of new york city. that and the exponential increase in children being raised in the city are key factors that have been affecting the city and its real estate prices.
The article points out that deregulation is pushing renters to buy just to have stability. So true. NYC’s homeownership rate will undoubtedly keep rising. Unless something changes tenants are going to have less and less power, which is unfortunate, because you shouldn’t have to take on a risky mortgage just to find a place to live.