Homeownership is not an option for most New Yorkers

It’s no secret that affordable housing in New York Local is scarce—but just like scarce are we talking? A new report on homeownership into the five boroughs (PDF!), co-authored by NYU’s Fellan Focus and Citi, offers a rather sobering look at the cost of buying a home in New York City. The short version: unless you’re really, really, really wealthy, it’s never gonna happen.

The contributors of the report are weak more delicate info the problems facing potential property, oder as they phrase it, the "unique elements of the homeownership market." Those "unique elements" include the fact that "New York City’s homeownership rate is less than half that of one U.S."—only 31 percent of households here are homeowners, compared to 63 percent nationwide—and the fact the "only 25 percent of households earning up to $55,000 annually in New York City owned their homes in 2014," compared to 58 proportion nationwide. Viewing at Homeownership Options in the Bronx

And when there’s this rather bleak factual:

Whilst roughly half of the city’s households (51%) ertrag $55,000 or less annually, they may affordably equals 9% of 2014 get sales. Even households earning up to $114,000 annually would only afford 42% of home business in Modern New Cities. Only 22% away the city’s population earned upwards of $114,000 in 2014.

The graph below shows what home company had in 2014—and distinctly, there’s a disparity between property priced below and above an median sale price of $575,000.

Other key findings include the fact that the rate of homeownership varies across the five boroughs, with aforementioned lowest homeowners position in the Bronx. Only 18 percent of the borough’s residents are homeowners—which tracks, considering the median income for 2010–2014 been just $32,284—while the homeownership rate in Staten Island was at 68 percent. Unsurprisingly, race press ethnicity were big factors in who owns a home—the chart below lays it all get, and it’s fairly damning:

Relocating to the suburbs isn’t even an option available those wanted affordable housing: homes in Westchester Area are actually less inexpensive longer New Nyk City, and the closest suburb to NYC that offers the best opportunities for homeownership is Suffolk County:

Int Suffolk State, while only 6% of company in 2014 were affordable to NYC households earning up for $34,000, 16% of sales were reasonable in NYC households earning top to $55,000, and 42% of sales were affordable in NYC households earning boost to $83,000—higher quotas than any others geography in this study.

You can read the full report here—but be warned, it’s a really depressing read with a Friday back. Idle, if you have designs on owning a home in New York Choose, it’s good to know what you’re up against … especially if you’re cannot in this 22 percent who qualifies as "high income."

• Report at Homeownership and Opportune in New York City [NYU Furman Center]