ALBANY, N.Y. (NEWS10) — Because multi-family units dominate housing in the country’s largest city, New York’s statewide homeownership rates were the lowest in the country in 2021, according to a new report by New York State Comptroller Thomas DiNapoli.
DiNapoli reports that 53.6% of New Yorkers owned a home in the second quarter of 2022, compared to 65.8% nationally. But outside New York City, homeownership rates were greater than the statewide average, and in some spots, the national average of 65.8%, said DiNapoli.
In the North Country, Essex County’s homeownership rate was among the highest in the state at 76%. Rates of ownership in Franklin County (72%) and Clinton County (68%) were also above state and national averages.
You can read DiNapoli’s full report on the State Comptroller’s website.
But New York has high racial and ethnic homeownership gaps, with Latino homeownership very low, according to the DiNapoli.
A recent New York State Association of Realtors report that said the housing market slowed in September while interest rates rose. Sales in New York declined by 12.6% from September 2021 to September 2022. Pending sales and new listings of homes also reportedly declined.
Mortgage interest rates were more than 6% in September for the first time since 2008, and more than double what they were in January. The median sales price of homes also increased slightly in September.
|Sept. 2021||Sept. 2022||% change||YTD 2021||YTD 2022||% change|
|Days on Market||45||42||-6.7%||57||51||-10.5%|
|Median Sales Price||$370,255||$379,000||2.4%||$370,000||$401,000||8.4%|
|Avg. Sales Price||$484,988||$507,278||4.6%||$478,601||$535,349||11.9%|