A report released last week by the NYU Furman Center and Citi, titled, NYU Furman Center / Citi Report on Homeownership & Opportunity in New York City, analyzes recent home sales data and examines the potential purchasing power of households at various income levels in New York City, as well as the nearby counties of Nassau, Suffolk, and Westchester. The study finds that becoming a homeowner in New York City’s real estate market is a considerable challenge for the vast majority of New York City households. While roughly half of the city’s households (51%) earn $55,000 or less annually, they could afford just 9% of 2014 home sales. Even households earning up to $114,000 annually could only afford 42% of home sales in New York City. Homeownership prospects do not necessarily improve by moving out of the city to the surrounding New York suburbs.
Examining the Home-Buying Potential for Households at Various Income Levels in New York City and Surrounding Counties
Date posted: August 17, 2016