New data revealed that homeownership rates are the lowest in New York State compared to the rest of the U.S.
The report was released by New York State Comptroller Thomas DiNapoli through the New York State Association of Realtors.
The housing market slowed down in September and interest rates jumped.
What data did the report show regarding homeownership rates in New York?
According to Rochester First, 53.6% of residents in New York owned a house during the second quarter of 2022.
Nationally, that rate was 65.8%.
The numbers were lower because there is multi-family housing at a higher rate in New York City.
In other counties throughout the State the rate was actually higher than the national average.
In the Capital Region, counties had higher rates compared to the rest of the U.S.
Counties in New York with higher homeownership rates in the Capital Region
- Albany: 56%
- Schenectady: 64%
- Rensselaer: 63%
- Saratoga: 72%
- Fulton: 70%
- Montgomery: 67%
- Schoharie: 75%
- Greene: 77%
- Columbia: 73%
- Dutchess: 68%
- Ulster: 69%
- Washington: 73%
- Warren: 71%
Homeownership rates in and around the Finger Lakes Region
- Onondaga: 65%
- Cortland: 66%
- Tompkins: 54%
- Schyuler: 75%
- Seneca: 73%
- Wayne: 78%
- Ontario: 73%
- Yates: 76%
- Monroe: 63%
- Livingston: 76%
- Steuben: 73%
Closed sales for homes in New York fell by 12.6% between September of 2021 and September of 2022.
Mortgage rates surpassed 6% by September, a number that hasn’t been seen since 2008.
You can read the full report here.
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