We looked at NYC’s homeowner housing market.
** New York by the Numbers
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** Monthly Economic and Fiscal Outlook
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Photo Credit: Trinity85/Shutterstock
** No. 87 - March 12, 2024
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** A Message from the Comptroller
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Dear New Yorkers,
It’s no secret that housing is one of the most critical issues facing NYC. That’s why our last three Spotlights (our monthly deep dives ([link removed]) on economic issues facing the city) have focused on the housing market.
So far, we have mostly looked at the rental market – which makes sense, since roughly two-thirds of New York households rent their homes (the inverse of the rest of the country).
This month, we turn to homeownership. ([link removed]) While rental affordability has worsened significantly in recent years, price escalation in the for-sale market has been even worse, placing homeownership farther beyond the reach of the average New Yorker. Meanwhile, despite New York City’s legacy of affordable cooperatives, the City currently invests very little in making homeownership more affordable.
We’re also releasing another new report ([link removed]) today that looks into concerns about vacant, distressed units in the city’s rent stabilized housing stock. We find the problem relatively modest, as vacancies are at their lowest rate ever. And we identify targeted solutions that can be adopted in Albany this month, hopefully as part of a “grand bargain” for housing in the State budget that increases supply, better protects tenants, and provides new housing vouchers for low-income and homeless families.
Meanwhile, at the city level, along with the City Council’s Progressive Caucus, Housing Chair Pierina Sanchez, Public Advocate Jumaane Williams, and dozens of housing groups, yesterday we launched the “Homes Now, Homes for Generation” campaign ([link removed]) to ensure the creation and preservation of units that are genuinely and permanently affordable for New York’s families.
Of course, as important as it is, not all the numbers are about housing! As usual, this edition of “New York by the Numbers” features a treasure-trove of economic information. The numbers this month continue to show moderate strength in the city’s economy (reflected in my testimony ([link removed]) to the City Council on the Mayor’s preliminary budget proposal for FY 2025).
And that’s not all: Where else could you read about changes to the factors that bond rating agencies like Moody’s consider when they issue NYC’s bond ratings?
If it matters to the city’s finances, we’ll keep watching the numbers.
Brad Lander
** Table of Contents
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** The U.S. Economy ([link removed])
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** New York City Economy ([link removed])
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** City Finances ([link removed])
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View the Full March Economic Newsletter ([link removed])
** Spotlight:
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** NYC's Homeowner Housing Market
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Our January Spotlight ([link removed]) focused on New York City’s residential rental market. Last month’s Spotlight ([link removed]) looked at the city’s overall housing supply, and how well – or rather, how poorly – it has kept pace with demand. This month, we focus on the segment of the housing market that is owner-occupied. While New York City is largely a city of renters (especially compared to the U.S. as a whole), roughly 1.1 million residents, representing slightly over 30% of all NYC households, own their homes, and these homeowners span the income spectrum. However, for those now looking to purchase a home, prospects are daunting.
In this Spotlight, we first look at recent trends in home values. We then provide an overview of New York City’s owner-occupied housing stock and its various segments or components. Finally we focus on the relationship between home prices and income, looking at various gauges of affordability—over time, across major U.S. cities, and across the five boroughs.
View the Spotlight ([link removed])
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