If owning a home in New York feels out of reach, you’re not alone. A new national study shows that New York has the lowest homeownership rate in the country. Just 53 percent of New York households own their homes, placing the state at the bottom compared to the rest of the U.S.
How the Study Measured Homeownership
The home warranty experts at Cinch Home Services looked at the homeownership data from the United States Census Bureau. They looked at average home prices using Zillow data and average salaries from the U.S. Bureau of Labor Statistics to see how income and housing costs compare across states.
How New York Compares to the National Average
The average homeownership rate…..