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- Concering new study reveals New York has the lowest homeownership rate in the US (marketrealist.com)
New York Takes the Unenviable Title: Lowest Homeownership Rate in the US
New York City, NY – In a stark reflection of the nation’s ongoing affordability crisis, a recent study has revealed that New York state holds the lowest homeownership rate across all 50 states. With only 51.3% of residents owning their homes by the end of 2024, nearly half of the state’s population finds themselves in the rental market, a trend that experts warn could worsen.
The concerning figures emerged from a study conducted by Stage Properties Brokers LLC, which meticulously tracked quarterly homeownership trends throughout 2024. The findings, reported by The New York Post, place the Empire State at the bottom of the rankings, highlighting the significant challenges residents face in achieving homeownership.
Ghassan Saliba, CEO of Stage Properties Brokers LLC, emphasized the root causes of this trend. “The state continues to struggle with property prices that far outpace local income growth, especially in and around New York City,” Saliba stated. He added that “intense competition in densely populated markets, along with a severe shortage of housing, has made it increasingly difficult for would-be buyers to gain a presence in the housing market.”
The study’s data indicated a “flat to down” trajectory for homeownership in New York, consistently pointing to a renter-heavy market. While this has been a long-standing characteristic of the state’s housing landscape, dipping to just over 50% homeownership is a particularly alarming statistic. Many residents, Saliba explained, are “remaining in the rental sector for longer, not by choice, but because the financial barriers to ownership are simply too high.”
New York isn’t alone in its struggles. Other states experiencing difficulties include Massachusetts, which saw a significant drop in homeownership in 2024, and New Jersey, whose housing market exhibited considerable volatility. Even North Carolina, with a 65.7% homeownership rate, is grappling with its own challenges.
Conversely, several southern states have demonstrated stronger performance. Michigan and Mississippi, for instance, tied for an impressive second place nationally, boasting homeownership rates comfortably above 75%, showcasing a contrasting picture of the housing market across the country.
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- Concering new study reveals New York has the lowest homeownership rate in the US (marketrealist.com)