Good works in progress
It’s been a busy year already. Good stuff in development at work and on the home front, but all is not yet fully baked.
Here’s a picture, quote and clip to keep y’all engaged.
More to come….(end teaser.)
Owning a home has long been described as “The American Dream.” In New York, that dream appears unattainable for a large share of the population: New York has the lowest homeownership rate among the states, with only 53.6 percent owning a home in the second quarter of 2022, compared to 65.8 percent nationally.
For New York, the low percentage is driven by the high share of multi-family housing in New York City, where about 40 percent of the population resides. Homeownership rates are as low as 20 percent in the Bronx and 24 percent in Manhattan. In counties outside New York City, homeownership rates exceeded the statewide average, and in some places, the national average.
Concerningly, New York also has racial and ethnic homeownership gaps that are higher than the nation, with Latino homeownership rates particularly low in our state. While these gaps originate in historic injustices against communities of color, their persistence is troubling.
Homeownership remains an important vehicle for building wealth, and reducing inequities in real estate practices and boosting homeownership should be important priorities for maintaining New York’s competitiveness as a place of opportunity.
Thomas P. DiNapoli
State Comptroller, October 2022