Home Ownership Takes a Nosedive in New York
If you’re not a homeowner in New York but want to be, buckle in because purchasing a home in the state of New York in the current economic climate might be a bit tougher than you would like for it to be.
Empire Stakes researched housing data to find out which states are easiest to buy a property in and most people who live in the state would not be surprised to learn that New York is not one of them.
According to the research collected by Empire Stakes “the odds of buying property in New York” is low. This means first-time homebuyers in New York will either need to have patience or might possibly consider buying their first home in a different state if they want to get into something rather quickly.
The hardest state to purchase property in is California followed by Hawaii, and then coming in at third hardest state for property buyers is New York. New Jersey and Massachusetts round out the top five most difficult states to buy in.
The Moneyline odds of owning a home in New York are -120 and the five-year house price growth in New York is 50.3 percent. New York has a really low rate of home ownership compared to other states with only just over 54 percent of people in the state owning their own property.
In order to come to the conclusion that New York is a hard state to purchase property in, the data collected looked at the income-house value ratio which is the average household income divided by the average home value in each state.
Also looked at was the price of an average house in the last five years, the percent of homes in each state that are occupied by the homeowner, and households per 1,000 people which was calculated by dividing the number of households by population and then multiplying by 1000.