New York, NY – Homeownership On Rise, Renters Decline

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    New York, NY – A rising percentage of New York City residents are buying into a city with a reputation for renters.

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    The city's homeownership rate rose from 28.7 percent in 1990 to 33.2 percent in 2005. The 2005 rate appears to mark a record high for the city, according to Vicki Been, the director of New York University's Furman Center for Real Estate and Urban Policy.

    Homeownership rates rose among all the city's major racial and ethnic groups, and some of the poorest areas — including the South Bronx and central Harlem — saw the biggest jumps.

    Still, owning a home or apartment is a strain for many New Yorkers. The proportion of owners spending at least 35 percent of their incomes on housing more than doubled between 1990 and 2005, rising from 15 percent to 32 percent. And between 2000 and 2005, city homeowners' median monthly mortgage payment rose from $1,786 to $2,062, without accounting for the income tax deduction for mortgage interest.

    However, costs are rising for renters, too. During the same period, the median rent increased from $823 a month to $909. [wnbc/NY Times]


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