High Homeownership In HV Congressional Districts: Report

HUDSON VALLEY, NY — The rate of homeownership in the New York Metro Area is highest in the Hudson Valley, according to a new report from the National Association of Realtors.

The trade group released a report highlighting homeownership data for each Congressional District in the country because June is National Homeownership Month, which they said is designed to raise awareness about the benefits of owning a home and the importance of making homeownership more attainable for all Americans.

But there isn't enough available housing for people to buy or rent, experts say.

"A deficit of 3-5 million housing units, depending on how we account for it, could take 10-15 years to close. We dug this hole over 15 years. We are going to have to get out of it the same way. One shovel at a time. Delay, however, ensures it will take longer, and be more costly," David M. Dworkin of the National Housing Conference wrote in February. "The impact of this production deficit on affordability is devastating for first-time homebuyers and has all but eliminated the move-up market."

The realtors' association reported that as of the end of 2022, Congressional District 17, covering northern Westchester, Putnam, Rockland, and southern Dutchess counties, had the highest rate of homeownership in the New York Metro Area at 76.6 percent.

District 18, covering Orange and northern Dutchess counties, was a close second with 67 percent home ownership.

District 16 — southern Westchester and the northern Bronx — was third at 55.6 percent.

By comparison, in New York City, District 10 in Manhattan showed 28.8 percent homeownership, while District 15, covering the northern Bronx, reported just 17.1 percent homeownership.

The realtors' association did point out that in terms of property value, District 10 was the winner, coming in with $1.182 million for the median property value.

District 16 took second place with a median property value of $634,900. District 17’s median property value was $549,400, while District 16 reported $489,500. District 18 came in with the lowest median property value at $365,300.

Median property values in all these districts skewed higher than the national median property value of $320,900.

“The data in these reports reflects the fact that the Hudson Valley and New York Metro Area continue to be one of the most desirable locations in the country,” said Lynda Fernandez, CEO of the Hudson Gateway Association of Realtors. “Our association joins NAR in its quest to advocate for current homeowners as well as support potential homeowners in the goal of achieving the American dream.”

But fewer and fewer houses are going on the market. SEE: Hudson Valley Home Prices Continue to Soar: Difficult Challenges

Year over year, in Westchester County, the median sales price for single-family homes jumped by 16.4 percent to $870,000 in April over April 2023, when the median was $747,500, according to HGAR. In Orange, the median sales price jumped 16.1 percent to $450,000. The median sales prices for single-family homes in Putnam County increased 13.4 percent to $520,000. The single-family home median sales price in Rockland rose 9.7 percent to $735,000.

In terms of median household income, District 17 took the lead with $115,661, followed closely by District 10 with $103 988. District 16 reported household income of $96,051 and District 18, $87,124, HGAR said.

The national median household income was $74,755.

According to NerdWallet, at that level of household income, it would be a stretch for a buyer to purchase a house for $400,000 in White Plains.

NAR supports national solutions including the Affordable Housing Credit Improvement Act, increasing the $10,000 cap on the state and local tax (SALT) deduction and eliminating the marriage penalty; and also the More Homes on the Market Act, which would increase the capital gains exemption for long-time homeowners.

In Albany, HGAR supports a First-Time Homebuyers Savings Account that would allow future homebuyers to put aside money, tax-free, to be used as a down payment on a home.

HGAR officials said they had helped to pass laws affecting the co-op purchase process, making the transaction more transparent for all parties and allowing for more successful sales; frequently to first-time homebuyers.