U.S. homeownership rates continue to decline – updated resource from PropertyShark. By this it is meant owner-occupied homes vs. renter-occupied.
Editor’s note: The following was asked of PropertyShark:
Can you please check on Staten Island/Richmond County for us? I am certain the owner-renter occupied ratio for Staten Island is almost always the opposite of the city proper.
Homeownership rates in general are often different from the city proper as well, but the homes here are usually owner-occupied.
The answer to this question was:
The data regarding the owner-occupied versus renter-occupied residences in New York City, with a specific focus on Richmond County can be seen in the excel screenshot below. (Note that the chart below shows that Staten Island is even ahead of the national average and trend of ownership vs rental, at 68% owners vs. 31% renters, with national avg at 65% and 34% owner to renter)
As you rightly pointed out, Staten Island shows a significantly higher rate of owner occupancy, even surpassing the national level.
This dataset PS uses is sourced from the U.S. Census Bureau’s American Community Survey 1-Year Estimates, as released in September 2023, ensuring its accuracy and relevance
Editor’s note: One thing not mentioned in the summary is the large investment companies buying up many properties, particularly multi family units in big cities in order to rent them at great profit, while also failing to take care of the properties correctly. This also removes these homes from the possibility of private ownership, and also drives up property prices, as these types of firms have higher discretionary funds than any individual is likely to be able to match. This allows them to bid higher. The ProPublica analysis found that these firms are also funded by government programs while they’re buying these units.
Regarding one such case, the ProPublica article says: “As Greystar took charge, his alarm grew. Rents soared. Trash collected in the hallways and on the rooftop deck, Cooper said. The security guard showed up less often. One tenant said she was frightened when she encountered a large, seemingly drunk man she didn’t know dancing in a leotard and tutu in the parking garage. Another renter described having to heat her bathwater on the stove after she woke several times to find only cold water flowing from her tap…
“Cooper and his fellow tenants were experiencing firsthand the effects of a dramatic, though mostly unnoticed, shift in control of a vital portion of America’s housing stock, according to a first-of-its-kind analysis by ProPublica.
“During the past decade, private equity-backed firms such as Greystar have stormed into the multifamily apartment market, snapping up rentals by the thousands and becoming major landlords in American cities, according to ProPublica’s analysis of National Multifamily Housing Council data on the nation’s biggest owners of apartment buildings with five or more units.”
Here at PropertyShark, we updated our resource on homeownership rates by state and city which you might find helpful when learning about this topic.
The homeownership rate in the United States now stands at 65.2%, marking yet another annual decline: specifically, the national homeownership rate ticked down 0.3% from 2023.
In contrast, renter-occupied housing units constitute 34.8% of the national housing stock, further ticking up. This dynamic further reinforces the past years’ declining homeownership trend, fueled by economic trends, wage fluctuations, increasing property prices, lifestyle changes, and generational shifts.
Here’s the link to it: https://www.propertyshark.com/info/us-homeownershi
Our resource includes information about:
· State and city homeownership rates
· Homeownership trends across age groups and generations
· The evolution of homeownership rates over the last 60 years
· Correlations between homeownership rates, home prices and property taxes
· Domestic migration trends
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