Housing in New York (state)
Housing in New York takes a variety of forms, from single-family homes to apartment complexes. New York had a homeownership rate of 50.7% in 2017.[1] Issues related to housing in New York include homeownership, affordable housing, housing insecurity, zoning, and homelessness.
Background
According to the United States Census Bureau, there were 8,488,066 housing units in New York in 2020.[2] There were an estimated 91,271 homeless individuals in New York in 2020, according to the Annual Homeless Assessment Report.[3]
The U.S. Department of Housing and Urban Development administers programs that provide housing and community development assistance in the United States.[4] Adequate housing is recognized as human right in the 1948 Universal Declaration of Human Rights and in the 1966 International Covenant on Economic, Social and Cultural Rights.[5]
Housing shortage
There is a shortage of housing in New York City. There are not enough homes for everyone who wants to live there to find a place to rent or buy. This has driven rent prices in New York City to be the highest in the United States as of 2022.[6]
In 2023, there were approximately 3,705,000 housing units in New York City, an increase of 61,000 since 2021.[7]
Vacancy rate
In 2017, New York City had a vacancy rate of 3.63%.[8] In 2023, that number dropped to 1.4% – the lowest since 1968. The vacancy rate was lowest in lowest-rent units; in units that cost less than $2,400 a month, the net vacancy rate was lower than 1%, and for units costing less than $1,100 a month the net vacancy was around 0.39%.[9]
Prices
As of 2025, housing prices in the NYC area are so high that most first-time home buyers, even if they are relatively well paid, can only afford to buy a home if their parents can give them large sums of money.[10] A small studio apartment typically sells for more than US$500,000.[10] The Urban Institute estimates that only 40% of all NYC residents, and only 28% of families with children, are able to support themselves financially, due in large part to the high cost of housing.[10]
In 2024, half of home buyers in Manhattan paid cash for their homes.[10]
See also
References
- ↑ Kiersz, Andy. "Here's how many people own their homes in every state". Business Insider. Retrieved 2024-12-31.
- ↑ "2020 Census Demographic and Housing Characteristics File (DHC)". United States Census Bureau. Retrieved 2024-12-31.
- ↑ "The 2020 Annual Homeless Assessment Report (AHAR) to Congress" (PDF). United States Department of Housing and Urban Development. Retrieved 2024-12-31.
- ↑ "U.S. Department of Housing and Urban Development (HUD) | USAGov". www.usa.gov. Retrieved 2024-12-31.
- ↑ "The human right to adequate housing". Office of the United Nations High Commissioner for Human Rights. Retrieved 2024-12-31.
- ↑ Paris, Martine (July 26, 2022). "These Are the Most Expensive US Cities for Renters, With Some Prices Up 41%". Bloomburg. Retrieved March 21, 2025.
- ↑ "2023 New York City Housing and Vacancy Survey" (PDF). NYC.gov. 2023.
- ↑ NYC City Council Data Team. "Evictions". New York City Council. Retrieved 2026-08-12.
- ↑ "New York City's Vacancy Rate Reaches Historic Low of 1.4 Percent, Demanding Urgent Action". NYC Housing Preservation & Development. 2024-02-08. Retrieved 2026-08-12.
- 1 2 3 4 Coleman, Madeline Leung (2025-02-10). "How Many Adult New Yorkers Are Secretly Subsidized by Their Parents?". Intelligencer. Retrieved 2025-02-10.