NEW YORK, Feb. 20, 2018 /PRNewswire/ -- New Yorkers
pay 1.3 times more for housing in absolute terms than average
Americansi. To accommodate high housing costs, nearly
one third of New Yorkers (31 percent) exceeded their initial budget
on their current home, according to the new StreetEasy New York
City Housing & Moving Trends Reportii. Homeowners
were more likely to overspend: 37 percent went over their initial
home budget, compared to 27 percent of renters.
The StreetEasy report surveyed 1,000 renters and homeowners
living across all five boroughs, and details the ways New Yorkers
struggle to find an affordable home after the rapid rise in prices
and rents over the last decade. According to the survey, there are
stark differences in how different generations, homeowners, and
renters tackle and perceive the high costs of housing in
New York City.
Millennialsiii are more likely than any other
generation to exceed their budget, with 45 percent choosing a more
expensive home than they'd planned on, compared to 30 percent of
Generation Xers and 19 percent of baby boomers. Millennials are
also most likely to consider buying a home in the next year, with
more than one third (34 percent) hoping to do so.
"Younger New Yorkers, many of whom came to New York City to take advantage of the career
opportunities it offers, are finding a housing market that is
expensive, fast-moving and highly competitive," said StreetEasy
Senior Economist Grant Long. "But
despite facing rising housing costs and budgeting constraints,
aspirations of owning a home remain high in the city, particularly
among millennials. While New Yorkers' widespread desire to remain
in the city is encouraging, the region's continued success depends
on maintaining an adequate supply of affordable homes that fit the
priorities of its growing workforce."
Most surveyed New Yorkers cited budget and number of bedrooms as
the most important factors in a home, with 88 percent and 79
percent of residents citing them as a requirement or desire,
respectively. Luxury amenities, such as doormen and gyms, ranked as
the least important factors. Fifty-four and 64 percent of New
Yorkers say these features had no impact on their home decision,
respectively.
Asked to rate which factors they required or desired of their
current neighborhood, safety and access to public transportation
were most important to New Yorkers. Ninety percent of residents
cite safety as a requirement or desire, and 87 percent mention
access to public transportation — a pattern true for both owners
and renters.
Additional report findings:
- Many New Yorkers perceive New York
City as unaffordable (46 percent). However, when asked to
rate the affordability of their own homes, just 16 of New Yorkers
say their home is unaffordable, revealing a dissonance in the
perception of the city's housing costs.
- Most New Yorkers would recommend life in NYC (57 percent),
particularly millennials (67 percent) and homeowners (65
percent).
- Renters are significantly more likely to rate the cost of the
city negatively: More than half (52 percent) of renters say
New York City is unaffordable,
compared to 39 percent of homeowners.
- More than 1 in 3 New Yorkers plan to move in the next year. The
majority are considering staying in their borough (71 percent);
fewer plan to stay in their neighborhood (36 percent).
- More than one third (39 percent) of New Yorkers cite the high
cost of living as a top reason they would leave, with the desire
for a bigger home and to buy a home also ranking highly (32 percent
and 29 percent, respectively).
Access the full report:
The full StreetEasy NYC
Housing & Moving Trends Report with additional findings and
graphics is available to view and download at
streeteasy.com/blog/2018-housing-moving-trends-report.
About StreetEasy
StreetEasy is New York
City's leading local real estate marketplace on mobile and the
web, providing accurate and comprehensive for-sale and for-rent
listings from hundreds of real estate brokerages
throughout New York City and the NYC metropolitan
area. StreetEasy adds layers of proprietary data and useful search
tools to help home shoppers and real estate professionals navigate
the complex real estate markets within the five boroughs
of New York City, as well as Northern New Jersey.
Launched in 2006, StreetEasy is based in the Flatiron
neighborhood of Manhattan. StreetEasy is owned and operated by
Zillow Group (NASDAQ: Z and ZG).
StreetEasy is a registered trademark of Zillow, Inc.
i United States Census Bureau. 2012 – 2016
American Community Survey. U.S. Census Bureau's American Community
Survey Office, 2016.
ii StreetEasy partnered with independent market
research firm YouGov to conduct a representative online survey that
was fielded in November 2017. The
results underwent substantial internal analysis and review by
researchers and economists at StreetEasy. This survey gathered
information from 1,000 key household decision-makers living in all
five boroughs of New York City.
Roughly half of the respondents were renters and half were
homeowners.
iii For the purposes of this report, StreetEasy
defined each generation breakdown as the following: generation Z,
18–22 years old; millennials, 23–37 years old; Generation Xers,
38–52 years old; baby boomers, 53–72 years old; and silent
generation, 73 years old and above.
View original content with
multimedia:http://www.prnewswire.com/news-releases/one-third-of-new-yorkers-go-over-budget-on-housing-costs-millennials-most-likely-to-spend-more-300600933.html
SOURCE StreetEasy