Builders Patch | HousingCount: New York affordable housing data and latest news
New York
Summary
New York state is facing an acute affordable housing crisis. For every 100 low-income renter households, there are 59 units available that are affordable to them. The median rent in the state has risen by 47% since 2010, while median household incomes have grown by 40%. Currently, the state is short over 400,761 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
- 45.6% share of renter households
- 42.1% share of low-income households
- 48.8% share of rent-burdened households
Renter population data
Renters vs homeowners
| Type | Households | % share |
|---|---|---|
| Renter households | 3,434,514 | 45.6% |
| Homeowner households | 4,095,636 | 54.4% |
| Total households | 7,530,150 | 100.0% |
Low-income renter households
| Income Group | Households | % share |
|---|---|---|
| Extremely low-income | ≤30% AMI | 604,587 |
| Very low-income | 31-50% AMI | 379,313 |
| Low-income | 51-80% AMI | 462,253 |
| All low-income households | <80% AMI | 1,446,153 |
Rent-burdened households
| Income Share | Households | % share |
|---|---|---|
| Moderately rent-burdened | ||
| 30.0–34.9% | 295,456 | 8.6% |
| 35.0–39.9% | 209,238 | 6.1% |
| 40.0-49.9% | 275,489 | 8.0% |
| Severely rent-burdened | ||
| ≥50.0% | 895,814 | 26.1% |
| All rent-burdened households | 1,675,997 |
Affordable housing shortage
Rent vs median household income
| Year | Median Household Income | Median Rent |
|---|---|---|
| 2010 | 35,602 | 858 |
| 2021 | 49,674 | 1,265 |
| Increase (2010–2021) | 39.5% | 47.4% |
Affordable housing stock
| Metric | Units |
|---|---|
| Supply (current stock) | 583,139 |
| Demand (total units needed) | 983,900 |
| Shortage | 400,761 |
| Supply/Demand Ratio | 59.3% |
Finance institutions
New York State Homes and Community Renewal
641 Lexington Avenue, 5th Floor, New York, NY 10022-4503
List of loan programs
- Tax-exempt bond and subsidy materials
- Fall 2022 multifamily finance 9% LIHTC RFP
- 4% LOW INCOME HOUSING TAX CREDITS
- 9% LOW INCOME HOUSING TAX CREDITS
- Hotel and commercial conversions program
NYC Housing Preservation & Development
100 Gold St, New York, NY 10038
List of loan programs
- Extremely Low- and Low-Income Affordability Program (ELLA)
- Housing+
- Inclusionary Housing
- Mixed-Income Program (Mix & Match)
- Mixed Middle Income Program (M2)
- Neighborhood Construction Program (NCP)
- Open Door Program
- Senior Affordable Rental Apartments Program (SARA)
- Supportive Housing Programs
Housing news
How Fed Rate Cuts Impact the Housing Market
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles.
Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%. This could ease the burden for homebuyers and those refinancing.
- Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation. However, a full recovery of the resale market is expected to be gradual.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist, especially in high-demand areas.
States With the Largest Homeless Populations
In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, the highest since such records began in 2007. This figure represents a significant 12% increase compared to 2020.
Top 10 States with the Largest Homeless Populations:
- California (181,399)
- New York (103,200)
- Florida (30,756)
- Washington (28,036)
- Texas (27,377)
- Oregon (20,142)
- Massachusetts (19,141)
- Colorado (14,439)
- Arizona (14,237)
- Pennsylvania (12,556)
Shortage statistics for ELI & VLI renters
List of counties
| County | Households | % share | Households (ELI & VLI) | % share (ELI & VLI) | Households (Rent-burdened) | % share (Rent-burdened) | Shortage of units | S&D ratio |
|---|---|---|---|---|---|---|---|---|
| Albany County | 55,849 | 42.7% | 15,557 | 27.9% | 23,369 | 41.8% | 10,808 | 41.5% |
| Allegany County | 3,169 | 19.0% | 867 | 27.4% | 1,199 | 37.8% | -62 | 136.3% |
| Bronx County | 417,897 | 80.2% | 129,683 | 31.0% | 238,915 | 57.2% | 120,045 | 1.9% |
| Broome County | 28,377 | 35.0% | 7,619 | 26.8% | 13,428 | 47.3% | 7,057 | 7.6% |
| Cattaraugus County | 8,596 | 27.4% | 2,390 | 27.8% | 3,662 | 42.6% | 1,769 | 21.9% |
... (Note: Continued through other counties) ...