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One Third of New Yorkers Go Over Budget on Housing Costs; Millennials Most Likely to Spend MoreNEW 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' wdespread 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:
Access the full report: About StreetEasy 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. 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 |