ALBANY, N.Y. (NEWS10) — Homeownership rates in New York are reportedly the lowest in the United States, according to a new report by New York State Comptroller Thomas DiNapoli. This follows a New York State Association of Realtors (NYSAR) report that said the housing market slowed in September while interest rates rose.

DiNapoli’s report said 53.6% of New Yorkers own a home in the second quarter of 2022, compared to 65.8% nationally. The low percentage is mainly due to multi-family housing in New York City, said the report.

However, in counties outside New York City, homeownership rates were greater than the statewide average, and in some spots, the national average, said DiNapoli. New York also reportedly has high racial and ethnic homeownership gaps, with Latino homeownership very low in the state.

Homeownership rates in the Capital Region by county

  • Albany: 56%
  • Schenectady: 64%
  • Rensselaer: 63%
  • Saratoga: 72%
  • Fulton: 70%
  • Montgomery: 67%
  • Schoharie: 75%
  • Greene: 77%
  • Columbia: 73%
  • Dutchess: 68%
  • Ulster: 69%
  • Washington: 73%
  • Warren: 71%

You can read DiNapoli’s full report on the State Comptroller’s website.

According to NYSAR’s report, closed sales in the state declined by 12.6% from September 2021 to September 2022. Pending sales and new listings of homes also reportedly declined.

NYSAR said that mortgage interest rates were more than 6% in September for the first time since 2008. Rates are reportedly more than double what they were at the beginning of the year. The median sales price of homes also increased slightly in September.

Sept. 2021Sept. 2022% changeYTD 2021YTD 2022% change
New Listings16,65614,461-13.2%157,054142,638-9.2%
Pending Sales12,68611,269-11.2%118,014107,690-8.7%
Closed Sales13,79712,057-12.6%112,346103,896-7.5%
Days on Market4542-6.7%5751-10.5%
Median Sales Price$370,255$379,0002.4%$370,000$401,0008.4%
Avg. Sales Price$484,988$507,2784.6%$478,601$535,34911.9%
In New York State, according to NYSAR’s monthly report.