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Newsflash: More New Yorkers Rent Than Own

This probably comes under the heading of "things you already know," but it's always good to have statistical backing: Way fewer people in New York City own property than people elsewhere in the USA. More than two-thirds (67.3 percent) of single family homes, coops and condos around the country are occupied by owners. The number in New York City, according to the Census Bureau is just 34.4 percent. That works out to about 1 million New Yorkers that own their apartment or house. Everybody else rents. The stats obviously don't reflect what's happening in the mortgage market. On the other hand, any falling prices should change the numbers too, no?
· Guests in Own Homes [NYP]
· Housing Costs Consumed More of Paychecks in 2006 [NYT]