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The Odds of Owning a Home in New York
With the least affordable costs of living in the United States, what are your odds of being able to buy a home in the state of New York, and how would your chances here compare to neighboring states at NY sportsbooks?
To determine your odds of owning property in the Empire State, we considered a series of factors, including:
- the state’s income-house value ratio
- New York house price growth
- the number of households here per 1,000 people
- the home ownership rate across the state
Ranking each U.S. state for each factor, we were able to reveal where New York places among the easiest regions to purchase property.
Let's just say life in the Big Apple is expensive for a reason.
While we'll have more research items such as this, remember to also stay close to this site for the best NY betting apps.
Buying Property in New York? Best of Luck...
According to our research, with an overall index score of 32.3 out of 100, New York is among the hardest states to buy property in (no shock there).
In fact, the Empire State ranks third from the bottom, ahead of only California (18.3) and Hawaii (16.8), and just behind New Jersey (36.1) and Massachusetts (36.5).
New York’s low ranking is due in-part to its lack of available households, with just 364 per 1,000 residents, which is below the national average of 374. This is potentially contributed to by the state being the fourth-most populous in America, with more than 20 million people living here.
Additionally, New York only just ranks among the top 25 states by income-house value ratio, with an unfavorable 28.03%.
This places the region below the likes of Pennsylvania (32.62%) and Connecticut (30.10%), although above the national average (27.49%) and the likes of New Jersey (24.54%) and Massachusetts (18.95%). To work this out, we considered the average income across the state ($105,304) and the average house value ($375,719).
Additionally, New York has a relatively low rate of home ownership, with just 54.60% of people owning property here, the joint-lowest of all US states alongside California.
In other words, you'd have to be consistently hitting the Caesars New York betting bonus to join the home owner ranks.
Finally, house prices across New York state are rising slower than the average rate (58.62%), with the typical property here worth 50.30% more in 2022 than five years ago. This places the state inside the bottom half, with slower acceleration than Massachusetts (54.80%), Vermont (50.80%), and New Jersey (50.80%), among others.
Odds of Buying a Home in New York?
New York ranks among the toughest states to buy a home, with an overall home ownership rate of just 54.60%, just behind Rhode Island (64.00%), New Jersey (63.30%), Connecticut (63.00%), and Massachusetts (61.66%).
However, despite this, your chances of becoming a New York homeowner are generally favorable, with moneyline odds of -120.
For more expert insight like this, check out the latest on EmpireStakes.com, also home the all New York sportsbook promos.
Methodology
To determine the how easy it is to buy property in New York, we considered four different factors for each U.S. state:
• Income-house value ratio: The average household income divided by the average house value.
• House price growth: The percentage increase in price of an average house over the past 5 years.
• Households per 1,000 people: Calculated by dividing the number of households by the population, and then multiplying by 1,000.
• Home ownership rate: The percentage of homes in each state that are owner-occupied.
Data for these factors was collected and normalized, to give each factor an indexed value between 0 and 1. These values were then summed, to provide a total score out of four for each state. The states were then ranked from highest to lowest based on this score.
To determine your odds of owning a home in New York, we looked at the home ownership implied percentage and equivalent moneyline odds.
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