The New York State Association of Realtors and the Siena Research Institute recently conducted the first-ever New York Homeownership Survey. Of the 1,015 New Yorkers who responded, the survey found that New Yorkers love their homes but hate their taxes. Not surprising with nine out of 10 counties from New York State on the Tax Foundation’s list of highest property taxes in the nation when compared to home value.
Eight-four percent of respondents said they consider homeownership to be a very significant part of the American Dream and 81% consider their home to be a comfort rather than a burden. Nearly all respondents (97%) said they were either very satisfied (66%) or somewhat satisfied (31%) with owning their own home.
Most New Yorkers believe homeownership is a good investment, with 81% indicating it is a better investment than the stock market and 69% feel the value of their home will increase over the next five years.
However, respondents feel that it is becoming increasingly difficult to attain homeownership due to unrestrained property tax increases, high closing costs and real estate transaction taxes. In fact, 75% of New York homeowners think their real estate taxes are too high and 79% said it is taking a bigger piece of their budget each year. Sixty-four percent do not believe their tax money is being well managed or used efficiently and 76% are in favor of a cap on the rate of which property taxes can increase. Eighty-four percent support keeping the tax deduction for home mortgage interest.
In addition, the majority of New Yorkers think that working with a REALTOR is beneficial. Nearly 80% believe a REALTOR will sell a home more quickly (percentage is probably higher for those who have used a Nothnagle agent!).
Location is most important when buying a home but respondents also cite a need for ample closets (65% ranked as “very important”), a garage (51%), a newer roof (48%), an updated kitchen (42%), more than two baths (36%), a master bedroom suite (32%) and a well-landscaped home (28%).