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informational purposes only. It is not intended to provide legal advice
and should not substitute for the advice of an experienced real estate
attorney. Also, the links and references to other Web sites and
organizations are provided for informational purposes only. HPD does not
endorse any specific organization or Web site and does not suggest that
one source should be utilized to the exclusion of
If you rent like most New Yorkers, you may
not know that the City offers many opportunities for homeownership throughout
the five boroughs. From deciding on a neighborhood to figuring out how much you
can afford to pay, this site will guide you through the steps to becoming a New
York City homeowner, including:
A Message from Mayor Bloomberg
Most people consider homeownership one of the foundations of the
American dream. In fact, homeownership provides financial stability for many
American families. Despite this, only three-in-ten New York City residents own
their homes. Instead of building equity and savings with a long-term investment
in a home, most New Yorkers spend money that they will never recoup on rent.
It is true that New York City is a renter's city by design. A very large
proportion of our housing stock was built as rental property. But it is also
true that the five boroughs contain some of the most attractive single-family
homes and multi-family properties in the tri-state area. Beautiful and historic
neighborhoods like Forest Hills, Kingsbridge, Bedford-Stuyvesant, and
Richmondtown feature tree-lined streets and lush, green parks. And homes in
these neighborhoods have lower taxes and are more affordable than their
counterparts in New Jersey or Westchester, Rockland, Nassau and Suffolk
This Web site will help you understand the advantages and disadvantages of
homeownership, and how to go about becoming a homeowner. We feel it is a
tremendous resource, and invite you to make use of it. Please read on to find
out more about what makes the City a great place to buy a home.
A Conversation with the Mayor on
Q: Why is homeownership important?
MRB: Studies have shown that increased homeownership within a community
stabilizes and revitalizes that community. Homeowners are more likely to
maintain and improve their property, thereby improving the neighborhood as a
whole. As neighborhood improvement is a major goal of my administration, I
consider increasing the homeownership rate in New York City to be of utmost
Q: Why should you, as a New Yorker, buy your own home?
MRB: Homeowners are more financially secure than renters; they save more
money on a month-to-month basis. And paying off a mortgage builds equity that
can be leveraged in the future for important expenses like college and
retirement. Homeowners, furthermore, receive a substantial tax deduction. On the
other hand, renters do not get any return on their rent payments.
Q: Why should you buy in New York City?
MRB: From career development to entertainment, New York City offers the best
of the best to its residents. We have a tremendous variety of home types, from
condominiums and co-ops to three-family homes. And the neighborhoods are even
more diverse than the homes themselves.
When you own your own home in NYC, you pay lower property taxes than in the
suburbs. Also, for those who work in Manhattan, there is no long commute.
I sincerely encourage New Yorkers to invest in a home. When you buy your own
home, you're not just investing in your future, you're investing in the future
of New York City.