Who knew owning a home in New York can now give away your age?

Home values continue to skyrocket, which is pricing even more Americans out of the housing market. Unfortunately, renting is no bargain either, as rental prices are also sky high.

New York is notorious for its high cost of living and a new study found that our high taxes and government spending could be setting the state up for disaster years down the road.

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According to real estate expert Agent Advice, New York has some of the fewest young homeowners in the country. The Empire State had the third lowest number of homeowners under the age of 34, only to bested by California and, in first place, Hawaii.

The percentage of young people owning homes in New York is abysmal, with Agent Advice finding that they only account for 1.92% out of all homeowners in the state. This data came from the United States Census Bureau.

This means newly wedded couples in their 20s who have their hearts set on buying a starter home are more likely to go to another state than try their luck in New York.

That said, owning a home in New York means you're likely more than 35-years-old. Congrats!

New York Among Least Affordable States to Buy a Home

California Community Hit Hard By Foreclosure Epidemic
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Following that study of young homeownership, New York was found to be some of the most hostile states to all homeowners - regardless of age.

According to Wealth of Geeks, New York ranks among the bottom of the list for best states to buy a home. The average salary a person here needs to make to comfortably afford a home is just under $91,000.

Read More: Small NY Town Among Top 10 Fastest-Growing Cities in America

The study also found the median home value in New York is $652,520, meaning a person needs to sacrifice 7.17 years of their salary to afford a place to live.

Ain't that a peach?

If that wasn't enough of a kick in the teeth, just know the median price of a rental unit in New York is $2,673, making it the second most expensive state to be a renter. Rent Cafe also determined that the average apartment size in New York was 841 sq. ft.

By the way, the average rent for an apartment in New York City is $3,762 a month. You're welcome.

The Best States for Home Ownership/Renting?

Photo by Jon Tyson on Unsplash
Photo by Jon Tyson on Unsplash
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For first-time homebuyers, the best state for starter homes is North Dakota while Ohio was deemed the most affordable place to buy a home.

North Dakota was also found to have the second lowest average monthly rent, charging roughly $1,048. It was only bested by Oklahoma, which charges tenants an average of $1,001 a month.

That said, if New York continues pricing more and more people out of its housing market - they could pack up their things and move to a more affordable state.

 

With less people owning homes and rental prices now officially the 2nd highest in America, chances are less young Americans will choose to stay in the Empire State - which will lead to an aging population and more economic distress.

But do you think our lawmakers are thinking that far ahead? Nah.

What do you think? Sound off in our app's chat feature.

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Top 10 Cheapest Places to Live in New York State

New York is one of the most expensive states to call home, but there are some areas that are gentle on the wallet. According to HomeSnacks, they deduced the top 10 most affordable cities and towns in the Empire State.

They looked into data from the U.S. Census, median home and rent prices, as well as median income of a particular area's residents. Affordability was also determined based on availability and access to services and conveniences.

Below are the top 10 places that let residents keep more cash in their wallets.

Gallery Credit: Megan

The Top 10 Fastest Growing Cities in New York State

Another year means another round of residents either moving to or leaving the state. While New York is seeing quite a few people flee the state, the majority of them appear to be leaving New York City.

A report from the New York State Comptroller Thomas DiNapoli found NYC's population shrank by 5 percent since 2021.

The report also found that some of those city-dwellers relocated to towns just outside the Big Apple, which seems to be backed up by the latest Census data. In fact, 9 of the 10 cities with the fastest growing populations are within driving distance to NYC.

Gallery Credit: Megan

The 10 Worst Places To Live In New York State

While New York is certainly home to a plethora of hidden gems and breathtaking sights, Road Snacks has highlighted the state's most undesirable spots.

As for what determines what makes a city or town one of the "worst" places to live, Road Snacks compared 163 cities with 5,000 or more residents, to find those with the lowest median home value, weakest school districts, and highest rates of unemployment and crime. In short, the survey ranked cities and towns based off their economic performance and opportunity for growth, which Road Snacks says impacts the quality of life of its residents.

In the end, these 10 cities were deemed to be the worst New York State has to offer. That said, the company is not calling these cities bad - so if you have an issue, take it up with Road Snacks. We're just reporting their findings.

Gallery Credit: Megan