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Home Ownership In Putnam Soars

During National Homeownership Month in June, the Hudson Valley Association of Realtors is raising awareness about the benefits of owning a home and the importance of making home ownership more attainable for all Americans.

According to the National Association of Realtors, Congressional District 17 – covering northern Westchester, Putnam, Rockland and southern Dutchess counties – indicated the highest rate of home ownership in the New York-metropolitan area, at 76.6 percent, at the end of 2022.

District 18, covering Orange and northern Dutchess counties, was a close second, at 67 percent home ownership; followed by District 16, covering southern Westchester and the northern Bronx, at 55.6 percent.

District 10 in Manhattan showed 28.8 percent home ownership, while District 15, covering the northern Bronx, reported just 17.1 percent home ownership. The lowest home ownership rate was in the southern Bronx and northern Manhattan, with just 11.7 percent of the population owning homes.

The median property value in District 17 (Putnam) was $549,400, which skewed higher than the national median property value of $320,900. The median household income was reported to be $87,124, which is above the national median household income of $74,755.

“The data in these reports reflects the fact that the Hudson Valley and New York-metro area continue to be one of the most desirable locations in the country,” said Lynda Fernandez, CEO of the Hudson Gateway Association of Realtors. “Our association joins the National Association of Realtors in its quest to advocate for current homeowners, as well as support potential homeowners in the goal of achieving the American dream.”

Overall, in New York, the real estate industry accounted for $366.6 billion or 17 percent of the gross state product in 2023. Nationwide, however, the U.S. is facing an underbuilding gap of 5.5 million units, equating to a $4.4 trillion underinvestment in housing.

Still, the National Association of Realtors is forging ahead to help Americans achieve home ownership by advocating for various bipartisan tax bills and solutions, including the Affordable Housing Credit Improvement Act, to encourage creating and preserving affordable housing, and incentivizing home ownership by increasing the $10,000 cap on the state and local tax deduction and eliminating the marriage penalty.

Hudson Gateway Association of Realtors members work with elected officials at the national, state and local level to enact legislation that supports existing homeowners and helps to create opportunities for future homeowners. In the U.S. Congress, members have supported bills like the More Homes on the Market Act, which would increase the capital gains exemption for long-time homeowners – encouraging them to bring their homes to market and increase inventory for new homeowners. 

In Albany, members have supported the First-Time Homebuyers Savings Account. Similar to NYS 529 for Education, this bill would allow future homebuyers to put aside money, tax free, to be used as a downpayment on a home.

Also, within various counties, laws have been passed that affect the co-op purchase process, making the transaction more transparent for all parties and allowing for more successful sales – frequently to first-time homebuyers.

The Hudson Gateway Association of Realtors is a not-for-profit trade association consisting of more than 13,000 real estate professionals doing business in Manhattan, the Bronx, Westchester, Putnam, Rockland and Orange counties.


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