🌇Summary of FACTs about US Renters-

 

Facts about US Renters

I just read this article by Rebecca Leppert from Pew Research.  You can read the full article here.

10 Facts about US Renters During the Pandemic

Article Summary:

The article from Pew Research Center focuses on the housing issues faced by renters in the United States during the COVID-19 pandemic. The Census Bureau's American Housing Survey data was analyzed to provide the following key findings: 

1) 46 million households rented their homes in 2021, accounting for more than a third of all households in the US; 

2) A disproportionately large percentage of renters were Black or Hispanic, and younger than 45; 

3) Renters tended to live with at least one other person, with two-bedroom arrangements being the most common;

 4) The median household income for renters was $41,000 in 2021, compared with $78,000 for homeowners; 

5) The median monthly cost of rent alone increased 12% since before the pandemic; 

6) Some metropolitan areas saw significant rent increases, with San Francisco having the highest median monthly rent; and 

7) Around one-in-six U.S. adults had problems paying their rent or mortgage during the pandemic, with Black and Hispanic adults and lower-income Americans being more likely to face this issue.

The Ultimate Guide to Understanding the STAR Program: School Tax Relief for Homeowners

 What is the NYS STAR Program?

The STAR (School Tax Relief) program in New York State is a state-financed exemption from school property taxes for owner-occupied, primary residences. The program was authorized by section 425 of the Real Property Tax Law and has been in effect since the 1998-99 school year.

The program is divided into two parts: the “enhanced” STAR exemption and the “basic” STAR exemption. The “enhanced” STAR exemption is available to senior citizens whose incomes do not exceed $60,000 a year and provides a $50,000 exemption from the full value of the property. The “basic” STAR exemption, available to all primary-residence homeowners regardless of age or income, will provide at least a $30,000 exemption from the full value of the property once it is fully phased in.

The STAR exemption applies only to school district taxes and does not cover taxes for other purposes such as county, town, or city. The exemption is computed using state equalization rates to reflect the fractional level of assessment in localities that do not assess property at full market value. To be eligible for the STAR exemption, the property must be a one, two, or three-family residence, mobile home, farm home, condominium, or cooperative apartment.

The STAR program also includes a “Property Taxpayer’s Bill of Rights” that provides information on the amount of the STAR exemption and the savings on the school tax bill. Low-income seniors who receive the pre-existing senior citizen’s exemption automatically qualify for the STAR exemption, and the pre-existing exemption and any other applicable exemption must be applied to the property’s assessed value before the STAR exemption.

The STAR exemption can only be applied to the owner's primary residence and is subject to proof of residency by the assessor. If you have any questions or concerns about the STAR program, be sure to reach out to your local assessor for more information.

Links you will need:

1. NYS Senate:

2. ACCESS- NYC

3. Property Tax Consultants

The Current Real Estate Market in Westchester County

 

This photo shows the dip in Westchester County home sales - this is most likely due to the lack of inventory in the market.  This may indicate that we have many potential pent up home sellers

The photo below shows that prices for modest single-family homes are still going up - showing that there is still a lot of demand from buyers.