🌇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? A Complete Homeowner Guide

The New York State School Tax Relief (STAR) Program is one of the most important tax-saving benefits available to New York homeowners. Created in 1997 and fully implemented during the 1998–99 school year, STAR helps reduce school property taxes for owner-occupied primary residences statewide.

Millions of homeowners in New York benefit from STAR each year, and understanding how it works can help you save hundreds—or even thousands—on your annual school tax bill.

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How the STAR Program Works

STAR reduces the taxable value of your home for school tax purposes. It does not apply to county, town, village, or city taxes—only school district taxes.

You may qualify for STAR if your home is your primary residence and is one of the following property types:

• 1–3 family home
• Condominium
• Co-op
• Mobile home
• Farmhouse or agricultural dwelling

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Basic STAR vs. Enhanced STAR

There are two levels of STAR benefits:

⭐ Basic STAR

• Available to all homeowners using the property as their primary residence
• No age requirement
• Household income must be under $500,000
• Provides an exemption of roughly $30,000 in assessed value

⭐⭐ Enhanced STAR

• Available to homeowners aged 65 or older
• Income limit for 2025: approx. $107,000 (adjusted yearly)
• Provides a larger savings—typically equivalent to $74,900+ in assessed value

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STAR Credit vs. STAR Exemption

As of 2016, STAR benefits are issued in two formats:

• STAR Exemption — reduces your assessed value on the school tax bill (closed to new applicants)
• STAR Credit — delivered as a refund check/direct deposit to new homeowners

If you bought your home after 2015, you will receive the STAR credit instead of the exemption.

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Property Taxpayer’s Bill of Rights

New York State also provides a Property Taxpayer’s Bill of Rights to ensure you have access to clear information about:

• Your STAR exemption or credit amount
• How tax savings are calculated
• Assessment appeals and grievance procedures
• Your rights and responsibilities as a property owner

Seniors already receiving the local Senior Citizen Exemption automatically qualify for Enhanced STAR.

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Eligibility Requirements

To receive any STAR benefit, you must:

• Own your home
• Use it as your primary residence
• Meet the income requirements
• Provide proof of residency if requested

If you're unsure about eligibility, your local assessor can help confirm your status.

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Additional STAR Resources

For more STAR forms, official state documents, and helpful homeowner tax resources, visit my dedicated resource page:

📌 Forms & Links – NYS STAR Resources

This page is maintained and updated to help homeowners access STAR forms, exemption applications, assessor contacts, and additional New York State tax guidance.

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Helpful External Links

1. NYS Senate – STAR FAQ

2. ACCESS NYC – STAR Program

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.
 

Closing Costs when you purchase a home

Closing Costs When Buying a Home in New York

What Westchester buyers should know before closing day

When you buy a home in New York, your down payment is only one part of the money you will need. Buyers may also pay lender charges, attorney fees, title-related expenses, taxes, insurance premiums, building fees, prepaid expenses, and other costs required to complete the purchase.

The amount depends on the purchase price, property type, location, mortgage, lender, closing date, insurance requirements, and terms negotiated in the contract. A house, condominium, and cooperative apartment can each produce a very different closing-cost calculation.

Planning for these expenses early can help you avoid an unexpected cash shortage shortly before closing.

🎥 Understanding New York Buyer Closing Costs

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💵 What Are Closing Costs?

Closing costs are the expenses associated with obtaining financing, investigating ownership of the property, completing legal work, recording documents, establishing insurance and escrow accounts, and transferring ownership.

Some costs are paid before the actual closing. Examples can include the inspection, appraisal, application charges, and certain building fees. Therefore, the total cost of buying a home is broader than the amount shown on the final closing statement alone.

⚖️ New York Real Estate Attorney

New York buyers are generally represented by a real estate attorney. The attorney reviews and negotiates the contract, examines transaction documents, communicates with the lender and seller’s attorney, addresses title or lien issues, and represents the buyer at closing.

Legal fees vary according to the attorney, property type, transaction complexity, and additional work required. Buyers should ask what the quoted fee includes and whether additional charges could apply.

🏦 Mortgage and Lender Costs

Buyers using financing may encounter several lender-related charges. Depending on the loan, these can include:

• Loan origination or application charges
• Underwriting and processing fees
• Credit-report charges
• Appraisal fees
• Flood-zone determination or certification charges
• Tax-service fees
• Interest from the closing date through the end of the month
• Discount points, if the buyer chooses to pay points
• Mortgage insurance, when applicable
• Escrow deposits for property taxes and insurance

The lender’s Loan Estimate provides estimated loan terms, monthly payments, and closing costs. Buyers should compare offers using the full loan terms and costs—not only the advertised interest rate.

🧾 New York Mortgage Recording Tax

New York State imposes a tax when a mortgage on real property is recorded. Counties and certain municipalities may impose additional mortgage-recording taxes. The amount depends on the property’s location and the mortgage amount, not simply the purchase price.

This can be a significant buyer expense when financing a house or condominium. Ask your lender and attorney to calculate the expected tax for the particular property and mortgage.

Co-op distinction: A cooperative apartment purchase generally involves shares in a corporation and a proprietary lease rather than a deed to real property. Co-op financing and associated taxes and fees are therefore handled differently from a mortgage on a house or condominium. Your attorney and lender should explain the costs for the specific building and loan.

🔍 Title Search and Title Insurance

When purchasing a house or condominium, a title search examines public records for ownership questions, liens, judgments, unpaid taxes, restrictions, and other possible title issues.

An owner’s title-insurance policy can protect the buyer against covered title defects, while a lender’s policy protects the mortgage lender. These are separate forms of protection.

Co-op purchases generally use lien searches, judgment searches, Uniform Commercial Code searches, and reviews of corporate and building documents rather than traditional real-property title insurance. Procedures can vary, so buyers should follow their attorney’s guidance.

🏛️ Recording and Filing Charges

Houses and condominiums may require county charges to record the deed, mortgage, satisfactions, assignments, and other documents. There may also be filing charges for required state and county forms.

These charges depend on the transaction, number of documents, property type, and county requirements.

🏰 New York Mansion Tax

New York State imposes an additional transfer tax—commonly called the mansion tax—on qualifying residential purchases of $1 million or more.

Outside New York City, the tax is generally 1% of the entire purchase price once the transaction reaches the $1 million threshold. The tax is normally imposed on the buyer. New York City has additional graduated rates for higher-priced residential transactions.

Because the threshold can create a substantial change in the buyer’s cash requirement, buyers approaching $1 million should discuss the calculation with their attorney and lender before submitting an offer.

🔄 Real Estate Transfer Tax

New York also imposes a basic real estate transfer tax. In a typical transaction, this is generally treated as a seller expense. However, the contract, property type, local rules, exemptions, and the parties’ circumstances can affect responsibility.

Buyers should not assume that every tax containing the words “transfer tax” is automatically their expense. Your attorney should explain which taxes apply and who is responsible for paying them.

🏠 Property Taxes, Insurance and Escrow Deposits

At closing, property taxes and certain other expenses may be prorated between the buyer and seller. Depending on when bills were paid and the closing date, the buyer may either receive a credit or reimburse the seller.

A mortgage lender may also require the buyer to establish an escrow account for future property taxes and insurance. This can require several months of reserves at closing.

The exact amount depends on the tax schedule, insurance premium, closing date, and lender’s escrow requirements.

🛡️ Homeowners, Condo and Co-op Insurance

Buyers may need to obtain insurance and pay some or all of the initial premium before closing.

• House: A homeowners or hazard-insurance policy is generally required when financing.
• Condominium: The buyer may need an HO-6 policy covering the unit’s interior, personal property, liability, loss assessment, and other risks not covered by the condominium’s master policy.
• Co-op: Buyers may need a policy designed for cooperative apartment ownership and must satisfy both lender and building requirements.

Insurance requirements should be verified with the lender, insurance agent, attorney, and condominium or cooperative managing agent.

🔨 Inspection and Appraisal Expenses

A home inspection is commonly paid before contract signing or during the buyer’s due-diligence period. Depending on the property, buyers may also consider specialized inspections for radon, mold, pests, septic systems, wells, oil tanks, chimneys, pools, or other conditions.

When financing, the lender generally orders an appraisal to assess the property’s value for underwriting purposes. An appraisal is performed for the lender and is not a substitute for a home inspection.

📐 Survey and Municipal Searches

A survey may be required or recommended for a house purchase to identify property boundaries, structures, easements, encroachments, and other physical details.

Depending on the property and attorney’s due diligence, buyers may also pay for municipal, building-department, certificate-of-occupancy, fire, zoning, water, or tax searches.

🏢 Condominium and Co-op Charges

Condominium associations and cooperative corporations may impose their own application and transaction charges. Possible expenses include:

• Application and credit-check fees
• Managing-agent fees
• Move-in deposits or fees
• First month’s common charges or maintenance
• Working-capital or reserve contributions
• Recognition-agreement fees for financed co-op purchases
• Lien and Uniform Commercial Code searches
• Waiver-of-right-of-first-refusal charges for condominiums
• Special assessments or required advance payments
• Flip taxes or transfer fees, when imposed by the building

A “flip tax” is not necessarily a government tax. It is generally a fee created by a cooperative or condominium’s governing documents. The seller often pays it, but some buildings or negotiated contracts assign it differently. The building documents and purchase contract determine who is responsible.

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📋 How to Prepare for Closing Costs

1. Request a Loan Estimate. Review the estimated interest rate, monthly payment, cash required, lender charges, taxes, insurance, and other expenses.
2. Ask your attorney for a property-specific estimate. Your attorney can identify title, tax, recording, co-op, condo, and legal costs that may not be obvious from the lender’s estimate.
3. Ask for the building’s complete fee schedule. This is especially important when buying a condominium or cooperative apartment.
4. Budget for expenses paid before closing. Inspections, applications, appraisals, and certain building charges may be due earlier.
5. Keep additional cash reserves. Do not use every available dollar for the down payment. Your lender may also require documented post-closing reserves.
6. Review the Closing Disclosure. For most covered mortgage transactions, the lender must provide it at least three business days before closing.
7. Compare the final figures. Compare the Closing Disclosure with the Loan Estimate and ask about costs or loan terms that changed.
8. Confirm how closing funds must be delivered. Follow attorney and lender instructions and independently verify wiring information to reduce wire-fraud risk.

📌 How Much Should a New York Buyer Budget?

There is no single percentage that accurately predicts closing costs for every New York purchase. A cash co-op purchase, a financed condominium, and a mortgaged house priced above $1 million can have dramatically different expenses.

The most reliable approach is to obtain three individualized estimates:

• A Loan Estimate from the mortgage lender
• A legal and title-cost estimate from the buyer’s attorney
• A building-fee schedule for a condominium or co-op, when applicable

Your real estate agent can help coordinate the process, but your lender, attorney, insurance professional, title professional, and tax adviser should answer questions within their respective areas of expertise.

🔑 Planning to Buy in Westchester County?

I can help you understand the buying process, identify suitable properties, and coordinate with the professionals involved in your purchase.

Contact RealtorTom

Thomas Roberts | RealtorTom
New York State Licensed Real Estate Salesperson
William Raveis Real Estate
📞 (914) 755-9816
🔗 Connect with RealtorTom

Important disclaimer: This article provides general educational information and is not legal, lending, insurance, tax, or financial advice. Costs, taxes, laws, lender requirements, and building policies can change. Buyers should obtain transaction-specific guidance from their attorney, lender, insurance professional, tax adviser, and other appropriate licensed professionals.

What is a cooperative or co-op apartment?

Buying a Co-op in New York: What It Is and What You Need to Get Approved

A cooperative apartment, commonly called a co-op, is one of the most common forms of home ownership in New York. Unlike a condo or single-family home, when you buy a co-op you are not purchasing real estate in the traditional sense.

What are you actually buying?

When you purchase a co-op, you are buying shares in a corporation that owns the building. Those shares give you the right to live in a specific apartment through a document called a proprietary lease.

This structure is why co-ops operate differently than condos — the building’s board of directors has a say in who becomes a shareholder.

What do you need to buy a co-op in New York?

While every building has its own requirements, most co-op purchases in New York State include:

• A real estate attorney to review the contract and building documents
• A larger down payment (often 20–30% or more)
• A complete co-op board application
• Detailed financial documentation
• Board review and, in many cases, a board interview

The co-op board application

The board application is where most buyers feel the process is more involved. Boards are evaluating financial stability, not personal characteristics.

A typical board package may include:

• Recent tax returns
• Pay stubs or proof of income
• Bank and investment statements
• Reference letters
• A personal and financial summary

Why board approval matters

Co-op boards are responsible for protecting the financial health of the building. Approval is based on whether the buyer meets the building’s financial standards and agrees to follow house rules and policies.

Learn more about co-op board approval

I have a dedicated page that goes deeper into co-op board requirements, financial preparation, and interview tips:

👉 Complete Guide to Buying a Co-op in New York & Board Approval

If you have questions about buying or selling a co-op in Westchester or New York City, feel free to reach out.

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Thomas Roberts
Real Estate Agent | William Raveis
Call/Text: 914-755-9816
https://linktr.ee/Realtortom