🌇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 Buyers Need to Know Before Closing Day

When you buy a home in New York or Westchester County, your down payment is just the start. You’ll also pay a variety of additional expenses — known as closing costs — to complete the transaction. Understanding them ahead of time helps you avoid surprises at the closing table.

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Common Closing Costs & Fees for NY / Westchester Home Buyers

Here are the most common closing costs you should expect. Depending on your property type (house, condo, co-op), mortgage, and location, your costs may vary:

• Attorney fees – Legal review of contract, coordination with lender and seller, representation at closing.
• Mortgage/Lender fees – Origination fees, application fees, processing, underwriting, possibly discount points if you buy down your rate.
• Title search & Title insurance – Covers you and the lender against any undisclosed liens or legal issues with ownership history.
• Recording and filing fees – Paid to the county or municipality to record deed, mortgage, and other documents.
• Prepaid property taxes & homeowners insurance – Often part of the initial escrow account funding; may include several months of taxes or insurance premiums depending on timing.
• Mortgage insurance or PMI (if applicable) – Required when down payment or equity is below a certain threshold, paid upfront or monthly.
• Transfer taxes – State and sometimes county or local taxes due when property ownership changes hands.
• Co-op/Condo Related Fees (if applicable) – Application fees, move-in/move-out fees, flip tax, building reserves, or association transfer fees.
• Flip tax (for co-ops) – Some cooperative buildings impose a fee when shares are sold or transferred. Might be paid by the buyer or split with seller, depending on building policy.
• Mansion tax (for high-value homes) – In New York State, properties purchased at or above $1,000,000 may be subject to the “mansion tax.”
• Home inspection fee – Cost of independent home inspection (often before closing but part of home-buying expenses).
• Appraisal fee (if financing) – Lender requires an appraisal to confirm the home’s value as part of loan underwriting.
• Survey fees (if required) – Some lenders or municipalities may require a property survey to confirm boundaries, especially in rural or non-grid areas.
• Homeowners’ or HOA fees (for condos/co-ops) – Some condos or co-ops require buyers to pay first month’s dues, building reserves, or special assessments at closing.
• HO-6 or hazard insurance (condos/co-ops) – Buyer may need to prepay building’s required insurance or contribute to reserves before closing.
• Municipal / local transfer or mansion-tax surcharges (if any) – Some towns/counties may impose additional transfer taxes or fees.
• Escrow & reserve setup costs – Money collected at closing to fund future taxes, insurance, HOA dues, or maintenance reserves.

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Why Understanding Closing Costs Matters

This is not about discouragement — it's about being prepared. Closing costs can add up significantly, and budgeting just for the down payment may leave you short at the finish line.

Discussing expected closing costs early with your lender, attorney, and real estate agent allows you to plan properly, compare cost estimates, and avoid surprises.

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Tips to Plan Ahead & Save

• Ask for a detailed Loan Estimate early — Lenders provide this before you commit, giving you a breakdown of estimated fees.
• Review the Closing Disclosure carefully — You’ll get this 3 days before closing; compare it to the Loan Estimate and ask questions about any differences.
• Include inspections, appraisal, and HOA/Co-op fees — These add up, especially for condos/co-ops or older properties.
• Save 3–5% of the home price beyond the down payment — This is often a safe buffer to cover all closing costs and some prepaid items.
• Work with a local expert — Agents and attorneys in Westchester or your target town will be familiar with typical closing cost ranges and local taxes or fees.

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Need Help Estimating Costs? I’m Here for You.

Every purchase is unique — cost varies by town, property type, loan, and timing. If you’re looking at homes in Westchester or New York State, let me help you run the numbers so you know exactly what to budget.

Thomas Roberts
Real Estate Agent | William Raveis
📞 (914) 755-9816
linktr.ee/RealtorTom

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