Owning a home can be quite expensive in New York City.
A new analysis revealed that Queens ranked as the fourth highest county in New York where residents spent half of their income on housing costs.
Gavop, a real estate, housing, and local data analytics service, used data from the U.S. Census Bureau to produce a study on homeowners’ costs as a percentage of income, according to Kevin Pryor, Gavop analyst. It analyzed real estate trends at the county level across the United States and found that Queens County had a median income of $62,207 and a median housing cost of $29,136 per year for homeowners with a mortgage.
In the study, housing costs include homeowner expenses such as the sum of mortgage payments, real estate taxes, insurance, and utilities.
“We looked at annual housing costs as a percentage to gauge how much debt people owe to their living situation based on location,” said Pryor. “Here, the numbers show that Queens residents paid a high median percentage of income on housing costs, resulting in a large debt to homeownership in the area.”
Pryor said for Queens “it was abnormally high for New York.” The percentage was 46.8 percent, where residents spent half of their income on mortgage payments, including utilities and maintenance.
Queens County’s median housing cost in relation to income is much larger than New York state’s rate of 39.5 percent and the national level of 31 percent.