REMARKS
Homeownership statistics for older adults in New York City
0:01:23
·
48 sec
Council Member Hudson presents statistics on homeownership among older adults in New York City, highlighting their vulnerability to deed theft.
- 49% of NYC residents aged 62 and older own their homes, higher than the citywide rate of 35%.
- 75% of these older adult homeowners are low to moderate income.
- Homeownership is the largest source of personal wealth for many older adults in NYC.
- Changes in neighborhoods and property values have made older residents targets for individuals and shell companies seeking to profit from their homes.
Crystal Hudson
0:01:23
According to 2023 data from the Department of Housing Preservation and Development Center For Research on Housing Opportunity Mobility and Equity, 49% of New York City residents aged 62 and older own their own home, representing a higher homeownership rate than the citywide homeownership rate of 35%.
0:01:41
Of these older adult homeowners, 75% are low to moderate income and require resources and services to support them as they age in place.
0:01:49
As such, in New York City, homeownership is the largest source of personal wealth for many older adults.
0:01:55
As New Yorkers have aged in their homes, the neighborhoods around them have changed, property values have skyrocketed, and older residents have become targets by individuals and shell companies seeking to profit off of their homes.
0:02:07
This has given rise to widespread deed fraud and home title theft.
